Temporary workers do not have an easy time taking out a loan. Many banks categorically reject such an application. The reason: The decision of the credit institutions is largely related to the professional situation of the potential borrower. A agency worker is often treated as if he could only show a temporary employment contract. Individual creditworthiness also plays a major role. Low wages in particular can become an apparently insurmountable hurdle for taking out the loan. However, the situation is not hopeless.
Collateral is required
If you want to take out a loan for temporary workers, you should contact the direct banks straight away. Here, as a rule, significantly fewer requirements have to be met in order to be approved. The submission of proof of wages and salaries is rarely required, and processing is often free of charge. Borrowing larger amounts is also not a problem for the loan for temporary workers – provided that an alternative security is introduced. This includes, for example, life insurance or a property that is owned by the agency worker. Those who cannot show both have other options.
So not only the life partner, but also another person can co-sign the contract. If the latter has sufficient creditworthiness, nothing should stand in the way of taking out the loan. The assumption of a guarantee by a third party is another alternative. The latter two options can also be used if the applicant’s credit rating is negative and represents a hurdle in the loan for temporary workers.
Current account as an alternative?
The bank has the higher risk that the agency worker poses for it. Corresponding loans are subject to significantly worse conditions than comparable financing – borrowers generally expect high interest rates. Good to know: Only a few banks have a lower interest rate on an overdraft facility taken out in connection with the checking account. Against this background, taking out a loan can be worthwhile. It looks different, however, if it is only a small loan. Here, in particular, direct banks attract with low interest rates, which would be preferable to a separate tariff. However, a positive Credit Bureau is mandatory here.