Borrowing money as a temporary worker, is that possible, or am I being rejected everywhere because of the temporary nature of my job? it is of course not only your current job, but also your past. Did you borrow money before and did you pay it back properly? We will not only look at your current application, but also at previous applications. This also includes whether you have been previously rejected for a credit application.
Borrow money as a temporary worker
If you want to borrow money as a temporary worker, the lender will pay attention to the risk of repaying. For example, what happens if you are no longer offered work as a temporary worker, you can still repay the loan. It is very important that the temporary employment agency for which you work is affiliated with the TEN register, or the SSR quality mark. Check the standardization work website to see if this is the case.
Three assessment phases
There are three phases in temporary work that the lender will look at when borrowing money as a temporary worker and have it taken into account in his assessment to grant a loan or not, which type of loan that is, that is furthermore not important, it can therefore be a personal loan or revolving credit.
Phase A: contract duration of 78 weeks
Phase B: contract duration of up to two years
Phase C: contract duration for an indefinite period
These phases are then subdivided into sub phases.
Phase 1: contract duration of a maximum of 26 weeks
Phase 2a: contract duration of up to 52 weeks
Phase 2b: contract duration of up to 52 weeks
Phase 3: contract duration of a maximum of one year
Phase 4: contract duration for an indefinite period
In phases A / 1 and 2, when applying for a loan, money is borrowed if temporary employees do not take this income into account. If you still want a credit, you will have to have additional income.
With Phase B / 3 (2 years), 70% of that income is taken into account when applying for your credit.
Phase C / 4 is of course the most favorable option for applying for borrowing money as a temporary worker, because in that case the total income is taken into account for the assessment of your credit application. This gives you the best chance. There are of course more factors that play a role in the application, such as current obligations and what you have to pay monthly in fixed costs, such as your mortgage / rent, payment and fixed costs for a car and living expenses.