Cash advance online -See more and then Request a cash advance now

Many trainees earn little money, but they urgently need money to finance a home, car or other much-needed consumer goods. Often, parents or other relatives are willing to help out with a smaller or larger cash injection. This is not always the case. For this reason, many apprentices inquire about the possibilities to take out a cash advance for trainees at the house bank or another bank or savings bank or Geobank.

Whether this is generally possible depends on various factors. Not only the amount of merit plays a role, but also the question of whether the apprenticing company is ready to take over the trainees after the end of his apprenticeship in a permanent employment relationship. If this is the case, the bank is likely to approve not only smaller, but also larger loan amounts, but the private credit information is in order and there are no other impediments to borrowing.

Just as with any other installment loan or any other consumer loan, a cash advance for trainees also means that the income matches the loan amount and the private credit information must be correct. The latter point, however, is only relevant for German banks or savings banks. Foreign lenders or private lenders generally do not ask for private credit information. Here, however, there is the difficulty that many foreign banks only lend to people who are employees or civil servants. In many cases, lending to trainees is not provided for and is only possible if there is a guarantee or if a second borrower can be found who, for example, can come from the family or from the circle of friends of the trainee.

It depends on the amount of income or the amount of earnings during the training, how high the credit can be. The most important condition for lending is an income that reaches a level that exceeds the seizure limit. However, this will occur during training only in a few cases. For this reason, lending is almost always difficult. It looks quite different if a guarantor or a co-applicant exists. However, this may not be an apprentice, but must necessarily be a worker or an official who earns a sufficient income. The banks set a minimum amount that must not be undercut. Further information can be obtained from individual banks.

See more and then Request a cash advance now

Application, authorization, and repayment

Anyone who has want a suitable cash advance can submit the application at website.

The latter variant is offered by almost all banks or savings banks, even if they have a local branch. In the case of an internet bank or a direct bank, which basically dispenses with a branch network, the application on the internet is generally obligatory.

Anyone who applies for a cash advance, does not receive the money after the approval on the current account at the house bank or another bank, but cash paid. This does not necessarily happen at a bank counter. In many cases it is also possible to receive the money by postal order. Also, a transfer of the loan amount by courier is offered by some banks.

After the trainee or a person authorized by him has received the loan amount, the money is either at leisure or provided for a very specific purpose from the outset.
The repayment of a cash advance for trainees is always in fixed monthly installments.

An exception is the credit line that is set up in the checking account. In principle, it is also available for trainees, provided that they meet the necessary requirements. This means that a regular monthly income must be paid into the checking account at the house bank. After this income, the amount of the dispo credit is determined. The credit line is reviewed at regular intervals and adapted to changing conditions if necessary. This means that the credit line can be increased if the training allowance increases or if the trainee is put into a permanent employment relationship after the end of the training.

Credit conditions

The conditions for a cash advance for trainees are based on the conditions of the bank and the personal requirements that the borrower brings with him. For example, interest rates may depend on the creditworthiness of the customer. But this does not have to be the case in every case. Loans where this is true are called credit-based loans, while other loans are credit-less loans. Here it does not matter how the credit rating of the borrower is judged. Only the question of whether the borrower fulfills the conditions for a cash advance for trainees plays the central role in this context.

Many apprentices can only receive a small loan. This can be a loan of a few hundred euros or a maximum of a few thousand euros. The better the credit rating, the more money can be absorbed. A cash advance for trainees can be differentiated into a cash loan that is freely usable and is referred to as installment or consumer credit and a car loan in which a clear earmarking exists. With a car loan, only the financing of a new car or a used car is possible. An alien use is generally excluded here.

Car and dealer loans

Car and dealer loans

For many apprentices, a car loan or a dealer loan could be an advantage. This is especially true if they want to finance their first car or their first home furnishings. A car loan can be taken at a bank or car dealership. Those who opt for the latter option can in many cases expect very low interest rates and possibly even zero-percent financing, which, however, is usually limited to individual models and also limited in time. The car is used by the car bank as collateral, because it only formally becomes the property of the trainee when he has paid it in full or paid off a cash advance for trainees.

Reseller loans are available in homes or stores or wherever larger consumer goods or electronics are available for purchase. That’s why young people like to make use of the part payment offers that are offered there. In the case of dealer credit, in many cases a cash advance for trainees with low monthly installments and low interest rates. Whether additional collateral is required in addition to the trainee’s income varies from case to case and can be obtained from the respective traders.