If you have a relatively well-paid job and can prove that you have a positive private credit account, you will usually get a loan from each bank. However, it looks different if a loan seeker is in the probationary period. Anyone applying for a probationary loan will therefore only receive a positive pledge from very few banks and financial service providers.
A probationary loan is hard to get from the house bank
The first port of call for a financial problem is usually the house bank. As a rule, this bank keeps all accounts and there are often years of business relationships. Anyone who applies for a loan with a probationary period at his or her home bank, however, must hope for the goodwill of his or her supervisor. Even with a long business relationship, there is a high risk that a borrower will be terminated during the probationary period and the loan can not be repaid. The house banks are also very easy to avoid this risk by simply not lending the loan seeker credit until the end of the probationary period. Alternatively, the clerk of the bank can grant a discretionary loan.
If there is already a Dispo, this can also be extended. However, with a granted credit line, the costs are always in the foreground. In Germany, it is common for most banks and savings banks that overdraft rates of more than 10% are charged on overdrawing the current account. Accrued interest is usually calculated quarterly. If the current account is overdrawn by the limit of the disposition credit, the bank can refuse the transfer of due invoices or standing orders. This again results in high costs for the account holder. In case of permanent overdraft above the agreed limit, the bank may also terminate the discretionary credit.
Financial service providers on the internet are also reluctant to look for loan seekers with probationary periods
The direct banks on the Internet advertise with very cheap loans. Often the offered interest rates are far below the interest rates of the banks and savings banks. Unfortunately, not every person seeking a loan receives the cheap loans from direct banks. The loans for particularly favorable conditions are reserved for loan seekers who have a very good credit rating and can provide immaculate private credit information. Since the application for the loan must also prove the salary over several months, a probationary loan is usually not approved by a direct bank.
Credit agencies are similar to direct-duty consumers for probationary customers. To secure the loan, these financial service providers usually require up-to-date payroll statements and account statements showing how long the salary is credited to the current account. These documents also show the credit agencies that the loan seeker is still in probationary period. While many credit agencies promise money in difficult situations, a probationary loan is unlikely to be brokered.
Credit marketplaces can help with a loan during the probationary period
An alternative to banks, savings banks, direct banks and credit agencies are credit marketplaces on the Internet. Loan seekers and private investors are brought together on these Internet portals. The first credit marketplaces were established after the turn of the millennium in the United Kingdom and the United States. Here are these Internet portals known as peer-to-peer networks. The most well-known credit market places in Germany are Creditend and Bankate. A credit check, as is customary at banks, does not take place on credit marketplaces. This allows a loan with probationary period. However, a private credit information is obtained. This information may not contain any serious negative features, such as dunning and enforcement orders, arrest warrants or personal bankruptcies. Slight negative features are accepted.
If a loan seeker is admitted to a credit marketplace, the profile is completed first. This profile provides private investors with information about the personal and financial situation of the loan seeker. A loan is requested on the credit marketplaces with a loan project. In this project, the applicant describes the purpose for which the borrowed money is needed. If investors like the project, they can support it with amounts of their choice. Since higher loans usually require several investors, financing can take several days. The loan will only be paid out when the entire amount has been financed.
For the sending of the loan agreement and the payment of the sum of money, the credit marketplace commissions a bank. This bank is also responsible for the rates are returned in time. Often a residual credit insurance is offered by this bank. The conclusion of this insurance is not mandatory. The signed loan agreement will be handed in at a post office. The borrower legitimizes himself via the post-ident procedure with his ID card. The loan with probationary period will be transferred to the current account of the borrower within a few days.
Those who are in probation have few alternatives for a loan
Anyone who needs a loan with a probationary has few options. Many financial service providers in this situation, the risk of default is simply too high. If the loan is not needed immediately, the loan seeker should await the end of his remaining probationary period. After the probationary period, which usually lasts three or six months, favorable loans are possible with a positive private credit and a good credit rating. However, those who need money immediately can often only resort to the expensive credit of a credit marketplace.