Borrow money without a permanent contract or with a temporary contractOn November 13, 2019 by admin
The labor market has become more flexible over the last 15 years, many employees have a fixed-term employment contract. An employment contract for an indefinite period with an employer is less common. In addition, employees change employer more often because they can find a new challenge somewhere else or develop further. This is really a big difference compared to older generations who often remained loyal to their employer because it provided certainty.
Until a few years ago, credit providers of loans were reluctant to grant loans to consumers who had a fixed-term contract. But they also see that the labor market has changed considerably and that they cannot stay behind by sticking to the strict criteria of an indefinite contract. This means that borrowing without a permanent contract or with a temporary contract is simply possible.
Good Finance provides loans to consumers without a permanent contract or with a fixed-term contract. Depending on the other details of the consumer, we can assess the loan application and mediate a loan for you. Are you curious about the options that Good Finance has for you? Request a free quote from us.
Borrow with a temporary employment contract
In recent years, loan lenders have also broadened their acceptance criteria for consumers with a temporary employment contract. Because of this there are more possibilities to borrow money when you work at an employment agency.
Almost all employment agencies work with Phase contracts. Depending on the employment agency, Phase A, B, C or Phase 1, 2, 3 and 4 are used. In the first 78 weeks of a temporary employment contract, most people are in Phase A or Phase 1 and Phase 2. Unfortunately, the banks do not include this income. This is because there is often no obligation to continue paying from the temporary employment agency to the temporary worker. Suppose someone is sick or the company where the temporary worker is posted has no work, then the temporary worker does not get paid.
After 78 weeks, temporary workers end up in Phase B or Phase 3. This type of temporary employment contract can be compared to a specific time contract. And that’s how most banks we work with see that too! As a result, they take with them at least 70% of the fixed income that is earned. In some cases, even the full income is included in the loan calculation.
Finally, there are temporary employees with a Phase C or Phase 4 temporary employment contract. These contracts can be compared to an open-ended contract. In the event that the temporary worker is ill or that there is no work available for the temporary worker, ‘normal’ payment continues. As a result, all lenders with whom Good Finance cooperates include the full income in the loan calculation. You can read more about borrowing and product types on the following pages about the revolving credit or the personal loan.
Income on top of your regular salary
Many people have other income in addition to a fixed income. Examples of these revenues overtime, fees, commissions and a 13th month or a year-end bonus. Below you can read what Good Finance Financings can mean for you if you have one of these forms of income on top of your salary.
Borrow with an income and overtime
In different professions you have to deal with seasons where there is more or less work. If there is more work to do, you can be asked if an employee wants to work extra hours. The extra salary that you receive as a result of working overtime is (partly) counted by our lenders as income for calculating the loan.
The part for which your income from overtime is included depends on a number of factors. The most important thing is that you can prove that you have a structural income from overtime. You do this by showing several payslips with income from overtime. In addition, the type of profession that you practice is important. Overtime from an international truck driver is taken into account by a number of lenders for the full 100%.
The lenders with whom Good Finance cooperates take in any case 10% of your basic income with overtime income. This may therefore be more depending on your personal situation. The Good Finance credit specialists are specialized in calculating your correct income and providing you with a suitable offer. Curious about your options? Request a free quote!
Borrow with an income and allowances
A large part of the employees in the Netherlands receives an allowance. For example, if you work irregular hours for your work, you will probably receive an irregularity allowance or shift work allowance. This is an extra income that is paid to you in addition to your income. Occupational groups where allowances are often paid are transport, care and production.
All lenders with whom Good Finance cooperates include allowances (in part) as income in the loan calculation. You must then be able to prove that you receive this allowance (s) every month. You do this by showing multiple payslips. In the list below we have listed the most common allowances in the Netherlands, which are seen as income for a loan:
- Team allowance
- Irregularity allowance
- Service supplement
- Experience allowance
- Hazard surcharge
- Surcharge circumstances
- Personal allowance
- Weekend supplement (also called Saturday supplement and / or Sunday supplement)
- Night shift surcharge
- Consignment allowance
- Performance surcharge
- Reward surcharge
- Schema surcharge
- Exchange service surcharge
- Warranty surcharge
- Pick-up surcharge
Is there a supplement that you receive every month and is you wondering if lenders regard this as income as a loan? Or do you want to know if your allowance is seen as an income, in whole or in part? The Good Finance credit specialists are fully aware of this and are happy to help you further.
Borrowing a commission income, 13th month or year-end bonus
Not every lender takes income from commissions, a 13th month or a year-end bonus in the calculation for a loan. At Good Finance Financingen we do that however! Despite the fact that commissions are not always fixed, Good Finance certainly has possibilities to include this as income. It must then be demonstrated what has been contractually agreed, so an employment contract must be demonstrated in which this is confirmed.
On most payslips is called a reservation for a 13th month or a year-end bonus. Should that not be the case, you can show an old payslip (usually December), you received the 13th month of year-end bonuses.
Are you wondering how high your monthly income includes your commission, 13 th month or year-end bonus? Then contact one of our credit specialists without obligation. They are happy to calculate this for you!
- No categories