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Part-time employees are employees whose working hours are lower than usual in the respective sector, other definitions only evaluate a working week of less than thirty hours as a part-time job. The traditional division of the working world into full-time and half-day jobs is now extended by further working time models with different numbers of weekly hours.
Even part-time models exist with the switch between a 40-hour week and a free week. A novelty phenomenon is spurious part-time workers, whose employment contracts only guarantee twenty hours a week, while they work much better when orders are good. This working-time model developed in the call center industry shifts the risk of a weak order situation to the employee.
Borrowing by part-time workers
Virtually no bank rejects the loan for part-time workers solely because of the reduced working hours. The decisive factor for the credit decision is the household income, which is lower for a part-time employee due to reduced working hours than for a full-time employee. If, despite the formal part-time agreement, employees actually work almost the same number of hours as a full-time employee, financial institutions will take into account the contractually agreed minimum working time, if they request a copy of the employment contract.
If only salary statements are to be provided, the budgetary accounts are predominantly based on the lowest proven monthly income. As an extended repayment term results in reduced loan installments, it increases the likelihood that a financial institution will approve the desired part-time loan. Married or part-time employees living together with a partner ideally apply for a loan together with their partner.
A loan for part-time workers in the special form of an installment agreement with a trader can be taken up without difficulty, especially since he only inquires about the income when the loan amounts are unusually high. Also easier than banks are lending platforms for online lending to part-timers.
The private lenders that decide on the award largely take social criteria into account and prefer to lend to applicants who find it difficult to obtain loans through a traditional bank. In contrast to consumer loans from banks, part-timers indicate the intended purpose in their personal loan request, as this contributes to the award decision.
Borrowing for part-time workers with additional income
Part-time workers often opt for reduced working hours because they want more time for themselves or to take care of their children. However, more and more part-time workers are choosing a limited job in their main job as they pursue another – often freelance – job. In this case, they apply for a loan for part-time employees at a credit institution, which does not only charge the income from the main job in the budget, but also all additional income.
When granting part-time staffing credit, most financial institutions take into account all cash inflows that are not needed on the account, so this loan is also available to part-time workers. The disadvantage, however, is the higher interest rates compared to a installment loan for the credit settled directly via the current account of the part-time employee.