A part-time job loan is no different from a loan for a full-time job. The same characteristics apply for lending. First of all, the question arises as to whether a small income is sufficient to finance the desired rate. This can be found out very quickly with a credit comparison calculator. If the planned term causes it to run a little short, it helps to extend the term. The longer the repayment period for part-time employees, the lower the repayment installment within the installment, the lower it will be. Although a longer term means that the borrower has to pay more interest in the end, this relativizes the advantage of the lower rate.
Credit with part-time job – credit check
The credit check is the same for a part-time or a min-job loan as for any other loan. Importantly, however, part-time employment does not mean that the job is temporary. Banks require a permanent and unfinished employment relationship for lending. Basis for the credit check are beside the Schufa inquiry also
- marital status
- Income, even a low salary can be enough
- Maintenance obligations
- Other liabilities
- place of residence
The employer and industry tell the bank how high the risk is that the loan can not be repaid because of unemployment. An official here is a clear advantage to a construction polisher.
Similarly, a married father is rated worse than a single. It threatens the risk of divorce and maintenance obligations that could lead to a loan default. Some institutions downgrade the socioeconomic data, the place of residence, to look at the number of loan defaults in the street or quarter of the claimant in the past, and include this in the credit score. This circumstance is annoying because the borrower is burdened with negative criteria that he is not responsible for.
Part-time loan – Feie use or earmarked?
Of course, before applying, the question arises as to whether the applicant requires the part-time job loan for free use, for example, for a new kitchen or vacation, or whether it is a dedicated loan. This issue usually engages when a car is to be funded. It is certainly rewarding to choose the intended use, since the financing of motor vehicles is often more favorable in terms of interest than a loan without earmarking. The reason lies in the usability of the collateral. If there are defaults, the bank can resell the financed car and settle at least part of the outstanding balance. With a fitted kitchen this will be difficult. This advantage of the easier utilization of the safety, the vehicle, pass many institutes on by cheaper interest to their customers.
Credit for part-time workers – banks
An overview of the banks shows which is the cheapest and which the most expensive bank for a part-time employee. However, if banks calculate a credit-based interest rate, the individual loan request may produce a completely different order of interest rates. Reason is the different weighting of the individual creditworthiness characteristics. It therefore definitely makes sense to ask several banks. The application is completed in a few minutes, the request without obligation and the offer is available in a few seconds after the request. This makes a true comparison possible.