The loan for agency workers is possible – but the approval is unfortunately not a matter of course. Temporary agency work and temporary agency work are booming, so the need for credit is high. Nevertheless, there are some hurdles to be overcome so that the loan request becomes a reality.
Loan for agency workers – difficult conditions
The loan for agency workers is fraught with big problems. Although temporary agency work is booming and new jobs are being created all the time, the “normal” credit institutions are critical of the credit request. Job security is very limited. Temporary employment agencies cultivate the “Hire and Fire” mentality. Only then do overtime work, due to the end of the working day, the termination is handed over. This is not uncommon for temporary employment agencies. Like wage dumping, it is part of the business idea of many rental companies.
In addition to job insecurity, there is another problem. Temporary agency work is completely underpaid. A technician who, as a permanent employee, would have no problems with the garnishment exemption limits can only make it through it with difficulty as a temporary worker. If the rental company does not work for the employee for a short time, the meager salary shrinks even further. In view of this threatening backdrop, the loan officer has to decide on the loan request. His reluctance to approve the loan for agency workers is therefore human and factually understandable.
Credit options despite temporary agency work
The loan options for agency workers, without additional collateral, are severely limited in terms of term and volume. Little more than a small overdraft facility can be expected from the house bank. An installment loan is, as a modest framework, possible as an online loan. Small loans up to a total of around 5,000 euros are checked by most online banks using the simplified credit check procedure. An open-ended employment contract and a clean Schufa can already be enough for a small loan.
There are also chances of success for loans that are linked to a purchase of goods. Mail order loans and the credit for buying a vehicle are being examined equally well. Nevertheless, nobody should have too high expectations of the possible loan amounts and terms.
In the event of problems, a guarantor can be the solution. With his good credit rating, he can ensure that the clerk has a positive rating. In order for the guarantee to work, guarantors and applicants, each considered individually, should be able to make the repayment alone.
Change of provider – loan without bank
While the renowned credit houses are placing increasing demands on borrowers, a new credit market has developed. The private loan is gaining ever larger market shares. Low incomes and high credit hurdles on the one hand, minimal savings book interest rates on the other hand are causing the boom.
The loan for agency workers, from private donors, usually comes from one of the two platforms that dominate the market. Private investors are much more willing to take risks than professional banks. They are also free to choose whom to entrust their money to. Temporary workers and temporary workers receive a fair credit opportunity from private individuals at affordable terms.