Loan in education without guarantor
The dual apprenticeship counts as training, as does studying or attending a technical school. Depending on the type of training, young people receive benefits under the Federal Education Promotion Act (Credit Aid) or a company-based training allowance during their training period.
Other forms of financing such as scholarships or a salary as a working student are also possible. The basic requirement for any borrowing within the training period is the age of majority. In the usual form of a surety, the guarantor is liable as soon as the actual borrower has demonstrably become insolvent.
Regular credit during training
Many financial institutions are the first credit in training without a guarantor to grant the first overdraft facility to the checking account when they reach the age of majority. A credit card with an initially limited availability limit can already be successfully applied for during training. Orders in the mail order business with a installment payment agreement can also be carried out by trainees, since most retailers do not ask about income or employment level with ordinary order amounts.
It is more difficult to take out an installment loan within the training period. The low income from the Credit Aid or the training allowance enables banks to agree to a loan in training without a guarantor with few exceptions only if they take special cases such as the almost free life in the parental household into account in their household accounts.
Promotional loans during training
In addition to the loan portion of the student Credit Aid or the student Credit Aid for technical students of vocational schools, a promotional loan can be taken out through KfW Bank or some private banks. Similar rules apply to the granting of promotional loans by apprentices. However, these must also make it believable that they will incur unusually high costs as a result of vocational training, which is assumed in any case if accommodation is required outside the parental home.
The promotional loan as a loan in training is paid out without a guarantor and must only be repaid after the end of the training. As security for the later repayment, KfW Bank and the corresponding commercial banks granting loans recognize the income to be expected after completing their training. Even negative Credit Bureau entries do not constitute an obstacle for the loan granted by KfW Bank in training without a guarantor, provided that it is not a case of private bankruptcy.