The number of low earners in Germany is not insignificant, and the trend is rising. Those who cannot make ends meet with their “normal” job often get a second job on a 400 USD basis.
But the number of those who are employed on a marginal basis is not exactly small either. A loan for mini-jobbers is therefore usually given by banks and credit institutions only within the limits of discretion, with sufficient security and a solid credit rating. However, there are also providers who grant loans even with poor credit ratings.
Credit and low income contradict each other
The problem with loans for low-income earners is obvious: the income is often just enough to cover the cost of living. Reserves and savings are then generally not available, sometimes they are supplemented by unemployment benefit II. Here the question arises: “How should the loan installments be raised if there is already little money anyway?” And yet there are also mini-jobbers and low-wage earners into the predicament that they need money for urgent purchases and can then rely on a loan for marginalized workers. The individual requirements as well as the creditworthiness as well as the possibility to provide a guarantor decide on the chances of getting a loan for mini jobbers.
Factors on which lending may depend
Almost all banks define their basic requirements for loans such as installment loans, call credits or overdrafts according to standardized requirements. For example, legal age, a regular, secure income of a sufficient amount is required to be able to generally take out a loan. The credit line is also based on the amount of income and also takes into account other current loans that are repaid by the borrower.
This can be seen from the private credit bureau information. A loan for 450 USD jobber is therefore not one of the usual offers of banks, but rather the exception to the rule. This is where a precise check is carried out to determine whether the personal and economic conditions permit borrowing at all and a guarantor who can help in the event of repayment difficulties or default on the part of the borrower may be required.
Creditworthiness – A word with enormous richness
The creditworthiness denotes the creditworthiness of a person and is queried by the banks and credit institutions at the corresponding institutions such as private credit bureau. It depends on the data stored there whether a loan for mini-jobbers can be considered. If, for example, other loans are already running or there is a negative private credit bureau entry due to payment problems, all chances for a loan for low earners are wasted in advance.
Some online loan providers for instant loans like to advertise with the slogan: credit with poor credit rating. At first glance, this may sound tempting, but it can quickly become a debt trap if your own repayment options are viewed with a blue eye and without sound planning. In addition, very high debit interest rates are applied to a loan without private credit bureau, because the credit institutions or credit intermediaries want their special service to be properly paid for. If you have a bad credit rating, you should refrain from loans, because the situation will not get better with a new borrowing.
Loans from private individuals via online loan brokerage platforms
In order to get a loan for 400 USD jobbers, there are various online platforms that offer loans from private to private. A loan application can be entered here, and the monthly installment can also be flexibly determined. Private lenders now decide whether to invest money in this loan and receive interest on it. The loan amount is usually realized more easily by many partial amounts from different private lenders.
Of course, private lenders also pay attention to the creditworthiness of the borrower, because they want to see their money again with interest. The chances of getting a loan for mini-jobbers are higher with these platforms, but only if there is no bad creditworthiness and the borrower’s statements clearly show that he can make the repayment.