A loan in education without guarantors is possible in principle. Of course, here too – as with the admission of all other loans – some conditions must be met. The basic conditions for a loan in education without guarantors are a minimum age of 18 years and a fixed income. The amount of the income depends on the amount of the loan to be expected.
Requirements for a loan in education
Ideally, you should have an account with the bank where you apply for the loan. This account is needed anyway, in order to get the monthly salary payments. Many young people need their first loan to finance, for example, the driver’s license and then the first car. One should be aware that this is a great commitment, which can be decisive for the further life.
If the installments are not paid, there is a risk of a private credit entry, which makes it difficult to raise another loan later in adulthood when major purchases are required. If a private credit entry already exists, it should be ensured that it will be paid off as soon as possible.
Banks usually award a loan in education without guarantors only if the planned acquisition, such as an I-Phone or a car, have a attachable value, or the regular income can cover the amount of the installments. For a higher cash bond, it is necessary to teach a guarantor with faultless private credit. This may possibly be used by the parents, with whom one should advise on borrowing anyway.
If it is absolutely necessary to take out a credit in education, you should first discuss it with your parents or another person you trust. Teenagers are often not practiced in dealing with money and so often recklessly deal with the sudden blessing. It can quickly happen that the monthly expenses exceed the revenue. Also, a bank consultant will be on hand with help and advice, because above all, the banks are interested in getting their money back.