More and more employees have to settle for fixed-term contracts. The consequence: Who wants to take a loan, must look for a loan with Time Agreement. Not always an easy task. see http://metroresearch.org for more notes
The favorite clientele of the banking houses
Temporary workers do not belong to the preferred customer group of banks and savings banks. Above all, not when it comes to the inclusion of a loan on time. Here, high-earning workers who are in permanent employment are particularly preferred. Even better are civil servants and civil servants. You can be sure of full attention when looking for a loan. Because they bring optimal conditions with them.
Unfortunately, optimal conditions are no longer taken for granted these days. More and more employees find themselves in temporary employment contracts that make long-term financial planning hardly possible. Because who does not know how much money he has in half a year, can not make any big plans for the future.
Of course, the banks also know this and are therefore always very uncertain when it comes to the award of a loan with a time contract.
The probationary period – almost nothing works here
Classic loans, which are placed directly with a bank, are hardly possible during the probationary period. The probationary period can be ended at any time without compelling reasons. This means that the employee can be terminated from one day to the next. The risk of default around the loan is so high that no bank forgives one.
Only consumer loans that can be taken directly from a dealer would be possible in such a situation. But only if the private credit recommends borrowing.
The rental company – what does it look like?
If there is an employment contract with a rental company, the whole situation looks a little different. Because the employment contract can be temporary or permanent. If it is unlimited, regular borrowing can take place. However, if the employment relationship is limited, a loan with a temporary contract must be sought.
An admission would be possible, for example, if the loan can be repaid to the bank within the time limit. For small loans with a short term, this usually works quite well. By contrast, larger loans can only be implemented if they are secured with the help of a guarantor.
Credit with temporary contract – general information
In general, it is always favorable if the term of the loan coincides with the duration of the employment contract. It is important that the trial period must be deducted. The banks only accept the pure time limit as the basis for calculation.
In addition, there must be a positive private credit for every borrowing. Without them it will be very difficult to find a loan with a fixed-term contract. Because a bad private credit and a time contract would be two parables that speak against borrowing. Such conditions then attract rather dubious providers who will bring in the end, no credit.
What to do if rejected?
Of course, a loan with a time contract must be taken, it hurts very much, if a rejection of the application is made. In such a case, it should be looked into whether additional collateral can be activated for borrowing. In addition to the guarantor, this could also be material and financial security.
When taking out a loan with a permanent position, we recommend going abroad for a negative private credit. The Creditsoul Bank in Liechtenstein also grants loans to a negative private credit, but not to a temporary employment contract.
And even credit portals like maxcredit will have a hard time lending a loan on a fixed-term contract. It would therefore be worthwhile to always make sure that at least the private credit is clean in order to have as low hurdles as possible when borrowing.
Does the residual debt insurance work?
Many banks recommend the conclusion of a residual debt insurance as collateral. This occurs when the borrower can no longer service his loan. However, only under certain conditions.
Among other things, the borrower must be in a permanent position when he completes the insurance. Since this is not the case with a loan on a temporary basis, the insurance would not work. Even if you have completed this in advance.
It is therefore very important not to let such insurance go away. It may be useful in many cases. However, this is not the case with a temporary loan.