Housewives, students and many other people go after a job that can be described as rather “small”. The so-called mini-jobs deliver a maximum profit of 400 euros per month and are therefore not the yellow of the egg. As an income next to another activity, this is perfectly fine, and it can quickly happen that you need more money.
Who is low earner?
Low-wage earners, mini-jobbers or 400-euro workers. There are many names for people who earn less than 1,000 euros net per month. Most of these include students, mini-jobbers, the unemployed, temporary or self-employed. Once you are labeled low-income, many banks are reluctant to give you credit because you either have no regular income or the salary is too low to take out a loan.
If you are registered as a mini-jobber, it is important that you choose a line of credit that is proportionate to your income. This gives you a better chance of getting a loan. As a rule, the terms of a mini-jobber loan are higher than other employees. That’s because the bank has to bear a higher risk.
What to look for when choosing a loan?
As a mini jobber, your salary is rather small, which is why you should pay more attention to the right loan. First and foremost, it is important that you realize whether you really need the loan. Some people take credit for adversities that are not important, such as new shoes, a small vacation or a big party.
Always remember that you have to pay off the loan for months, so it does not always make sense to take out a loan for such things. If you can not give up the loan, you should take a closer look at the matter. A local bank is often the first but not the best address for a loan. The increased risk results in high monthly costs or interest.
A better solution are banks on the Internet. By not having a fixed location and more financing options than local banks, you can find a cheaper loan. But watch out, there are many black sheep. Otherwise, you should always connect a high loan amount with a high maturity. Since you do not earn much money by your mini-job each month anyway, you want a small monthly load.
This is possible through a long runtime. Calculate in advance how much money you can divert per month. After all, an unnecessarily long period of time means that you also have to pay more interest. It is best if you use a small loan with no short-term installments for mini-jobbers.
What qualities does an online bank have to bring?
In recent years, online banking has become increasingly popular, which is why numerous new offers have come on the market. Unfortunately, you do not only find good providers who lend to Minijobber, but also many exploiters. To get around them, take a close look at the website.
Do not be promptly embraced by cheap or tempting offers, but take your time. The website should be informative and legally valid. Various online seals from renowned testers and institutes make sure you make a good choice. But also deal with the previous customers.
In test portals and forums, previous customers give their opinion and you can make the right decision. A big advantage of an online bank is that you usually get a commitment within a few hours. The transfer of money is usually very fast. That’s why this is a good option if you need the money very quickly and urgently.
An alternative to online and branch banks
There are not only loans at branch and online banks, but you can also opt for a private person. This is the last option you can take if all other forms have not yielded the desired results.
It is ideal if you borrow money from friends or family as a personal loan. The big plus is that they usually require no or very low interest rates, which is why the costs are limited. Of course, a certain level of trust must exist. It is equally important that you legally record a personal loan on paper.
Thus, it can not happen later that you are arguing about the money. There are also some private donors on the internet, but this type of mini-jobber loan is usually associated with high risk. It is equally important that you have a firm contract and not just chasing the fast money.
How can it fail?
Do not think that only your low income can turn into a pitfall for you. The small income is usually only a factor that hinders the acceptance of a loan. A much bigger problem is the Private credit or the so-called credit rating. The credit rating indicates how solvent you are.
The less money you earn in your mini-job, the more creditworthiness is affected. Something that most banks reject is a person with bad Private credit, and the Private credit information is obtained from each bank in advance, and the Private credit is a collection of data from your expenses.
For example, if you have already made debts, paid somewhere too late or your credit card was rejected, this is noted in the Private credit. The more entries added, the more negative is the Private credit. In this case, most banks reject lending directly.
Help with bad Private credit
A bad Private credit can not always be bypassed and the low credit rating does not help you if you want a loan. But even if most banks reject you with negative Private credit entries, that’s no reason you will not get a loan.
The walk to the Internet is recommended, because there are many banks and providers, which give a complete credit check without the Private credit. But there are also service providers who grant a loan despite bad Private credit. The disadvantage of such a mini-jobber loan is that you usually have to balance this aspect with higher terms.
But if the loan is absolutely necessary, this is sometimes the only option you have. In some on-the-spot banks, you can also compensate a bad Private credit with a guarantor. He vouches for you if you can not pay.
Current offers and numbers
Interest rate developments have changed positively over the last few years for borrowers. Initially, such offers were still quite expensive, as the banks wanted to eliminate the risk. But as the number of online banks has increased, all providers had to reorient themselves. The interest rate for the current providers is around 2 percent. Only in rare cases does the interest price rise above 10 percent. Of course, the interest depends on the amount of money, the term and the purpose for which you want to use the money.
It should be noted that the interest price does not increase over the term. For many dubious providers this is the case of what you should keep your hands off. The desired amount, which you can usually use, is between 1,000 and 75,000 euros. Certainly, this sum can vary, depending on the bank.
The conclusion to a loan for mini jobbers
As a mini jobber, low income or unemployed, you do not have to give up a loan if you need it. There are various offers, the internet being your best friend. Especially here are many online banks represented, which score points by favorable conditions and many opportunities.
It is only important that you make a comparison in advance. This is the only way around the problem that you get to a dubious provider. Otherwise, it is recommended that you choose a provider without Private credit information or negative Private credit, if you have a low credit rating.
Some usage ideas
– suddenly the fridge is broken and needs to be replaced quickly
– a new refrigerator can quickly cost hundreds of euros that were not planned
– the car gives up the spirit and the urgently needed mobility is not guaranteed
– A cheap used car can be paid in cash
– Mini-jobbers must be very attentive to their appearance
– With a loan dental implants, crowns or bridges can be paid
You do not have to get involved in an expensive financing with the seller, but can pay the fridge in cash immediately. The rates for the loan plus interest are often cheaper than the financing offers on the spot
It is also possible to buy a used car for which the dealer does not provide a financing offer. The sum can be settled immediately. A loan for mini jobbers is quickly applied for.
A small installment loan for mini-jobbers can be used to pay for implants, bridges or other dental restorations. An independent installment loan is cheaper than the financing at the dentist.
Loan amount: 1000 EUR
Effective interest rate: 1.95%
Duration: 12 months
Monthly rate: 84.22 EUR
Total interest: 10.59 EUR
Loan amount: 5,500 EUR
Effective interest rate: 1.95%
Duration: 36 months
Monthly rate: 157.41 EUR
Total interest: 166,91 EUR
Loan amount: 3,500 EUR
Effective interest rate: 1.95%
Duration: 24 months
Monthly rate: 148.81 EUR
Total interest: 71.54 EUR