In order to get a loan, there are usually two requirements. In addition to a spotless Credit Bureau, the applicant should also have a regular income as part of a permanent employment contract. As is well known, it is important to convince the employer of yourself within the trial period of three or six months.
The bank sees an increased risk in this professional trial phase. Due to the temporary employment relationship, the employee does not benefit in any way from the regulations on protection against dismissal. The employer can therefore easily terminate the employment relationship during the trial period. In this case, the credit institution would be left without collateral. Even if continued employment results in a permanent employment contract, it often remains unclear what income the employee can expect.
Loan with guarantor
Whether a loan is granted despite a trial period depends on the type of loan and the credit institution. A real estate loan will hardly be approved due to the high sums. At some banks, however, an installment loan can be taken out. The higher risk is taken into account through above-average effective interest rates. A negative Credit Bureau information would, however, nip any hope of a loan in spite of the trial period. In this case, only a guarantor could revive hope.
Framework loans are often possible
The employee has a good chance of receiving a framework loan within a certain framework. The usual overdraft limit is two to three months’ salary. Since a credit line can go hand in hand with high interest rates, the prospective borrower should compare the terms of several providers. A loan cannot be applied for at Cream Bank despite a trial period in the form of an overdraft facility or a credit line. Despite the trial period, a loan from DKB Bank is not entirely out of the question.
Interest rates of 7.90% would also still be acceptable. In addition to the amount of income, Ing Diba only wants to know the beginning of the employment relationship. A loan would be available at an effective interest rate of 6.95%. In order to obtain a loan from Targobank, the applicant must have been with the current employer for at least 6 months. A loan despite the trial period is therefore ruled out.