In the case of a credit with a part-time job, a distinction must be made as to whether the part-time job is carried out in addition to the main job or whether the part-time job is carried out in addition to social benefits, during an apprenticeship or while studying.
Those who have a part-time job in addition to their main job usually have a good chance of getting a loan if their income is sufficiently high. Those interested in credit should know that banks only grant their loans under certain conditions. This includes, for example, that borrowers are expected to have a sufficiently high income. Those who have a main job and a part-time job usually have a higher income and are therefore more attractive to the bank.
However, if you only have a part-time job and no other income, it is difficult to get a loan with a part-time job. Banks often do not count social benefits as income because they cannot be attached. Should the borrower no longer pay the installments, the bank would not be able to attach the loan and would have lost the loan.
Loans are only granted under certain conditions
A part-time job alone is often not enough to get a loan with a part-time job. On the one hand, the income generated by a part-time job is often not sufficient to achieve the minimum income that is often required by the banks. Secondly, part-time jobs are considered by the banks to be less secure.
The banks primarily want to lend to people who have permanent employment. This is often not possible with a part-time job. However, since loans are financed over a long period of time, many banks value permanent employment. By doing this, banks try to keep the default risk of loans as low as possible.
Take out loan together with a guarantor
If you only have a part-time job but don’t want to do without a loan with a part-time job, you can try to take it on together with a guarantor. If you receive social benefits or are still studying, you can ask a guarantor to sign for the loan with a part-time job as well. If the guarantor has a good income and can have a good credit rating, this procedure can be successful.