When applying for a loan, the bank always requires an employment contract that cannot be terminated. Temporary workers also have a job and earn a regular income each month, but this can be eliminated at any time. The temporary worker is employed on a temporary basis and his employment relationship can therefore be canceled at any time.
This is sufficient for banks to classify the applicant as a risk and, as a rule, then do not grant a loan despite temporary work. But temporary workers also want to make purchases or pay bills that are unscheduled.
Significantly increase credit opportunities
Since it is difficult for this group of people to get a loan despite temporary work, initiative is the order of the day. If you take care of sufficient security yourself, you will also increase your chances of getting a loan despite temporary work. In the best case, the applicant brings a guarantor with them to the bank meeting. The latter can sign the loan agreement so that the loan is secured. For example, this guarantor can be the spouse or a friend. Banks only want a guarantor to have a permanent job and to be able to prove that they have enough income to pay for their livelihood and loan. A guarantor is only used when the applicant can no longer pay off the installments.
Conditions for a loan despite temporary workers
The conditions of the banks are always different, but if this loan is involved, each bank will only grant a small loan. The term is adjusted to the employment contract. As long as the employment relationship runs, the credit usually runs as long. This is done for the reason that the borrower cannot go into debt if he is no longer employed after the temporary contract and possibly slips into unemployment.
A small loan includes a loan amount of around 5,000 dollars. If there is a guarantor with a very good credit rating, this sum can also be increased. Interest rates are slightly higher than with a normal loan due to the increased credit default risk. The lower the total that is absorbed, the lower the monthly installments. So only as much should be included as is actually needed so that the monthly burden is not too high.