Credit for marginally employed


A loan for marginally employed persons brings some restrictions to the applicant, because usually a 400 USD job can not be used for large sums of money. While incomes are often regular, the amount is crucial in lending. Nevertheless, even a slightly employed person does not have to get along completely without credit, because here too there are ways and means to get borrowed money.

Which initial situation favors which loan?

Which initial situation favors which loan?

Petty employment alone is not yet decisive for what amount of credit can be used, as a small amount of employment can be carried out by anyone. Be it the student who wants to improve his student loan, the unemployed person, who earns a little extra for his unemployment benefit, or the freelancer, who wants to open up a second source of income. In addition, there are housewives, students and workers who want to improve their salary.

Each of these situations has to be assessed individually when it comes to a loan for marginally employed persons. Accordingly, different loans may be considered. Ultimately, the decisive factor is the collateral that an applicant as a whole can provide. If the marginal employment is the only income (possibly in addition to transfer payments, which are not attachable and therefore can not be pledged as collateral), the loan seeker should first of all consider carefully whether borrowing makes sense at all. As a rule, 400 USD are not enough to cover a service of capital in addition to the cost of living.

The credit line as a loan for marginally employed persons

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A loan for marginally employed people, which is often considered and also easily lent by the banks, is the credit line. In this loan, the bank allows the current account up to a certain amount, which is in the so-called credit line, to run in the target, ie in the minus. How much the loan amount can be depends on the regular income. As a borrower, you can expect here two to three times the value of all regular monthly payments.

The advantage of a credit line is clearly the high flexibility with which it can be used and also repaid. But this also has its price, and this is reflected in the interest rates. For a credit line is considered from the interest rate several percentage points above the installment loans, since the latter a fixed repayment plan exists. Disbursements are therefore only suitable for short-term investments in a relatively small amount and should be compensated again as quickly as possible.

Commercial credits from the dealer

Commercial credits from the dealer

Especially in the specialized trade, there is often the opportunity to get an article financed. The terms are based on the price of the purchased goods, which also a key feature of the dealer credit is clear: He is committed to the purchase of a specific article. As a loan for marginally employed, the trade credit is therefore only limited, but it can also be very cheap. Especially here you can often find the famous 0% -financing, which is an ideal alternative to the credit.

As a security, the merchant here serves the goods themselves. By the retention of title, he ensures that the purchased item until full payment to him. As a loan for marginally employed persons, the trade credit – apart from the purpose limitation – is already well suited for this alone, since normally no proof of income has to be provided here. However, one should not rely on this, because some retailers also work with banks in financing matters, which at least require a credit bureau or even demand a payroll on application to be able to approve the loan. However, this can be clarified in advance.