Monthly Archives

2 Articles

Credit for master school – prospects

Posted by admin on
Credit for master school – prospects

If you want to invest in your future, you can choose a master school. With a master craftsman certificate, the employee receives many advantages as well as a high esteem. This is reflected in a higher income and a certain independence. Many employees who want to become self-employed even need a master craftsman certificate to be able to train apprentices with it. In this way, he avoids having to add an additional master to the company to fill this position. The costs of a master school are high and in most cases cannot be paid from the current budget. A credit for the master school is being considered.

The credit for the master school – the prospects

The credit for the master school - the prospects

Many employees who want to progress professionally or have decided to work only for themselves in the future and strive for independence are faced with high costs. Nowadays there is also the possibility to complete the master school next to his job. So he still receives his earnings, but there are still high costs.

The question then arises, how are the costs to be paid? One thinks about a loan for the master school. This loan can be counted among educational loans and it has a special position in lending. Lenders are a bit more generous here and give the loan seeker more time to pay the installments. This is a risk for the lender. However, opportunities that cannot be denied by hand are compared. If the training is successfully completed, the financial situation of the borrower may improve considerably.

The credit for the master school – promotional loan

The credit for the master school - promotional loan

The state supports this measure and offers the Master’s. For example, if you are single and have no children, you can count on 697 dollars per month. 229 dollars are a grant and the rest is an interest-free loan that is paid in installments every month, but at the earliest two years after the successful completion of the master school.

However, conditions are required, such as completed training. Anyone who obtains the Master-school must not take up any other full-time employment during this time. Anyone interested in this school can get a loan from lender company, but also from banks. In order to obtain the master, a basic requirement for the employee and his family is calculated by the responsible state authority. They subsidize up to 30.5% of the costs.

a lender company will cover costs in excess of this, but only up to a maximum of EUR 10,266. The interest rate for this loan for the master school is 3.48% and is variable. The worker should know that the credit is not dependent on the income or income of the parents. There is no need to provide collateral. As mentioned before, the credit used for the master school is only paid two years after the successfully completed master school. Sometimes the grace period can be six years. During this time, the state pays the interest.

credit check is queried so that the promotional loan can be approved by a lender company. If it contains negative entries, there may still be a loan. However, if there is a registered personal bankruptcy in credit check, the loan will be refused.

The master school and other credit options

The master school and other credit options

The employee receives non-government subsidized loans from all local and direct banks. The interest rate ranges from 2.90% to 17.90%. The differences result from a credit-dependent credit check. As with all other loans, the right provider should be found with a loan comparison for the master school loan. If the creditworthiness allows, there can be loans that are around 80,000 dollars.

The cost differs whether the employee completes the master school in evening form or whether he attends a full-time school. If the latter is the case, the master school cannot be paid from your own income lender company will step in as before and other eligible loans will also be offered. If you do your master school in evening courses, you can prepare for a long period of time. He can then pay the cost of this from his working income.

In most cases, banks require a guarantee for a loan to the master school. This is not required at a lender company. If the employee opts for a normal loan from a bank, he has a disadvantage compared to special training loans. A normal loan should therefore only be considered to a limited extent.

If a normal loan is applied for, the non-earmarked loan can be taken out. The conditions for a loan are the same as for all other loans. The credit rating must be correct and the credit check must be in order. With a credit comparison, a cheaper provider can be found.

If the income is insufficient for the loan, the bank usually requires a guarantee. But a surety must also be solvent and have a sufficiently high income. If the employee can no longer pay, the guarantor must do so.
A surety is a risk for the guarantor. He should only agree to a guarantee if he can easily pay the installments that may arise.

The joint and several guarantee equates the guarantor with the debtor, which means that if the debtor stops paying, the guarantor is immediately taken into recourse.

In summary, it can be said about the loan for the master school that the eligible loan from a lender company certainly covers the financial situation of the employee. With the master school he can finance the master school and his livelihood. The loan is cheap, it is paid back in small installments. If the master passes and the employee earns more, he can repay the loan at higher rates.

Anyone who continues to work as a master must continue to provide the aforementioned credit guarantees for a loan to the master school.

Installment loan formulas

Posted by admin on
Installment loan formulas

When you take out a installment loan, you will be told by the provider the nominal interest and the annual percentage rate of charge. The nominal interest rate is the interest rate that is added to the loan amount, the APR also includes the fees and changes with the term. You sometimes want to know what happens if you repay the loan early or what the actual cost of the loan is. For this there are installment loan formulas.

Pay attention to annuity

Pay attention to annuity

If the nominal interest rate were added to the sum using a simple interest rate formula, the result would be incorrect because the loan is repaid on a monthly basis. Here, the installment loan formulas take into account the so-called annuity, which is almost always applied to installment loans, unless you have agreed on flexible interest rates (very rarely common). Each month, they repay an increasing share of the loan, the interest portion of the rate decreases, the overall rate remains the same. The installment loan formulas must now take into account that through the monthly repayments an ever decreasing sum will pay interest. The bank calculates that too, and to the exact day. The installment loan formulas are based on monthly rhythms and offer a sufficient approximation.

Employing installment loan formulas

Employing installment loan formulas

If you repay a loan of 15,000 USD in 36 months at the interest rate of 5.2 percent, the respective residual debt is calculated as follows:

Capital times interest factor minus rate = residual debt 1
Remaining debt 1 time interest minus rate = residual debt 2
Remaining debt 2 times interest factor minus installment = residual debt 3
and continuously.

You can also solve the equations according to an unknown rate by calculating the capital times the interest factor high m by the interest factor high m-1 times the interest factor minus 1, where m represents the remaining term. You can calculate the interest factor as the root of the annual residual debt.

Use of the calculations

Use of the calculations

The bank calculates on a daily basis, there are no known cases where these calculations were contested. It can be assumed that the rate calculation is correct. However, if you plan to repay a loan ahead of time, it is worthwhile to use the formulas as an approximation.