Borrowing money with a temporary contract, how does that work? Do I stand a chance and if so what conditions do I have to meet? Let’s summarize these facts so that you get a good understanding of when you can borrow and when you can’t.
If you search on the internet you will see that you are buried under the information, which also regularly contradicts each other. Because if you want to borrow with a temporary contract, the lender runs an increased risk. Because your contract will not be extended or terminated, how are you going to repay the loan?
Borrow money with a temporary contract
There are several variants of the temporary contract, for example, in addition to the temporary contract there are also flexible forms of employment, but the reason why you have a temporary contract or a flexible form of employment varies.
It may be that you have been hired somewhere and that your employer first wants to see for a while whether you are satisfied, after this period it can be decided whether your contract will be converted into permanent employment or not extended.
This possibility also exists for you, of course, if the job is not what you expect, then you can also decide not to renew. For a loan it is important that good insight is provided, possibly to propose to contact the employer.
Conditions for a loan
In general, a loan is issued faster if you meet the following conditions:
* You are over 30 years old – Varies per provider
* You have a partner who signs for the loan
* You have no payment arrears
* You have a property for sale
* 12 months employment history – Varies per provider
If you do not meet one or more of the conditions, you still have a chance of a loan, only a negative listing at the bkr, or a payment arrears is not allowed under any circumstances. If you have a negative BKR listing, you can opt for a mini loan.
Temporary contract for an assignment
You may want to borrow money with a temporary contract where you have agreed with the employer that it is for a specific period, for example for a project with a fixed end date. This can of course also be a long-term project where it is a large assignment that can take several years.
Also in this case you still have a chance to win a loan as long as you meet the conditions outlined above. When applying for your loan, at least clearly state what type of agreement you have with your employer. There is a chance that you will receive another assignment after this project, or is it a one-off assignment.
Risks for the lender
The person who lends the money naturally wants to limit his risks and get a good understanding of what he is doing. By providing as much relevant information as possible, you can still control the course of events. In this case it is better to give too much information than too little.
Variable employment contract
If you want to take out a loan with a variable employment contract, you will find that this is a lot more difficult, especially if you are an on-call worker. It is then difficult for the credit company to determine what your income is. After all, if you are not called up, you also have no income.
Can I borrow money with a benefit
Yes you can, but only for certain benefits. The following payments are considered by the banks as regular income. WIA, WAO and Wajong. Unemployment benefit is not included in the calculation. If your partner does not receive benefits but income from work then this salary can be included in the calculation for the amount of a loan.