It is very difficult for people who are still in the trial period and want to take out a loan. The bank only grants a loan in exceptional cases, if at all. Unfortunately, many do not pass the trial period or are not accepted after the trial period.
So the applicant has no certainty that he will have a regular income in the long term. Many are taken on after the trial period, but we cannot guarantee it. The banks see this as a risk and often discourage them from granting a loan despite the probationary period. Banks lend to make money. If you consider the default risk to be too high, you will never be granted a loan.
Use opportunities for lending
A loan in spite of the probationary period can always be granted without any problems if security is available. In the best case, the applicant already has an employment contract that can prove that he will be taken on. In this case there will be no problems with the bank at all. Another option would be to use a guarantor. The latter must meet the requirements of the bank so that he can then pay for the loan in an emergency.
This includes a fixed income and above all an open-ended employment contract. There is also a good chance of a loan despite a trial period if it is car financing. Even then, auto banks grant a loan because they always have the vehicle as security. If the loan can no longer be repaid, the dealership keeps the vehicle as security. As soon as the loan is paid off, the car belongs to the borrower.
Financial background for a guarantee
Anyone who accepts a guarantee should pay attention to many things. Especially if it is a job and the worker is still working on a trial basis, it must be expected that this will not be taken over and will not be able to repay the loan. In this case, the guarantor must always step in. Anyone who plans to take out a loan in the near future should not take on a guarantee.
The trial period is often between three and six months. During this time, the loan should either be paid off or there should be sufficient collateral. A guarantee can also be limited, but must be expressly communicated and recorded in the contract. So the guarantee can last as long as the trial period lasts and is then on the safe side.