A credit with a part-time job can be granted more easily than most people imagine. Of course, the level of income plays a central role in determining which credit opportunities can be used. The article provides more information on credit options with a part-time job.
Credit with part-time job – sound out credit opportunities
Doing a part-time job does not necessarily mean earning badly. A good income can come from the combination of a full-time job and a part-time job. Another way of earning a high income part-time is through a good qualification. Specialists in a subject area often earn more from giving a lecture each month than a skilled worker in a full-time job.
A look at the amount of income therefore decides which loan can be chosen with a part-time job. If the income is above the seizure allowance, then all credit options are open. Online financing, as compiled in the associated loan comparison, is particularly low-interest. These offers can also be used with an income that is significantly below the seizure allowance. With the help of a guarantor or co-applicant, the credit gap due to insufficient income is closed.
Part-time job with small income – credit options
If the income from the sideline is very low, the credit options are limited. For example, if “only” a 450 USD job is carried out, a guarantor or co-applicant is not an option, an overdraft facility is still possible. Almost every credit institution grants its loyal customers the overdraft facility based on trust. There are, of course, differences in the amount of the possible discount frame. An average monthly income as an overdraft is realistic.
If a regular income of around 600 USD is achieved in the part-time job, a credit card with fair conditions can be applied for. Every “real” credit card is equipped with a credit limit. The card can be used for direct payment at the cash register or at the ATM. If the credit card bill is not to be deducted from the current account in full, partial payment can be agreed.
Tip: There are such real credit cards even below the 600 USD income mentioned. They are offered by credit intermediaries. Unfortunately, these cards are associated with very high fees and interest. Applying for such a card with a very low income is at least not recommended.
Installment loan despite part-time job – without guarantors
As an installment loan, credit with a part-time job, even without a guarantor, is often possible with large department store groups. Mail order and department store loans are granted with the aim of promoting sales. The credit requirements are therefore kept at the lowest possible level in order to enable many customers to make purchases. Not infrequently, therefore, only a working income and the clean Credit bureau for lending are required. The amount of the expected income only has to enable repayment. Purchasing goods and income should therefore be in a balanced relationship.
Another source of money for an installment loan can be accessed via one of the portals for private lending. Private lenders appreciate frank words and unequivocal evidence of how the loan can be repaid. In the bidding process, investors decide whether a loan with a part-time job can be approved or not.