Compared to neighboring European countries, the job engine in Germany is still booming. The ongoing good situation, especially in the construction industry, supports the labor market. However, the recently agreed wage increases did not apply to all employees. Only after 24 months of employment, the temporary workers are firmly taken over and enjoy the same privileges as their colleagues. Therefore, it is difficult to get a loan with temporary work.
Is a loan with temporary employment generally possible?
Banks look very carefully at the existing employment of potential borrowers when lending. However, especially for smaller loan amounts banks are willing to grant loans to temporary workers. In addition, the supply of credit on the Internet is growing rapidly. This can also benefit temporary workers. Credit intermediaries from the network often require small loan amounts and short terms. Also, a positive credit bureau information is, as with any credit, essential. A relatively new alternative is the credit of individuals to individuals. Here societies act only as mediators.
Conditions for short-term loans
In the meantime, there are a large number of providers on the Internet who have also created the opportunity for a small loan for temporary workers. With sums of 1,000-70,000 USD and maturities up to 12 months, borrowing is possible. The interest rate is partly dependent on credit. This means that the lenders look closely at the financial situation, and also include possible collateral or assets in the contract design. The amount of the loan and the term are also crucial. For small loans, the effective annual interest rate is between 3 and 21 percent pa
A quick and easy alternative to the temporary employment loan is the direct debit credit line. Again, the Internet offers a wide range. Many providers have current accounts with no fees in their portfolio. The credit line is often cheaper than conventional branch banks. Some banks require a minimum entrance fee of up to $ 1,000 a month. The annual disbursement amounts to with this variant on seven to nine per cent pa Additionally the customers receive a free of charge credit card.
Loans for temporary workers conditionally possible
Temporary workers in particular often have a low budget. As a result, they just need a small loan, although they have limited conditions compared to salaried employees. However, this niche is now covered by private banks. However, the amount and the terms are limited for loans for temporary workers. Borrowing is an important decision for each person and should be well planned. If you are aware of the responsibility, dreams can be realized and investments can also be made by temporary workers.