Is a loan with small job possible? One, if not the decisive, precondition for any borrowing is creditworthiness, also called credit rating. It is the result of the evaluation of all income and expenditure of the loan seeker. The bottom line is that every month so much income has to be left over and at your free disposal that the loan repayment with interest and amortization is possible without any problems.
The income should be permanent, secure and accordingly high. From the height, the attachment exemption limit must be clearly exceeded; For one person, it currently amounts to about 1,050 euros. The small job income is limited by law to 450 euros per month, while there is no financial limit for the part-time job.
Which points are to be considered?
For a purchase loan, the credit term and the associated credit risk of the lender usually amount to several years. Over this period, the creditworthiness of the loan seeker must be and remain sufficiently good. In terms of the overall economic situation, this means a contractual safeguarding of the revenue situation. The basis of both secondary and small jobs should therefore be a permanent employment contract.
The alternative is a fixed-term employment contract, the period of validity of which corresponds to the repayment term. This is rather rare to excluded in these professions. Small jobs and part-time jobs are often forgiven and terminated overnight. In that sense, they are not a permanently safe labor income for the lender.
If the small job is the only labor income that is increased with transfer payments from the Job Center, it is for the lender anyway no credit- worthy income. Expected is a total income, at best, only from work or pension, which is well above the attachment exemption limit.
In the case of payment problems of the borrower, the credit institution reserves the possibility to force the loan repayment. According to the Code of Civil Procedure, the seizures are like the account or the wage garnishment. But can be seized only the free limit overrun, so the attachable income share.
small job and transfer performance together barely or not at all exceed this seizure-exemption limit. The lender would have no chance to enforce the granted loan in addition to the loan interest.
How the part-time job improves the credit rating
As the word sideline expresses, it is a job beside, literally off the main job. The legal situation of a part-time job is largely comparable to that of the small job. The basis can be a longer-term part-time job contract, but this is not usually the case. For the credit provider, the income from the part-time job, although earned income and in some cases certainly high enough; However, the question mark is durability and security.
The current credit rating at the time of application is improved by the part-time job. Crucial, however, is the evaluation of how secure the part-time job is in the long run. This must be checked in each individual case. A part-time job as an insurance agent is experience safer and more durable than the one in the service, in the catering or retail at the place.
Since the part-time job is always a job in addition to the main job, the income from the part-time job are naturally limited. Incidentally, depending on the industry, the part-time job is usually offered as a Small job, or as a freelance or as a freelance job.
The employer offers the part-time job also and especially because of not contracting, and to pay any employer contributions to social security. Against this background, it is almost impossible for the lender to include income from part time work as creditworthy income in credit rating.
5 tips for the loan with part-time job
The chances of a loan with a small job or with a side job are extremely low. They can rise with the following considerations.
1. The loan without credit bureau
A common option is credit without credit bureau, offered by online banks on the Internet. The loan amount is limited to 3,000 to 5,000 euros. Experience has shown that these online banks rate the income from Small- and part-time jobs as “full-fledged” creditworthy income.
To offset the associated credit risk, higher lending rates are charged than with credit bureau consumer credit. The applicant likes to pay for it because he is helped with this, albeit low credit, without credit bureau. Also, for a foreign loan from Switzerland or Liechtenstein, the monthly installments in the euro currency are paid into one account in Germany.
2. The loan with guarantor
If the credit rating for a loan with small job or with a side job is not sufficient, the loan seeker should improve his credit rating with a guarantor. In this situation, the attitude of the credit provider is crucial, whether the guarantee for the entire loan or only proportionately taught. From a mathematical point of view, the applicant could repay the loan proportionately from his main income.
For the remainder, he needs a guarantor as further security. Such a solution includes the interested lender. For the banks, the effort and the return on lending must be commensurate with the lowest possible personnel and adSmallstrative expenses.
3. Higher readiness of the banks
In principle, credit and small job or part-time job and credit conflict. At the present time, however, the number of employees in these two occupational groups is increasing. For banks and savings banks they are an increasingly interesting clientele. Against this background, there is a generally greater willingness to also have a loan with a Small- or part-time job than one or two decades ago.
In addition to the commercial banks, P2P loans are offered on specially operated online platforms. These are loans from private individuals. Lenders are individuals with a clearly different credit rating than the banks and savings banks with their rigid lending policies.
4. Use as security
For a loan with a side job or a small job, the use of credit can be the final factor. The amount of the loan is based on the repayment term as well as on the monthly loan installment. One like the other is quite short and low. This consumer credit is usually granted free of charge, that is, without specific purpose. The credit providers say yes rather than no if the loan amount is used to pay for a recoverable purchase that can be used as collateral in case of default.
Examples include household appliances, expensive consumer electronics and devices for communication. The fitted kitchen, on the other hand, is not usable security because it can not be disassembled one-to-one.
5. Alternative credit
The person searching for a loan should try to obtain a disposition credit at his bank in the amount of the desired or required loan amount. Although this is clearly more expensive than a installment loan, it is all the more promising. The RPMS loan is not a problem as such, because both the secondary and the small job income is a credit-worthy earned income.
A separate contract is not entered into via the interim loan. The loan is approved by the account-holding credit institution and can also be withdrawn without difficulty. But as far as it must and will not come. This helps the loan seeker without any problems.
- small loan without credit bureau
- second credit
- bridging loan
- Credit with small job or part-time job
- The small loan