Loan with temporary work – what are the conditions

A lot of companies today rely on temporary workers when the upswing approaches. This practice is now commonplace and should help to quickly overcome delivery and production bottlenecks with external personnel. The advantage is that you do not have to hire your own employees with the appropriate framework. The job in a contractor is very common for the agency worker. But what if the temporary worker needs a loan?

Is there a loan for temporary workers?

Is there a loan for temporary workers?

The loan is not called “Temporary Workers Credit” and has very little to do with actual temporary work. Collateral is crucial for every bank. So also with a temporary worker. As a rule, every temporary worker receives a legally valid employment contract from his temporary employment agency. Depending on the order situation of the different companies, the temporary worker is then used in his job where an employee is currently needed.

As with any normal employment contract, it is only important for the bank that the temporary employment contract is of unlimited duration. If the temporary worker has been employed by the temporary employment agency for a few months, there is a positive argument for lending.

What are the conditions for a temporary agency loan?

What are the conditions for a temporary agency loan?

The temporary employment agency’s salary must be sufficient to finance the monthly cost of living including the loan installments. It is not uncommon in the field of temporary work that earnings are relatively low. Then the temporary employment contract is not enough to prove the bank’s creditworthiness in this case. There is still a small chance with online banks, which often do not take Credit bureau’s data into account and work with an anonymous credit check. The online bank uses this check to determine in a few minutes whether a temporary loan appears realistic in terms of income.

In any case, the temporary worker has to prove an unlimited employment relationship, otherwise the loan with temporary agency work can quickly be unreachable. The credit term here cannot be longer than the fixed-term employment contract. If you have a fixed-term contract of employment for 12 months, you can only apply for a loan with the same term. The amount of a loan with temporary work is then based on income.

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