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Yes, every Austrian from the age of 18 can take out a loan. Most of the trainees are also included. However, many banks have problems applying for student loans because the risk of default is often too great for them.

A loan for apprentices is therefore usually impossible without a guarantor or the loan amount is less than usual without a guarantor.

The school has ended and the apprenticeship has been found. Unfortunately, not much of the salary remains, especially in the early years.

On the one hand, it is small and on the other hand, first purchases have to be made – for example, a car, new home furnishings and much more. With a loan, you can remedy the situation and implement the desired goals more quickly. This article tells you what to look for.

We go into detail about the requirements that a trainee has to fulfill and explain how a guarantor can help with borrowing.

Requirements for lending to apprentices


“No credit without security”. Anyone applying for a loan must have a high credit rating. It is therefore important that there are no negative entries about you at the Good Finance Investment (GFI). If this is the case, the loan is either denied or significantly more expensive.

The following requirements apply:

  • The trial period in the current profession has ended
  • There are no negative GFI entries (see above)
  • The applicant is of legal age
  • He has a residence in Austria
  • He has a regular income
  • The loan amount is appropriate according to the salary

In summary, the apprentice must have completed the probationary period, continue to receive a regular income, be of legal age, live in Austria and have no GFI entries.

The only salary is counted as regular income. State subsidies are not taken into account.

It is also helpful to still live with the parents or to rent cheaply, as this improves the so-called “household bill”, which calculates the salary available to the apprentice according to fixed expenses.

This affects the maximum loan amount. If you still have plenty of buffers in your budget after deducting the costs, you will get a loan on the one hand and higher loan amounts on the other.

But which loan amount is appropriate? That varies from bank to bank. In principle, however, your income and your expenses influence the household bill, which in turn affects the maximum loan amount granted.

Our tip: Extend the term to lower the monthly rate and don’t get into debt too much!

Guarantor and co-applicant

Guarantor and co-applicant

In some cases, loan applications are rejected, even though the apprentice meets all the requirements. Guarantors can help here. These are mostly parents. Your creditworthiness is then also the basis for calculating the interest and granting the loan. A distinction is made between two types of guarantee:

  1. Default guarantee: The guarantor pays as soon as an unsuccessful attachment has already been carried out at the borrower.
  2. Self- debt guarantee: Even after the first installment has not been paid, the bank can become the guarantor.

There is also the option that the parents or other persons are named as co-applicants in the loan agreement. This process is similar to a guarantee, but the second borrower can also pay off part of the loan amount.

A special solution for apprentices is ” taking out a loan after training “. If the employer guarantees that the apprentice will be taken over after the training, this security will have a positive effect on the loan application. The statement must, of course, be made in writing.

Alternatives to a loan


However, borrowing can be avoided by, for example, using the overdraft facility on the Good Finance account or lending money from friends. The overdraft facility is usually more expensive than the installment loan but is granted more quickly.

You will of course also find information on current accounts and the corresponding overdraft interest on our website. Because there is also a lot to consider for apprentices in the current account area and special offers from the banks for this target group.

You can find more details about the advantages and disadvantages of an installment loan compared to overdraft loans in our blog on debt trap overdraft.

Uses of credit


In principle, loans for apprentices are not tied to a specific purpose. Nevertheless, the borrowed capital should be used as sensibly as possible. The loan is suitable, for example, for the following purchases:

  • Establishment of the first own apartment
  • Financing a move
  • Purchase of a car
  • Training

Trainees, in particular, should be careful when funding them. The uses listed in the upper area are unavoidable or sensible. Loan applications for

  • vacation
  • To celebrate
  • luxury goods

are possible, but we do not recommend it. Early debt at an early age is not a financially sound start to your professional life. First work, then pleasure!

Conclusion: Loans are possible, but should be reconsidered

Borrowing for apprentices is possible but should be reconsidered.

On the one hand, guarantors or co-applicants can increase the probability of accepting the loan application and, on the other hand, they can lower interest rates and thus monthly installments.

Alternatives to the usual installment loan are private money lending from acquaintances or relatives or an overdraft on the current account.

All alternatives have advantages and disadvantages. If you need money quickly, you can usually just overdraw your checking account. If you want to save on interest and also want to receive a higher sum, you can usually fall back on a cheaper installment loan.