Today, flexibility is needed in all areas of life. This circumstance does not stop at the economy. Production fluctuations and short-term personnel requirements can be easily compensated by temporary employment for many companies.
So secure yourself a loan
Temporary workers also occasionally come into a situation in which they need a loan. Depending on how their contract with the temporary employment agency is designed, they have a different starting position in the credit market. In any case, it is irrelevant that your workplace can change at any time. Much more important in a loan despite loan company are rather their monthly income and the security of their employment. However, it is often the case that agency workers in the same companies are paid less with the same tasks than permanent employees. The employment contract, in which the income is fixed, agency workers have closed with their temporary work.
The terms and conditions of a loan for agency workers with fixed-term contracts
conditions of a loan for agency workers with fixed-term contracts” />
Like employees with a permanent job but with a fixed-term contract, agency workers with a fixed-term contract have difficulty in getting a cheap loan. With them comes the negative image that lenders have of temporary workers. Even if the income of a temporary worker appears high enough to justify a loan despite a loan company, the limitation of the employment contract can be a hindrance.
Often only the presence of a guarantor with a good credit rating helps. It can also help if the term of the requested loan is less than the term of the employment contract. Also, the presence of additional collateral such as real estate or life insurance promotes creditworthiness. Often, as with other fixed-term employment contracts, the conclusion of a residual debt insurance for the loan is the prerequisite for a commitment on acceptable terms.
The terms of a loan for temporary workers with a permanent contract
It is better for a fixed-term employee to have an employment contract of indefinite duration than a permanent employee. You are more likely to be offered a loan despite a loan company at very favorable terms. The lower income of a temporary worker is reflected here only in a lower loan amount. Due to the permanent employment a loan can be granted here despite a loan term over a longer period of time. This can be important in the amount of the monthly installment.
The rate should only be chosen so high that it can be easily paid until the end of the repayment term. It is also helpful to include a buffer for unexpected expenses in the calculation of the possible monthly payments. If the installment can not be paid punctually once or several times, dunning costs threatening to make the loan more expensive threaten to have been estimated in advance.