People with low incomes usually have few reserves to pay for unexpected costs or make major purchases. Under certain conditions, it is possible for low-income earners to obtain a loan and thus improve their financial situation.
The employment contract and the Schufa information affect the credit rating
According to Section 19 in the German Banking Act, borrowers are "two or more natural persons or legal entities or commercial partnerships if one of them can directly or indirectly exercise a controlling influence over the other or others". The first point of contact for a low-income earner is directly the potential credit institution. In addition to an employment contract, the bank usually insists on a Schufa information of the applicant. Especially with a low salary, a positive Schufa information is important, as this has a significant impact on the credit rating. The low-income earner should take care to pay debts promptly and thus convince with a positive ability to pay. If the Schufa information and the creditworthiness are positive, then the applicant has absolutely the chance on a credit.
The general options of a loan for marginally employed persons
Mini-jobbers have several loan options they can take advantage of. Almost every mini-jobber is granted an overdraft facility under certain circumstances. The overdraft facility can be twice as high as the monthly income in this case. In an emergency, mini-jobbers could thus overdraw their account by up to one thousand euros. Many banks do not require a special application for this, but demand very high interest rates for this unbureaucratic service. Here it is advisable to talk to the responsible advisor to arrange an installment loan if necessary. It is also possible to get a loan without Schufa. These loans come from Switzerland and are known as "credit without Schufa". Interested parties can find a detailed comparison of Swiss loans here.
A special group of mini-jobbers: pensioners
Pensioners are a special group of mini-jobbers. Tax and social security contributions are similar to those of other mini-jobbers. However, pensioners often do not have to pay pension insurance contributions. The following applies to loans: There is no special loan for pensioners. Retirees should look for a favorable installment loan with short terms as long as they are marginally employed. Thereby the Schufa information should be positive.
If a pensioner applies for a loan together with his or her spouse, this also has a positive effect when considering the loan. For banks, pensioners are more creditworthy the younger they are. Retirees between the ages of 60 and 70 have the greatest chances of obtaining a loan. Having your own property, tangible assets and little to no debt also have a positive effect on a possible commitment.
Special loan for students: The student loan
The group of students (along with retirees) is among the vast majority of mini-jobbers. Since the income from a mini-job is often insufficient, students are often dependent on the support of their parents or receive Bafög (student loans). If these options are not possible, special loans for students can help. These so-called student loans are often offered by banks at favorable conditions, as they assume a financially appealing situation after graduation. On average, six percent of all students take out a loan in the course of their studies.
It is important for students to calculate in advance whether and how much money they actually need to cover their living expenses. Almost every student union offers counseling for students on the topics of "finances and loans. Here the advisors always go into the pros and cons of loans. In addition to the student service centers, the consumer centers and the individual financial institutions provide information about possible student loans.
Here it is necessary to compare several offers and choose an installment loan with low interest rates. If the student has small reserves, it is useful to use them to pay off the loan early. Often, even small amounts are helpful to keep debts as low as possible after graduation. A short loan with a term of one semester is a suitable solution for students for acute financial bottlenecks, which can, however, be compensated for in the foreseeable future.