Credit despite probationary period
The probationary period is a very challenging time for new entrants or even newcomers: they have to get used to a new environment and perhaps a whole new field of activity. The employer secures by various ways of risk reduction in order not to hire a non-compliant employee.
Debit interest rate of 4.83% – 15.49% (depending on creditworthiness) fixed for the entire term, effective annual interest rate: 4.90% up to a maximum of 15.99%, net loan amount: 1,000 – 100,000 euros, contract period: 12 – 120 months. Representative example: borrowing rate fixed at 7.98% for the entire period, effective annual interest rate: 8,29%, net loan amount: 10,000 euro, contract period: 72 months, monthly installment: 175,29 euro, total interest cost: 2620,68 euro, total repayment ( including all fees): 12.620,68 Euro.
Possibilities of limitation and a loan
One possibility is to limit the employment contract to three to six months. Or an actually permanent employment contract is concluded, which is provided despite the idea of the temporally unlimited employment with a probationary period. Comprehensive employment protection regulations apply later. A long-term protection against dismissal is initially not, you can practically every day to search for a new professional challenge during the 3 to 6 months.
The consequence of this is that the probationary period is a real barrier to banks generously lending. Either she forgives no credit or one with a – sometimes juicy – interest surcharge. However, despite your probationary period, you can certainly get a loan by looking more closely at the banks and their calculation methods.
Go through the various loan options with us and think about the possibilities of being able to get a loan almost immediately despite a long-term secured job:
The credit line is a common loan despite a probationary period
In the case of a credit line, most banks pay attention to similar factors, even if they do not release the exact calculation formula – even on demand. The credit line is a type of credit line without a fixed term: The bank agrees with the customer a credit line, which he can take any time. In addition, there is no fixed term, as a customer, you can repay the loan at any time. In most cases, the credit line is even granted automatically and without further request from the borrower. Prerequisite for this is a regular wage or salary receipt. The bank recognizes the payment: a regular payment from a company, which often also contains a corresponding booking text. As a result, the “overdraft” of the checking account goes up, after two or three months, the payment is considered regular. Then it may be that the limit of 0 or the previous value jumps to a new value. This can be one, two, or three times the monthly salary.
Securities loan despite probationary period: use stock savings plan, funds or fixed interest rate selectively
Non-probation credit is almost indispensable in some regions or occupations. If you have to drive to work and no public transport is available, a car has to be financed first. If you have been working for several years then you may have some securities. These can remain in the custody account – so they do not have to be sold – and could serve as collateral for car financing or another purchase. The depot then enters only a type of sell lock for these securities.
That would give you a secured loan.
Increase the credit opportunities with guarantors or other assets
The vernacular says, “He who vouches is strangled”. Of course, this applies only in the case that the loan would go wrong despite the trial period and the original borrower does not serve the installments. For you, this means that despite a probationary period or poor credit rating, the guarantor increases the chances of getting a loan. The guarantor can either step in as a default guarantor if the installments are not paid. Or you can take the loan despite a probationary period with another person as a co-applicant. Instead of a guarantor as an additional liable person you could also use other material assets. When buying a car, this could be used as collateral, so that the loan could be possible despite a non-fixed-term employment.
In summary, it can be said that the probationary period is not an absolute, insurmountable obstacle. However, in the low-interest-rate phase, some standard types of credit have become so cheap that, in return, the requirements for creditworthiness have been increased. Getting a loan despite a probationary period is even easier for civil servants: here, lenders are assuming a very low risk of dismissal due to the extensive, extensive recruitment tests that have taken place before.