If you change your Job or employer, or if you have found your way back to the world of work after a long period of unemployment, you will undoubtedly be able to combine this with a view to a now more positive future for a really good reason. But a career change has not only positive effects on one’s own life, but also temporarily its shadow sides – especially when it comes to taking out a loan for whatever reason. The stumbling block when taking a loan is called “probationary period”! But why is the probation time when taking a loan often a stumbling block?
Exclusion criterion probationary period for a credit
One given and an indisputable reality is that almost all banks in Germany before granting a loan sufficiently examine the creditworthiness of the applicant with the help of appropriate credit agencies and documents required for borrowing by the borrower. In addition to the creditworthiness, which must be assumed anyway, the check of the creditworthiness takes place on the basis of the information, together with an available regular income. However, this is precisely what can fail to grant a loan if a regular income is available, but the Associated employment relationship is less than 6 months – is just in the probation period. For banks, such a Situation is in most cases a reason not to correspond to the desire for a loan. The reason for this is quite simple: banks are concerned that the borrower is “unable to survive” the probation period, has no longer a regulated income and will therefore not be able to repay the loan granted to the Bank. A Situation that every Bank wants to avoid in the best possible way.
Offer collateral for a loan
Does the question arise, then, of the possibilities to obtain a loan during the probation period? And to make one thing clear: there are these possibilities and these are relatively simple in the reason. A very good Alternative to securing a loan in addition to your own income, are existing collateral.
The guarantee is often the first choice on the part of the borrower and is accepted by numerous banks. Family members and close friends are the main guarantors. It is only important that the guarantor has an impeccable credit rating, which requires almost always existing assets or an employment relationship, which is no longer within the probation period. This form of collateral for a loan is generally accepted by the banks and is also often demanded. However, in addition to the credit guarantee, a number of other credit guarantees are available – for example:
• The transfer of your own vehicle
• Assignment or pledging of claims from capital life insurance, etc.
• Pledging of securities or savings deposits
If it is possible for a borrower to offer to the Bank for a loan one of the aforementioned collateral or even to present a loan guarantee with impeccable creditworthiness, the taking of a credit is also during the probation period in no way in the way. As a result, most of the banks are willing to grant a loan despite probation. However, in this case too, one should take care and ensure that the agreed credit rate is sustainable.