Minor employees earn no more than 400 USD a month. The costs for taxes and social security are borne by the employer unless they are accounted for using an income tax card. Minor workers can be workers who earn extra money in the evenings or on weekends. But Social Welfare recipients or housewives can also pursue marginal employment. But what about a loan for marginally employed people?
Loan for marginal employees
Anyone interested in a loan must prove an income that is well above the garnishment-free amount. Minor workers have no such income. If you are single, have Social Welfare and do a minor job, you do not need to ask for a loan. It is completely impossible to find a bank that approves such a loan.
Things look different with spouses. If one of the two has a regular employment relationship and has a corresponding income and a positive Credit Bureau, there is no problem for him to get the loan approved. Under certain circumstances, only the spouse’s marginal employment is included in the calculation if a salary alone is not sufficient.
Loan for marginal employees with a surety
Even with a guarantor, a loan with a low income will not be possible. Anyone who earns only 400 USD cannot make installment payments. In addition, the amount is significantly lower than the attachable income. A bank only grants a loan if the monthly cash inflow is significantly higher. It will also be difficult to find a guarantor for such a project at all.
Peer to peer loans
Under this system, private individuals lend, not banks. If the banks refuse a loan despite their positive creditworthiness, there is the option here to take out a loan. Here too, however, the income must be sufficient to be able to repay the required installments. It is true that with a positive credit rating, members are more willing to grant a loan, but there is also no loan for marginally employed people without a working spouse.
The best-known providers of such loans are Across Lender and Spin Lender. Of course, it is up to everyone to ask for a loan here if the banks have declined. However, it is not very likely that members will agree to a loan request. In principle, a sufficient salary is always required for lending. If this does not exist, neither a bank in Germany nor abroad grants a loan for marginally employed persons without further security from the spouse.