Training is often associated with high costs. Regardless of whether it is aimed at by the employer or privately by the employee: further training costs a lot of money in both cases. Money that the continuing education can usually not provide and must acquire through a loan for further education.
For this reason, many banks offer various offers. But as with all loans, a previous comparison is worthwhile. Because not every offer is serious or delivers what it promises at first glance. Because the duration and the amount of interest and processing fees should never be disregarded.
A loan for further training – the right information saves money and nerves
As a first step towards loans for continuing education, you should compare the different offers thoroughly. Who offers such loans? What are the conditions and what requirements must the borrower bring?
The conditions that have to be met here correspond to the requirements for a normal loan. The employment relationship must be of constant duration and the salary must exceed a minimum amount. In addition, no negative entries may be recorded in the credit checking.
A loan for further training
Lender Bank is a good place to go for a loan for further training. This specializes in support programs and can therefore grant low-interest loans. However, the bank only supports special training. Information about this is available on the Lender Bank website. In addition to this option, there are also public banks that grant a loan for further training. Above all, this includes the savings banks and lending company. Interest rates are low and there are no restrictions on closing in most cases.
In addition, there are so-called award vouchers. These have a maximum value of USD 500 and are awarded to those with low incomes. Here, the applicant’s creditworthiness is of secondary importance and is not included in the approval. This is important as no affordability assessment will be carried out. It’s up to you to work out what you can afford to borrow. Think about what would happen if your income dropped or your living costs went up. If your income drops you may temporarily be taken out of automatic repayment but continue to be able to make voluntary repayments.