As a new employee, you first have to prove yourself.
Therefore, a trial period of between three and six months is the norm in many companies. If you are still in the trial period, it can be difficult to get a loan. The reason: for banks, the granting of a loan during the probationary period represents a particularly high risk. During the probationary period, a short-term termination without reason is possible at any time and thus income is not secured. In the worst case, a loss of income means a loss of credit rates for the bank. This guide explains how you can still get a loan despite a trial period and what you need to look out for in this particular case.
It is basically possible to get a loan despite the trial period
Stricter requirements must be met than under normal circumstances
Loans during the trial period are more expensive
Some banks ask for a guarantee to be entered so that the loan can be granted
To save costs, you should always compare different providers
How do you apply for a loan during the trial period?
Our loan comparison gives you an overview of loan offers from over 20 selected partner banks. This speeds up the search for a bank that grants you a loan even during the trial period – and at the best possible personal interest rate. You have to do the following steps:
1. Enter the data
At the beginning you enter the loan amount , the term and the purpose . The term can be between 12 and 120 months. You should definitely specify a purpose, because earmarked loans, such as car loans or instant loans, have particularly favorable terms.
2. Start credit comparison
You then only have to enter some data such as your income, your employer and any other payment obligations.
For a significantly higher likelihood of a loan during the probationary period, be sure to use the option of specifying a second borrower during the loan comparison. This increases your creditworthiness and thus your chance of a loan offer.
3. Select the appropriate loan offer
After you have entered all the data, you will receive a list of individual loan offers tailored to you. Is there an offer for you? Then all you need to do is legitimize yourself and sign the loan agreement. At many banks, you can do this conveniently from home using online signatures and video identification procedures.
Getting a loan from the new employer for a trial period requires good preparation. To improve your chances, it is best to get advice from our experienced credit experts by phone from the start.
How long can a trial period last?
When changing employers or starting a new job, trial periods are common standards. They can last up to six months and serve to check the new employee and the quality of his work. Under certain circumstances, employers are allowed to extend the trial period to up to 12 months. But these are rare exceptions that require special reasons.
As part of the trial period, employees are also given the opportunity to test the company and the new position. Both parties, employer and employee, can therefore terminate the employment relationship without justification with a notice period of two weeks during this period.
Can you get a loan despite a trial period?
In principle, many banks grant loans during the trial period. However, the conditions of the institutes for granting the loan are much stricter. There is also a good reason for this:
Due to the fact that during the trial period a termination can be given without reason with a 14-day period, banks consider this phase to be critical. There is a risk that you will lose your job and therefore your income within a very short time. Your wish to take out a loan during your probationary period therefore represents a particularly high risk for a credit institution. It is not without reason that you ask yourself the question: Do you even get a loan during my probationary period? Short answer: yes! This may be possible.
What are the requirements for getting a loan during the trial period?
To check your creditworthiness, banks request your proof of income from the past six months. This balance is particularly positive for you if you can not only show the income from a single employment relationship. Rental income, capital income, insurance and pension benefits as well as income from self-employed activities are just as relevant for the banks as the salary. However, the most important calculation basis usually remains the salary that you receive on a trial basis in your current employment relationship.
In order to receive a loan during the trial period, you meet all the requirements that are also required for regular lending. These include the following:
Age of majority: You must be over the age of 18. Otherwise you need the consent of a legal guardian to get a loan.
Place of residence: You must have a place of residence in Germany and a German bank account.
Credit rating: banks conduct a Credit Bureau query. In order to receive a loan despite a trial period, there must be no negative Credit Bureau information.
Employment : You have a good chance if you are taken on for an indefinite period after the trial period. A guarantee of a takeover after the trial period on the part of the employer can increase the credit chances.
Income: minus all fixed costs, your income must be sufficiently high to cover the installments. The amount of creditable income defines the maximum loan amount. If a second borrower is entered, the banks use their income as the basis for calculation.
Collateral: Collateral increases the chance of a loan and lowers loan interest. In the case of a car loan during the trial period, the bank receives, for example, the vehicle letter as security.
A second borrower increases the chance of getting a loan during the trial period. The reason for this is that his existing employment, including income, is equally used in the risk assessment, which gives the banks better protection.
Guarantees reduce the risk
If you don’t want to involve a second borrower, the surety is a good alternative. Depending on the bank, it is also possible that a guarantee for the loan will be required during the trial period.
Guarantees in credit agreements mean that a third party will take responsibility for the customer’s financial obligations should the service fail. In this way, banks hedge against the risk of their borrowers’ insolvency. If the borrower fails to meet its obligations and the installments are not paid, the institutions may approach the person making the deposit. This must meet the contractual agreements and pay for the repayment of the loan. Guarantees must always be concluded in writing. This requires the consent of the borrower and the guarantor.
There are banks that grant a loan during the trial period without a guarantor. However, in most cases, the conditions are significantly worse, as the lenders endow the loans with higher interest rates.
What are the fees for a trial loan?
In principle, fees are due for all loans. When applying for a loan, you should therefore always pay attention to the effective interest rate, as this includes all costs associated with the financing. In addition to the processing fee charged in the effective interest rate, additional costs for additional services may arise.
This can be a risk or residual debt insurance or account maintenance costs if the bank requires the opening of an in-house current account. If a loan is canceled before the contractually agreed expiry date, you will also have to pay a prepayment penalty. How high this is depends on the specific regulations in the contract. Basically, it can be said about a loan during the trial period that the interest rate tends to be somewhat higher than for loans that are applied for after the trial period has passed. The higher interest rate compensates banks for the higher default risk of the loan.
Which banks grant loans despite a trial period?
In principle, many banks grant loans despite a trial period. In most cases, these are online loans that are taken out over the internet. This gives you the advantage of being able to compare different providers quickly and easily. A commitment for a loan during the probationary period can rarely be achieved with house banks and branch banks. The employees are bound by strict guidelines, which makes it difficult for customers to apply.
Credit also possible during the trial period
It is also possible to get a loan during the trial period. However, the requirements you are faced with are significantly stricter than in the ideal circumstances of an open-ended employment relationship. A negative Credit Bureau entry or a poor credit rating can already mean a rejection.
In addition, due to the risk for the lenders, the loans are subject to higher interest rates. For this reason, it is usually the best solution to only take out a loan after your trial period has expired. If this is not possible, you should compare different providers to keep the costs as low as possible.
Consider the tips from our guide, such as getting a second borrower, providing a guarantor, and naming other sources of income, then increasing your chances of getting a loan.