Credit for trainees without Credit Bureau – Set up a small loan

A loan for trainees without a Credit Bureau is usually relatively difficult to obtain from direct and house banks, although a known form of a possible loan is probably the classic overdraft facility of the checking account. Here, the trainee and account holder can set up a small, fixed frame for their checking account, which can be used to cover this in an emergency.

Small loan with short-term

Small loan with short-term

As an actual loan, however, this is hardly an alternative, since the interest rates for an overdraft facility are more than average and the loan can therefore become very expensive. A classic installment loan is usually only possible for trainees as a small microcredit, although this is not necessarily guaranteed. While a trainee has a regular and secure income, the income can only be quantified in very small amounts.

Hardly any trainee in Germany earns four digits net per month, which is why there is hardly any scope for possible monthly installments. The loan for trainees without Credit Bureau also reveals another difficulty, because without a Credit Bureau query the bank lacks additional security, which is why it must automatically assume in part that the creditworthiness would suffer further if a Credit Bureau query. As a result, trainees can also expect to be rejected, even with small loans, if no further security can be provided.

With collateral for bank credit

With collateral for bank credit

A possible security can be the use of a guarantor, for example the parents or only one parent. For this, however, they must have sufficient creditworthiness and, accordingly, regular income of a corresponding amount. In addition, the parents or the parent must of course declare their willingness to provide a guarantee, since they are fully liable for the trainee or borrower in the event of a payment default. The secured work situation can be advantageous for a loan for trainees without Credit Bureau.

Trainees in Germany have an extremely high level of protection against dismissal, which is why termination without notice is only possible if the trainee is really disastrous or steals from the company. Nevertheless, the above-average protection against dismissal cannot hide the low net income of a trainee, which is why a vehicle registration certificate can also be used as additional security, as a replacement or in addition to the guarantee.

If you already have your own car, you can use it as attachable property for the loan. The car remains in the trainee’s possession, but remains the property of the bank for the duration of the loan. Nevertheless, the car can of course continue to be used in full, and the vehicle registration will be handed over again after the loan has been paid off.

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