Borrowing as a temporary worker

Do you want to borrow money? But do you have any temporary income? Then you may have been told several times that borrowing money is not possible for you. However, there are still banks that take you in, whether or not fully, for a loan. Money lending as a temp is difficult, but borrow as a temp is not impossible. In order to save you further disappointments, we would like to tell you about the possibilities and impossibilities of borrowing as a temporary worker. You save effort if it is not possible to borrow at all. Or you can take out a loan directly from the right provider. Temporary workers may also be able to obtain a revolving credit or a personal loan to exit.

What are the rules of the banks?

What are the rules of the banks?

To give you a clear insight, we indicate below which income from agency work is included, and which income is not included by most banks. If you work in the temporary employment sector, you probably know that this works with a phase system. Broadly said; Phase A are the first 78 weeks. After phase A follows phase B, which lasts 2 years and then phase C. This is equivalent to employment for an indefinite period.

Borrowing as a temporary worker phase a

Borrowing as a temporary worker phase a

The biggest challenge is if you have a phase a temporary employment contract. During phase A, your income is not included by the banks in the calculation to determine whether a loan is possible for you. This makes it almost impossible to take out a regular revolving credit or a personal loan with a phase A contract. In some cases, a mini loan is still possible. Borrowing money from private individuals is of course a very special form of borrowing money, this form may also offer a solution.

Borrowing as a temporary worker phase b

If you have a phase B temporary employment contract, your chances of a loan are already growing considerably. For a revolving credit or a personal loan, they could take 70% of your income with you. So you probably cannot borrow large amounts, but the chance of a loan increases significantly.

Borrowing as a temporary worker phase c

Borrowing as a temporary worker phase c

Phase C is regarded as a regular permanent employment contract. Borrowing as a temporary worker is therefore equal to borrowing with a permanent employment contract for an indefinite period. The chance that you can get a personal loan or a revolving credit has therefore increased considerably if you have entered this phase.

Other options for borrowing money as a temporary worker

If a regular revolving credit or a personal loan does not work, there are two other options. You can still try to take out a mini loan, or to take out a loan through a private individual.

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