A loan during the trial period is a real challenge. Most banks refuse to lend when the customer is on a trial basis. Online banks are particularly cautious. A trial employment relationship tends to mean a higher credit default risk for credit institutions.
Banks cannot be sure whether the applicant will still have his job and thus his regular income in the coming months.
Because trial work relationships can be terminated at any time at short notice. Direct banks protect themselves in two ways against the credit default risks that trial work relationships can entail.
Despite all the difficulties, a loan despite the probationary period is not completely excluded. The chances are less good on the Internet than at the house bank.
Online loan during the trial period without guarantor or co-applicant
As far as can be seen, direct banks do not grant loans despite a trial period if no second person with regular income is available to co-sign the contract. However, credit exchanges that provide loans from private individuals offer an opportunity for lending. We recommend the market leader.
In its publications, the P2P Credit Exchange expressly points out that it is open to loans despite a probationary period and despite a temporary employment contract. A guarantor is not necessary and cannot be provided because the credit exchange does not accept guarantors or co-applicants.
In the case of a loan from private individuals, prospective creditors must post a so-called loan project on the platform of the stock exchange.
A variety of private investors can bid on the project
This process is called crowdfunding. Often, private investors do not use more than 25 dollars to finance a particular loan project.
The loan agreements come into being if the loan request is financed within a certain period of time. Although the money comes from private investors, formally the lending is done through a partner bank in order to comply with German law.
At Good Finance, setting up a loan project and the subsequent award procedure is extremely easy. It hardly differs from the procedure for a normal bank loan.
Those interested in credit inform the platform of the desired credit terms (amount, term) and the intended purpose. In addition, information on personal and economic circumstances must be provided.
The platform checks the information and requests additional documents if necessary. At the same time, Good Finance creates its own credit score on the basis of information from credit bureaus such as Credit Checker and others and the information on income relationships.
The effective interest rate is based on this credit score. The applicant checks the interest offer. If he agrees, the loan project is released for financing.
Until then, the process is completely free and non-binding. A placement fee only arises when the loan agreement has become legally binding after it has been financed.
Credit despite a trial period with a guarantor or co-applicant
First of all information: Many consumers wrongly assume that the second signer gives a guarantee.
That may have been the case in the past. Today, banks, especially direct banks, are rarely satisfied with a joint and several guarantees. Rather, the co-signer becomes the bank’s direct contractual partner, i.e. borrowers with all rights and obligations.
Banks grant loans despite a trial period if another borrower is provided. However, the co-signer must meet the creditworthiness requirements according to the bank’s procurement guidelines.
In practice, this means that the co-signer must have regular income from an employment relationship which is sufficient to be able to provide the principal. From the bank’s point of view, the co-signer is the actual borrower.
Loans during the probationary period with guarantors or co-signers are most likely to be issued by house banks.
Some direct banks also accept co-signers. In individual cases, the loan conditions can be slightly cheaper than at the house bank.
In our view, the best way for employees during the probationary period to take out a cheap loan together with a co-signer is to use a credit broker.