Who changes his job or his employer or has found his way back into the professional world after a long period of unemployment brings this undoubtedly in connection with the view into a now more positive future and for a really good reason. But a career change not only has positive effects on one’s own life, but also temporarily has its downsides – especially when it comes to borrowing for whatever reason. The stumbling block to taking a loan is called “probationary period”! But why is the probationary period when taking a loan often a stumbling block?
Exclusion criterion Probationary period for a loan
A given and an incontrovertible reality is that almost all banks in Germany, before granting a credit, adequately assess the creditworthiness of the applicant with the help of appropriate credit bureaus and the documents required to borrow from the borrower. In addition to the creditworthiness, which must be assumed anyway, the examination of the creditworthiness on the basis of Schufa information and a regular income available instead. But this is precisely where the granting of a loan can fail, even if a regular income is available, but the associated employment relationship lasts less than 6 months – is currently in the probationary period. For banks, such a situation is in most cases a reason not to comply with the desire for a loan. The reason for this is quite simple to explain: Banks are worried that the borrower “does not survive” the probationary period, consequently has no regular income and thus will 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
So the question is, what are the ways to get a loan during the probationary period? And to clearly anticipate one thing: there are these possibilities, and these are basically relatively simple. 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 person seeking credit and is accepted by numerous banks. As a guarantor especially family members and close friends come into question. The only important thing is that the guarantor has a perfect credit standing, which presupposes almost always existing assets or employment that is no longer within the probationary period. This form of security for a loan is usually the highest acceptance among the banks and is also often demanded. But in addition to the loan guarantee, there are a few other collateral options in the pipeline – for example:
• The transfer of your own vehicle
• Assignment or pledging of claims from endowment life insurance etc.
• Pledging of securities or savings
If it is possible for a borrower to provide the bank with a collateral for a loan, or even to present a credit guarantor with an impeccable credit rating, it will not be possible to take out a loan during the probationary period. Thus, a large part of the banks is ready to give a loan despite probationary period. Nevertheless, as a borrower, care should be taken to ensure that the agreed loan installment is sustainable.