Many think that as part-time workers they have no chance of getting a loan for part-time workers, but most are wrong. Because there is also the possibility for part-time workers to get a loan under certain conditions. It should be noted that there is no special loan for part-time workers at banks. Part-time workers are among the low-wage earners who always have to meet requirements at banks to be able to apply. But a part-time worker does not always make little money; the situation is different with exorbitant salaries.
What are the requirements for a part-time worker loan?
The applicant, as he only has a part-time job, has to meet certain requirements in order to get chances of getting a loan for part-time workers. First and foremost, creditworthiness is of great importance, because if there is no creditworthiness, there is no credit. The bank uses the private credit bureau to check its creditworthiness. This ensures that no further loans have been applied for and that the borrower is able to pay the installments out of his own funds.
In addition, the applicant must bring his employment contract and the latest bank statements. It is checked whether he really has an employment relationship and whether the salary is above the garnishment limit. The banks don’t care whether the attachable income is earned from 45 hours a week or just 20 hours. The only important thing is the amount of income. Some have more than just a mini job, so the number of hours is irrelevant when applying for a loan for part-time workers.
Opportunities for credit with a loan for part-time workers increase
Anyone who does not have a high income and could therefore be rejected by the bank can provide a guarantor when applying. This guarantor is also checked for creditworthiness. If he can meet all the requirements, the bank should approve the loan. This guarantee is suitable for spouses if one partner works part-time and one works full-time. In this way, the full-time partner can take over the guarantee so that the credit for part-time workers can be taken out. A guarantee is quickly signed, but the guarantor will not come out that easily. Only if he finds another guarantor with the same credit rating can a guarantor be replaced by another.