How To Get A Loan As A Part Time Worker

When you are a part-time worker and want a loan you will need to explore your options. You may need a loan to pay for a wedding, renovation or to pay for education. Unfortunately, if you do not have a full time job, it can be tough time finding a lender to accept your request, especially if you are looking at bank loans. Considering online loan options can make your application stand out.

 

There is no official definition for what lenders consider a part time worker. Generally speaking, a part time worker is anyone who works less than 38 hours a week. Such workers usually work on contracts, paid on hourly basis and might not be offered the advantage and benefits that full-time employees are offered, such as health insurance. Some of the loan options available for part time workers are personal loans and short term loans.

 

When you apply for a personal loan at loansexpert.com.au  you can borrow an amount between $300 and $4,600. The amount may go up if you have excellent credit profiles. These loans should be typically repaid in three months to 24 months. If you need only a small amount of cash or have bad credit then you can apply for short-term loans. You will have to repay back the borrowed money within a few weeks or months.

 

Though it can be tough to get approved for a loan when you are not a full-time employee, there are still a few ways that will help you make your application stand out to a lender.

 

·         Check minimum income requirement- When applying for a loan you will need to make sure you meet the minimum income requirement set by the lender. As long as you have the required cash flow to support a loan repayment, your loan application is more likely to be approved by a lender.

 

·         Low debt-to-income ratio- If you have maintained low debt-to-income ratio, lenders are more likely to accept your application. The ration will help to calculate how much disposable income you have each month after you pay off your debts. This will give the lenders a clear picture of how much you can afford.

 

·         Stick with your employer- Even if you are a part time worker, the longer you stick to one employer, the more stable your finances will appear to a lender.

 

·         Sign up for direct deposit- Together with physical pay stubs when you sign up for electronic payments, it will be easy for lenders to verify your income through your bank account. Lender will consider even your part-time job stable.     

 

·         Contact the lender- It is best to check everything before submitting your application. It will also reduce the risk of rejection. So, get in touch with the lender to identify if there is any other areas that you may need to work on.     

 

Though part-time workers are often considered to be a bigger risk by a lender, one can always boost their chances of approval by working for a year and then apply for a loan, getting a letter from employer, making current payments on time, build savings, and avoid applying for multiple loans.