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Getting a cash advance for trainees is usually not easy. The problem is the lack of income, which is rarely above the seizure limit. In addition, in many cases it is more than uncertain whether the apprentices will be taken over after the end of their apprenticeship. Otherwise, they have to look for a new employer or threaten them in the worst case, the unemployment or the purchase of Hartz IV.
For this reason, most banks see loan lending to apprentices extremely critical and will only agree to the application if there is a guarantee or if a person from the family or from the apprentice’s circle of friends agrees to co-apply for the loan.
This applies both to a conventional installment loan and to a cash advance for trainees.
The credit requirements are clearly regulated in most banks. This applies both in the case of a bank domiciled in Germany and in the case of a bank domiciled abroad. Banks based in Germany only lend their loans to people who have a fixed income that is also sufficiently high. The minimum requirement is an income above the legal attachment exemption limit. The attachment exemption limit is reviewed at regular intervals and redefined by the legislature. Income below that is not attachable to anyone, but serves to secure a livelihood. For this reason, this income can not be used as collateral for a cash advance for trainees.
Many banks find it difficult to award a loan to a person who has no permanent employment and no employee or official activity. The experience that it is far from easy to get a loan has not only made many trainees, but also other groups of people, such as self-employed and freelancers. It is particularly difficult for the unemployed to find a suitable loan. This will not be completely impossible.
An important prerequisite for borrowing is the completion of the 18th year of life and thus reaching the age of majority. This will only apply to a part of the trainees. All other trainees require the consent of the guardian to be able to take out a loan. In addition, it is essential that no negative Schufa entries exist.
If a cash advance is available for apprentices, the bank will in many cases only grant small loans amounting to a few hundred euros or a few thousand euros. Larger loan amounts are only granted if additional collateral is available and if there are solvent co-applicants or at least one solvent guarantor. This person needs to be aware that they must always step in completely for the loan installments and take over the full payment if the trainee is unable to do so.
A cash advance for apprentices is very often in demand, since it is precisely the apprentices who have a very high financing requirement. They want to earn the driver’s license, finance their first car, their first home furnishings or other things. If there are not enough savings and parents or other relatives can only contribute a limited amount of money, borrowing is likely.
Under certain circumstances, the use of a credit line can be a solution. However, this requires that the trainee has his own account with a credit line. A credit line is linked to a regular monthly cash receipt on the account. How high the credit line is, can not be assessed universally. This depends on how high the training regulations are.
Car and dealer loans
Car loans and dealer loans have a decisive advantage. Here, the loan amount is a direct value, because the car or other consumer goods that are to be financed with a loan, remain the property of the dealer until they are fully paid. When taking on a dealer loan or a cash advance for trainees, this would mean that the cash advance for trainees must be completely paid off.
For example , a dealer loan can be taken in a furniture or furniture store. Here, financing is often very cheap, as interest rates are very low. In many cases, even temporary zero-percentage financing of certain consumer goods is offered.
Taking out a personal loan can be a good way to get a cash advance for trainees. Private loans are available not only in the circle of friends or by a person from their own family, but can also be awarded via an Internet portal. This requires a free and non-binding registration on an internet portal, which can act as an intermediary between private lenders and private borrowers.
However, the lending portal never acts as a lender, but only wants to merge private lenders with private lenders.
If you are interested in a loan, you can discontinue your financing project and your financing needs via the credit intermediation portal. The advantage of this approach is that the entire loan amount does not necessarily have to come from a single person, but may also come from several people, each of whom agrees to contribute multiple installments to the total.