For most banks, it is not critical whether a loan application is made by a part-time worker or a full-time worker. The only question is whether the monthly income is high enough. The income must be above the garnishment exemption limit.
It is also imperative that the Credit Bureau information is positive or at least neutral. If all of these factors apply, credit for part-time workers should not be a major problem. Otherwise, the bank can request a guarantor, a co-applicant or additional material collateral. A capital life insurance, a pension insurance, a securities account, a larger cash asset or a debt-free property falls under the latter heading.
Application and approval
The house bank is not always the best contact for a loan for part-time workers. It may be worth paying special attention to the offers of internet or direct banks, which are often characterized by particularly favorable terms, with the low borrowing rates particularly noticeable. The offerings of other domestic or foreign banks may also be interesting. A comparison can provide more information on the Internet, which can be carried out around the clock and even on public holidays.
In addition, the comparison is updated on an ongoing basis, so that the customer has the guarantee that the loan offers presented on the comparison portal are still valid. As a rule, applications can be submitted online. Once the bank has received the loan application, it will examine it using various criteria. The result of the check decides whether the loan application can be approved. If this is the case, the money is transferred to the current account or paid out in cash.
Similar to any other installment, consumer, or car loan, a part-time worker loan must be repaid in monthly installments. These installments consist of the interest, any costs or fees and a pro rata repayment amount. It would be very important that the monthly repayment rates be adjusted to the income.
Otherwise, there may be temporary or permanent payment difficulties, which should be avoided urgently. The bank will pay close attention to the customer’s situation. But he should also make sure that he only makes financial commitments that he can keep.