Education Loans and Loans for training


If you want to complete an apprenticeship or study after graduation, the financial resources that are needed during the study period are often a problem. Not every parental home can provide full financial support, which is why those affected have to look for other solutions. Part-time jobs as housekeeping or waiters are therefore already the rule in the course of study, but it is difficult to spend the time during examination times or with full-time training. In such cases, the loan for training is a good way to financially secure the time of learning. Since there are different financing models, you should carefully examine the options and adapt them to your own life situation.

Education Loans – State Support

Education Loans - State Support

Bafög is usually the first thought when it comes to support for training or studying. Basically a good idea, because with the Bafög the state provides interest-free funds from budget funds to promote qualified training. The start of repayment and the period in which repayment has to be made are very generous. Good to very good performance can achieve partial loan relief, which is a good incentive for those concerned to complete the training as quickly and as well as possible.

When applying, however, it should be borne in mind that the amount and approval of Bafög also depends on the income of the parents, since they have to disclose their income relationships. It is therefore advisable to go through the income situation with the parents carefully and to check whether the requirements for a permit are met. Another problem is that there are training professions, such as pilots, that are not funded. For this reason, you should be well informed about the state funding opportunities, because these can also differ from region to region.

Loans for training – financial institutions

Loans for training - financial institutions

As there are more and more young people who cannot learn their desired jobs without support, the banks have also included loans for training in their offerings. Under the name student loan, low-interest loans for the training period are offered. These are usually earmarked and are served at low rates even during training.

The financial institutions use this form of credit business to bind customers to the company, because well-trained people find a well-paid job faster. This, in turn, provides the bank with permanent income once a relationship of trust has built up with the customer. As a rule, the parents’ income relationships are not taken into account and since it is usually “only” a few thousand euros, the credit is also left out. However, one should keep in mind that the favorable conditions are only valid for the duration of the training. After completion, new conditions have to be negotiated that regulate the repayment of the outstanding amount.

Conclusion: A loan for the training is a good way to learn the dream job despite financial problems. However, one should also consider the disadvantages, because the start of a professional life begins with the repayment of the liabilities. Whether studying or training in a company, the financial expenditure must be calculated as precisely as possible before the start in order not to experience any nasty surprises and to be able to complete the training on a good basis.

Loan despite negative credit

In the country it is actually not difficult to get a loan despite a loan. Those who already have a loan but no further entries in the bank and a good income beyond that will have no difficulties with the bank.

An old loan can also be replaced by a new loan, which then does not double the loan rate. Only one loan is taken out that is high enough to replace the other loan. This often results in much better conditions that the old loan does not have. The approval for the loan takes a little longer, but it can be worth the wait and money can be saved. Another loan must also be repaid on time, so that the monthly rate is often higher than with just one loan. Some banks require collateral to secure the loan. Especially when a loan already exists, many cannot do without collateral.

Apply for credit online

Apply for credit online

If you don’t want to wait so long for the approval, you can also search for a bank on the Internet. In most cases, the processing time here is much shorter than with house banks. The collateral and conditions of the direct banks are to be compared with those of the house bank. No exceptions are made here either, because every credit institution makes sure that the money is paid on time. Fees that are often very high are often asked for when making an inquiry.

Not every offer is worked with fair means, so there are many black sheep in this industry. However, should a credit institution be found that is reputable, a loan is often processed quickly and easily. The borrower can also start a comparison to compare the conditions of the individual offer so as not to get to an expensive provider. A loan comparison can be carried out at any time on the Internet in order to then decide on a loan despite a loan.

What should be considered?

What should be considered?

There are a few things to keep in mind when getting a loan despite a loan. First and foremost, a loan always means debt. If a loan already exists, a further loan installment is added every month, which must be repaid. This increases the monthly burden, where you should pay close attention to whether you can afford it. In addition, it is always important to keep the credit rate as low as possible. Only then are the monthly burdens so low and everyday life is not burdened by it.

Credit with provisional identity card.

In principle, every bank or savings bank is obliged to carry out a legitimation check on a loan application. To do this, the customer in question must clearly state that he is acting in his own economic interest and that he will only use the loan for private or business purposes. In any case, the bank will check the identity of the customer. Only the identity card and the passport are permitted. No other documents are allowed.

Loan with provisional identity card

Loan with provisional identity card

There can be various reasons why a bank customer only has a provisional and not a final identity card. For example, the old ID card might have expired or the current ID card might have been lost. In any case, the person concerned would be obliged to contact the relevant registration office immediately and to apply for a new ID card there.

However, since this application requires a processing time of several days or weeks, the authority will only be able to issue a provisional ID card for the transition period. This provisional ID card could also serve as legitimation at the bank. A loan with a provisional ID card is therefore basically possible. In most cases, however, the bank will insist that the customer submit the final identity card as soon as possible and present it either in the original or as a copy.

Each identity card or passport must contain information about the name and first name of the card holder, his full home address, his date and place of birth and his nationality. In addition, the date of issue and the ID number must be clearly recognizable.

PostIdent procedure

PostIdent procedure

It will not always be possible for the loan applicant to present his identity card or passport in the original. This is particularly the case with the numerous online loans.

It is then imperative that the PostIdent procedure is carried out. Anyone wishing to obtain a loan with a provisional ID card from the Internet would have to show this ID card to Swiss Post for legitimation.

The PostIdent procedure can be carried out at any post office counter in Germany and only takes a few minutes. For this purpose, the counter clerk will closely check the identity of the customer and send the loan documents to the bank together with a corresponding remark. This procedure is identical for both a provisional and a final identity card. The same also applies in the event that the passport is presented for legitimation.