Temporary workers not only have the disadvantage that their work is usually paid less than that of their permanent colleagues, but also the problem that it is difficult to get a loan with temporary work.
How to get a loan
Temporary workers are a risk group for banks, partly because they are the first to lose their jobs if there is an economic downturn. When it comes to a loan despite temporary work, it makes sense to submit the loan application together with a solvent guarantor who can demonstrate permanent employment.
If temporary workers then also have negative Credit Bureau information and want to apply for a loan without Credit Bureau, they have no chance because a Credit Bureau-free loan for temporary workers is completely excluded.
Loan with a temporary employment contract
It is just as difficult as for temporary workers for people with a fixed-term contract who want to take out a loan. Although it is currently very widespread in our society to only assign temporary contracts to staff, banks see temporary employment as a risk and therefore only grant a temporary contract under certain conditions.
Anyone wishing to take out a loan despite a fixed-term contract of employment has a good chance if it is a loan whose planned term is within the period for which the fixed-term contract of employment applies.
If, for example, the employment contract is limited to 24 months and the trial period has already passed, a loan is possible despite the fixed-term employment contract if the loan term does not exceed 12 or 18 months. Otherwise, if a loan with a fixed-term contract is to be taken out that has a longer term, then the borrower must be able to provide other collateral, such as a solvent guarantor.
It is even more problematic to get a loan with an annual contract. Here two factors have a negative impact on creditworthiness. On the one hand, the probationary period must be over so that the banks can grant a loan, and on the other hand, the time limit is so short that there are only six months after the probationary period for which employment can be proven. For this reason alone, it is difficult to take out a loan despite the annual contract – at least if no co-applicant or guarantor can be included in the contract.
In order to get a loan despite the fixed-term contract, the loan application should definitely be made together with another person who meets all the requirements to get a loan.
Other barriers to lending
Banks want when they grant a loan that the borrower can provide collateral. In the case of normal consumer loans, this is, on the one hand, the perfect Credit Bureau information and, on the other hand, proof of permanent employment with regular attachable income, which enables the borrower to pay the monthly installments regularly despite his other obligations. If you apply for a loan with a fixed-term contract or want to take out a loan with a trial period, you cannot offer the required collateral alone and are therefore forced to look for alternatives if no guarantee can be provided.
A loan despite a temporary contract can only be concluded without a guarantor with a term that does not exceed the duration of the temporary contract. This is certainly possible if you want to buy a washing machine or a television, but once it is a loan amount that requires a term of more than two or three years, otherwise the rate would be much too high, it is difficult if not impossible to get credit without further collateral.
Anyone who now believes how the bank should find out that the employment relationship is only a temporary employment relationship must know that credit is granted with a pay slip. The pay slip not only shows the monthly income, but also other information, such as that it is only a temporary job. At the latest when the signed credit agreement with the earnings statement is available in the bank, it is determined that the borrower has no fixed employment relationship. The bank will then not pay the loan because loans that have already been approved are only valid with reservations.
Loan for part-time workers
Women in particular, even if they have a permanent position, often work part-time so that they can combine family and work. Getting a credit with a part-time job is not a problem if the income is relatively high despite the part-time job. This is not the case for most women who work part-time because women often work in lower-paid jobs, so banks will usually also require a guarantee if they lend to part-time workers if the income from the part-time job is not in attachable size.