The probationary period is problematic for workers in many ways. It does not only burden the uncertainty about the possible future in the company, which can be questioned at any time during this introductory phase due to small mistakes, but also the new environment, including the new colleagues, who often have to get used to it.
If you need a loan during this phase, you can quickly be disappointed. Banks are reluctant to grant a loan during the probationary period, as they assess the risk that the debt can not be paid if the employment is terminated in the short term and thus the wage is too high. However, a permanent employment contract is not absolutely necessary for a loan. There are ways in which the credit can still be realized during the probationary period.
Security is important to the banks
For example, there is the possibility of using other persons with their consent as guarantor. This gives the banks the certainty that the loan can also be repaid on termination of the employment relationship. As a guarantor are life partners, spouses or even good friends, but must exist in place of the borrower, the credit check of the lending bank. Alternatively, claims from life and annuity insurance can be assigned in the amount of their return value. Finally, real estate can be encumbered with a mortgage or mortgage to provide security to the lender.
Anyone who is in a public employment relationship has greater chances of obtaining a loan during the probationary period. These are also considered much safer and more stable during the probationary period than employment in the private sector. This is sometimes enough for banks as collateral.
Purchase loans are possible
But the purpose of the loan also plays a role. For example, to finance the purchase of a car, the car can serve as safety. If the borrower can not pay, the car is recovered as an alternative repayment option. In principle, such acquisition loans are easier to obtain, although then higher interest rates must be accepted. Sometimes an on-line loan can remedy the situation, but here the repayment conditions should be closely examined and compared between different providers in order to exclude rogue lenders.
For small amounts of credit, a credit line can also provide a remedy. However, this should only be done in the case of really urgent emergencies, since most banks here require high interest rates, with which borrowers can quickly slip into new debt. So this should be well considered and not exaggerated. Generally, banks also tend to grant credit during the probationary period if the amount does not exceed 1000 Euros.