Loan Commitment During Probationary Period: Understanding the Credit Process

In the midst of a probationary period, securing a loan can be a necessary yet challenging task. Here's a breakdown of what you need to know to increase your chances of getting approved.

Firstly, applications for loans during probation can be submitted to any bank. However, it's crucial to compare offers carefully, paying attention to the 2/3 interest rate, which typically reflects the conditions most customers receive.

When it comes to loan terms, a shorter one may be advantageous during probation as it allows for refinancing once the probation period ends and better credit conditions become available.

It's important to note that while some providers offer loans with a negative SCHUFA entry during probation, these offers should be approached with caution.

To enhance your chances of getting a loan during probation, you can provide security, written confirmation of permanent employment, a guarantor, a second borrower, or additional income. However, loans during probation are generally more expensive, with higher interest rates than favourable loans.

A small loan (e.g., €1,000 or €5,000) is typically easier to obtain during probation than a higher amount. For those whose current bank does not cooperate, it's advisable to focus on banks or lenders that evaluate creditworthiness independently, emphasising legal credit capacity, proof of regular income, and the ability to repay within 36 months. Some online or specialist lenders may consider applicants on probation if they have stable income documentation, although fixed permanent employment improves chances significantly.

An instant loan is possible during probation, provided the applicant meets the general requirements. If your credit application is rejected during probation, alternatives include a Peer-to-Peer (P2P) loan or a loan from your employer.

It's worth mentioning that not all banks are willing to provide loans during probation. However, experts currently do not expect interest rates to rise significantly in the short term.

In some cases, a guarantor may be required for a loan during probation, but some banks may agree if other securities are provided. It's also possible to get a car loan during probation, with the bank often requiring the vehicle registration document as security.

The choice of loan term during probation also depends on expectations regarding interest rate development.

In conclusion, while securing a loan during probation may be more challenging, it is possible with careful consideration, research, and preparation.