What are the options for a loan despite a mini job? In a modest credit line, very different credit options can be derived from a 450 USD job. Which these are and why there can be problems, more on this in the article.
Credit despite mini-job – why can there be problems?
The income from a mini job is actually unsuitable for lending. The monthly wage of a maximum of 450 USD is very low. More than double would be necessary to get into the area of the garnishment limits. Almost all credit providers require at least one income above the garnishment limit to make a loan possible. There is always an exception to every rule.
A mini job is a regular employment relationship. Anyone who works in Germany and is not over-indebted is almost automatically granted a small discount. For a mini job, the expected overdraft facility corresponds to an average monthly income. If the bank holding the account does not grant overdraft facility itself on request, it is advisable to change providers. For example, the Cream Bank offers a permanently free current account with an interest-free overdraft facility of 50 USD.
Not as easy as finding an overdraft despite finding a mini-job. Nevertheless, there are also options.
Installment loan despite mini-job
If a conventional installment loan, as shown by the connected credit comparison calculator, is used, then the income from the mini job is not sufficient. Credit can only be taken into account if the mini-job is only an additional source of income in addition to normal working income. This situation is more common than most people can imagine. According to the DGB (German Trade Union Confederation), about 2.7 million people go to their next job after work. The employment income from both employment relationships together can very well skip the garnishment exemption limit.
In this way, at least until October 31, 2013, a particularly favorable loan offer could even be taken advantage of. Anyone who applies for the loan amount of 3,000 USD over a term of 36 months via the Infra Bank receives a special interest. The effective fixed interest rate, which is independent of creditworthiness, is only 2.78 percent.
Without a second income, a solvent co-applicant or guarantor could provide access to the low interest rates. In this case, the guarantor assumes the liability risk for the loan despite the mini-job.
Credit opportunities despite mini-job – without guarantor
Not all lending is measured using the same requirements. Mail order and department store loans are intended to promote sales. It is often only important to be able to state a clean school and a work income. In this way, with a little luck, even zero percent financing as a loan can be possible despite a mini-job. Large electronics stores in particular have a reputation for particularly easy lending.
If there is a very small loan amount, the money should only be available immediately in cash, another credit option opens up. It is the loan from the pawnshop. Income plays no role in this lending. The pawnbroker uses only the mortgage lending value for his loan. Within the scope of this value, he pays the loan immediately in cash despite the mini-job.