Getting a loan during the trial period is not that easy. Banks have relatively strict lending guidelines, and one of them is usually that lending is only done if the applicant can prove permanent employment and is no longer in the trial period.
The banks lend their money with interest and fees to make money with it. In order to ensure that the borrowed money is paid back, the banks want to rule out all possible risks or at least keep them very small. Someone who is still in the probationary period has a demonstrable risk that he will not pass the probationary period and will become unemployed. Even if the risk of job loss hovers like a sword of Damocles after a probationary period has passed, it is still the case that the probationary period is an exclusion criterion.
A customer will only get a loan during the trial period if he can provide the bank with other security.
Classify the risks of the banks correctly
The lending business is generally associated with certain risks and, despite all the safeguards, a credit default can never be ruled out. However, every bank tries to keep the risk low and has appropriate guidelines for lending. Loan applicants who are still in the probationary period are just as risky as loan applicants who can only prove their limited employment. In such cases, banks either require that the loan term be limited to the term of the fixed-term contract, or that the loan applicant provide other security.
How to still get credit during the trial period
If a loan applicant is able to provide other collateral, such as a solvent guarantor, banks also grant credit during the trial period, provided that the guarantor is creditworthy. For loan seekers who are still in the trial period, the chances of getting a loan during the trial period are significantly higher if they make the loan application together with a guarantor. However, the guarantor should know what he is getting into when he takes over the guarantee. Banks rarely provide information and many guarantors do not know what the consequences of such a guarantee can be if you do not need to pay installments to the borrower in an emergency.
With the joint and several guarantee, the guarantor enters into a so-called contingent obligation. This is an obligation from which it may be claimed. A report is sent to Credit bureau, and if the guarantor later wants to take out a loan himself, it can happen that he will only get a loan if he brings a guarantor because he is burdened with the guarantee as if he were the installments are actually paid in place of the borrower. The bad awakening comes for a guarantor when he does not get his own loan because he has given a guarantee to someone else.
Then what can be done
Anyone who comes into such a situation as a guarantor and, for example, should or wants to vouch for it because someone does not get a loan during the probationary period, should try to limit the guarantee to the period of the probationary period from the outset. This means that the guarantee obligation would automatically end when the borrower successfully passed the trial period.
Anyone who has failed to set a time limit on the guarantee can alternatively later request the lender to be released from the guarantee because the borrower now fulfills all the criteria that a borrower must fulfill. This would always be the case, for example, if the borrower has survived the probationary period and has been taken on for an indefinite period.