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Credit despite probationary period – How to manage the financing
Workers entering the world of work or recently changing employer are usually in the so-called probationary period. During this period both employers and employees have the opportunity to get to know each other and find out whether the employment relationship will continue in the future. Against this background , despite probationary periods, credit can play a key role and significantly influence career development decisions. Important influencing factors, such as potential exclusion criteria, guarantees or alternative options to classic financing options are presented below in combination with some tips and tricks.
What speaks against a loan despite a probationary period?
For both the credit institution and the borrower, there are risks in the case of a loan despite a probationary period, which can have a material impact on a financing transaction and therefore have to be precisely and individually assessed.
Risks for the bank:
- The risk of default is high for the bank , as no-one can say with certainty whether the borrower will be employed by the employer beyond the probationary period and thus continue to service the monthly installments due.
- If the income in relation to the loan applied for is too low , the bank usually decides not to grant the loan.
- In the recent past, return debits have been credited to the account , so there is a high probability of cancellation by the bank .
- Overdraft facilities in combination with a probationary period reduce the chances of success for the applicant.
Risks for the borrower:
- If the employment is not extended , the borrower exposes himself to a financial pressure despite having completed a probationary period . Over- indebtedness is likely.
- If borrowers under all circumstances have needed the loan despite the probationary period and have deposited collateral in the form of property or assets , there is a high risk of loss.
- If the borrower can not meet the due repayment installments for at least one month , the garnishment of the pawn threatens. The employer is informed about this situation and included in the settlement of the debt in the course of a foreclosure procedure.
Does this difficulty apply to all types of loans?
The probationary period is an essential and at the same time temporary parameter for financing transactions. Nevertheless, the risks for banks and borrowers are generally valid. Especially with the financing of a home without equity or a vehicle , the probationary period can be decisive. Only existing equity for a down payment can put the overall situation in a new light.
Is it possible to conceal the probationary period?
The concealment of the probationary period is explicitly to be discouraged. If the deception manages to succeed and is discovered later, the loan contract is threatened with an immediate termination . It follows that the bank may demand immediate repayment of the open loan amount including interest.
Solutions for the loan despite probationary period
A schafafreier credit and small loans as a solution
A key benefit of non-business lending is the ease with which banks’ stringent requirements can be easily circumvented, giving borrowers more flexibility and flexibility . On the other hand, the associated financing conditions have a disadvantageous effect. Usually, lenders charge higher fees, which are included in the interest. This increases the loan amount. Borrowers who want to apply for a schufa-free loan must be at least 18 years old and 60 years old or less. In addition, the possession of the German citizenship and a residence in Germany are considered as a mandatory condition. An alternative to the schufafreien credit is the small loan of Bank.
Take a loan in the probationary period for two
There is a possibility that two equivalent borrowers will share the debt burden from a loan despite a probationary period . Both applicants have to make representations to the bank and explain their concerns in a joint discussion. Typically, the second borrower is the spouse or partner . From the point of view of the bank, the default risk is reduced. Both borrowers have to share the debt burden and are equally liable for the loan .
Realize the loan despite a probationary period with the help of a guarantor
If a borrower requires a loan despite a probationary period and can not provide sufficiently high collateral to the bank, the name of a guarantor is usually obvious . If the proposed guarantor has a good credit rating, no negative features in his personal Schufa card index and a regular income from permanent employment, nothing stands in the way of the financing talks. However, banks usually require the conclusion of a residual debt insurance to avoid the risk of the death of the guarantor. Borrowers have to pay much more for the loan against this background.
As an alternative to a loan despite a probationary period: the mortgage loan
An attractive alternative to a loan despite a probationary period is the mortgage loan. This is similar to a classic car loan. To take advantage of this credit model, the borrower must deposit a deposit with the bank . As a rule, this is usually valuable jewelry, which is also easy to store. The pawn shop estimates the value and deducts a haircut. Borrowers therefore only receive part of their payments. For example, if a clock is estimated at 2,000 euros, it may happen that the payout amount to 1,000 euros.
Provide collateral for the loan despite probationary period
As an alternative to surety through friends or family members, banks usually accept additional collateral to secure a loan despite a probationary period. This is especially interesting when potential guarantors do not have sufficiently high creditworthiness for the financing business, contrary to expectations . Thus, in addition to the guarantee, borrowers can promise a security transfer of their vehicle or the assignment of claims from endowment policies to the bank. The pledge of savings or securities is by no means uncommon. While the bank secures itself with this security assignment against a capital loss, there is a risk for the borrower to lose the stored value in case of insolvency . Basis for this legal transaction is § 398 BGB.
Duration of the loan in the probationary period and the employment contract
Note the term of the loan and formalities in the employment contract
Whether a takeover after the probationary period into a fixed employment relationship by the employer takes place, nobody can predict for sure. Against this background, borrowers should consider their personal life situation conscientiously and deliberately . Those who do not risk risking over-indebtedness.
In order to effectively prevent this danger, it is advisable to consider the duration. In principle, it is advisable to keep the duration of the loan less than the probationary period . This ensures that the loan can be safely repaid by the borrower to the creditor . This leads to the consideration of how high the loan may be in relation to income during the probationary period .
The basis should be the drawing up of a detailed budgetary account, which will inform the consumer of the current financial situation and the scope for capital transactions. Once all expenses and revenues are compared, a budget can be determined which can be used for the loan despite the probationary period. Of course, the available budget should not be fully budgeted, but proportionately for the planned loan in order to create a financial cushion.
Alternative financing options
Claim a short-term loan
loan amount |
Repayment after 30 days |
Sample application for the loan |
|
|---|---|---|---|
| 100 euros credit | 101.16 EUR | For example request for 100 EUR | |
| 200 euros credit | 202.32 EUR | For example request for 200 EUR | |
| 250 euros credit | 252,90 EUR | For example request for 250 EUR | |
| 300 euros credit | 303.48 EUR | For example request for 300 EUR | |
| 400 euros credit | 404.64 EUR | For example request for 400 EUR | |
| 500 euros credit | 505,80 EUR | For example request for 500 EUR | |
| 1000 euros credit | 1011,59 EUR | For example request for 1000 EUR | |
| 2000 euros credit | 2023,17 EUR | For example, application for 2000 EUR |
A viable alternative is the Bank short-term loan for credit-seeking consumers. The state-regulated loan in the probationary period has a duration of 30 days and a maximum of 60 days (2-rate option) and a fast payout process . There are no costs for commissions, administration or processing. Borrowers only pay interest for the period, which is limited to a few euros for small loans.
Private guarantor for the loan despite probationary period
Who takes a personal loan from friends or relatives, enjoys the advantage of having to pay any interest on the borrowed capital. In addition, both the credit rating and the schufa of the borrower has no relevance. However, consumer protection rules for personal loans are not valid . In addition, unpleasant disputes about the borrowed money are in the range of the possible.