When answering the question whether a loan with a temporary job is possible, various factors have to be taken into account. It is particularly important whether the temporary job is permanent or only temporary. In addition, it would not be advantageous if a self-employed activity is carried out or if the Credit Bureau information shows negative entries.
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People who do a temporary job often earn very little money. Should it still be possible to grant a loan, the loan amount will be limited to a few hundred or a few thousand USD. In this case, we speak of a small loan. It can be issued by the house bank or another branch or direct bank.
When comparing loans, you should not only pay attention to the term and the amount of the monthly loan installments, but also to the debit interest. They can be credit-dependent or credit-independent. Interest independent of creditworthiness is generally more suitable for a person with a temporary job. The only exception is if the creditworthiness is assessed as very good or excellent. In the case of a temporary job, however, this should only be the case if additional security is available.
If the Credit Bureau information is in order and the monthly salary is regularly credited to the account, the bank can grant an overdraft facility to the checking account. The amount depends on the income. A maximum of two to three months’ salary is possible. An overdraft facility has the advantage that it can be used in whole or in part at any time and repaid flexibly. The bank doesn’t care what the temporary job credit is used for.
A loan with a temporary job can not only be an overdraft facility, but also an installment loan. If the personal creditworthiness is insufficient, the bank can call in a guarantor or a co-applicant. A person who is suitable for this must have enough money to stand in for the monthly loan installments if necessary, without neglecting their own financial obligations. If available, other collateral can also be provided. For example, a security deposit, a larger cash asset, a lendable capital life insurance or a debt-free property could be considered. The bank makes a final assessment of the creditworthiness.