If you want to take out a loan, you must be of legal age and have a regular income. Nevertheless, in exceptional cases, students have the opportunity to take out a special student loan.
Student loan: conditions
A loan for students comes with certain conditions. So the student must be of legal age, have a regular income and have a positive credit bureau. The same conditions as other types of credit, but there are differences. For example, the income does not have to be that high, as student loans are mostly small loans.
In addition, some financial institutions offer loans of this type only in combination with a student account. It is then a classic credit line, which can be used without much risk, but it goes hand in hand with higher interest rates. Pupils who need more money can consult a citizen.
Larger loans only with guarantors
As students naturally earn less, banks provide mainly small loans. If that is not enough, he can appoint a guarantor. The latter is responsible for the repayment of the loan in the event of a default and must therefore be chosen carefully. Another alternative: the personal loan. A loan from family or relatives is usually interest-free and therefore ideal for young borrowers. In addition, the repayment can be made flexible. Nevertheless, of course, a contract should be set up, in which loan amount, repayment period and other information are recorded. This does not cause problems later and the loan can be used without risk. And if it ever comes to difficulties, can still be selected the normal student loan.
Student loan: the process
A student loan is basically only for high school graduates and vocational students in question, since these are usually already of legal age. Anyone who belongs to one of the two groups and wants to take out a loan must first get an overview of the offers. A comparison on the Internet is as useful here as a personal consultation with the house bank. Ideally, the decision is made together with an adult to have a point of contact directly in case of ambiguity.
Once the desired loan has been selected and the institution has been contacted, the credit check is pending. Here, a look at income is thrown first. Is the salary sufficient at all? What options are there in the event of a payment default? How much can the monthly installments be? All these questions are answered before the bank gives a commitment to the loan.
So there are different ways to get a loan as a student. The personal loan is usually cheaper, the loan from a financial institution allows for a higher loan amount. If you do not like both options: save yourself, because that’s usually quick as well and is a risk-free alternative for students in particular.