The actual professional life begins after the apprenticeship or degree. This is where young people can earn their own money for the first time. From this point on you are considered independent, flexible and no longer relies on financial support from parents or grandparents.
This opinion prevails at least often, but usually large financial expenses have to be made during this time. Your own car or your own apartment are the main reasons here. Of course, adapting your individual lifestyle also plays a role.
Therefore, it is particularly difficult during the first time in the new job, after all, you are also in the trial period here. The employer first wants to convince himself of the performance of the new employee. Many banks therefore offer a loan to young people despite a trial period. How this banking business works is presented in more detail below.
Bridging the trial period financially – how it works
Like any classic loan, there are certain premises to be fulfilled for a loan, despite the trial period, which are set by the banks. In particular, proof of income, which is intended to ensure the borrower’s regular income, is particularly important here. Especially during the trial period, the employment relationship is anything but secure, so that this security can usually not be fully taken into account.
But there are also other forms of collateral, such as ownership of shares and real estate. Furthermore, it is also necessary that there is no negative entry in the nationwide uniform Credit bureau database, otherwise it will be difficult to grant the loan.
Anyone who is otherwise unable to offer collateral can still secure themselves with a guarantor who can intervene in the borrower’s position if payment difficulties arise. The framework for a loan of this type is presented below.
A loan in spite of the trial period – that is the conditions
In principle, maximum loan amounts of up to USD 100,000 are possible if the corresponding security is met and there is no negative Credit bureau entry. If not, small loans of up to 5,000 USD are still possible. The term of the loan is between 6 and 60 months and can usually be chosen freely.
Another key aspect is the interest rate, which can be between 4 and 14 percent depending on the bank and the current market situation. It is important to make a precise comparison here, because the conditions can fluctuate greatly. With a loan despite a trial period, young people also have the unique opportunity to make larger purchases in their younger years.