The term young professionals can be stretched far. First and foremost, this includes people who have just finished their training and have been given a job.
In a broader sense, however, it also refers to everyone who is dealing with professional life for the first time, such as trainees, students with a job or interns. A loan for young professionals is usually shown as an overdraft facility or a small installment loan. The credit inquiry also takes into account providers who in many cases grant a loan even with poor creditworthiness.
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1. Fill out the online form for the credit request.
2. Up to 20 loan offers from various well-known banks.
3. Choose the cheapest loan.
The start of your professional life – the trial period
Those who find a job directly after the training or who are taken on by the training company can count themselves lucky. However, every employment contract usually includes a trial period that can span several weeks or months. Anyone who wants to take out a loan for young professionals is faced with hurdles at this time, because the income for the bank or the credit institution is initially limited and therefore not a stable parameter. It is safer to wait for the trial period and then, if the job is actually maintained, to apply for a loan.
Small loan for young professionals
One option is the installment loan as a small loan, which is granted for loan amounts up to a maximum of 5,000 USD if there is creditworthiness and collateral. Direct banks have the edge here, because they offer such small loans especially for young professionals, including trainees or students, without any guarantor or other guarantees. The duration can be shorter depending on the professional situation. The lending rate is also lower.
Overdraft facility as a loan for young professionals is an option if it is a small financial margin that can be used if necessary. Here too, the amount available is based on the personal and economic requirements of the borrower and is therefore usually not too high.
Creditworthiness and collateral for general loan offers
A credit for young professionals with poor credit ratings is excluded at most banks, unless a guarantor can be named, for example a legal guardian, a grandparent or another close relative. The majority of young professionals have generally not yet had anything to do with loans and the Credit bureau file is therefore empty.
However, it should be noted that mobile phone contracts are also listed in the Credit bureau. The loan for young professionals without Credit bureau is offered by some banks, but you should take a closer look at the conditions for the loan.