Borrowing money as a Temporary Worker / Flexworker is possible!

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temporary workers

You are currently working through an employment agency or payroll organization.

And with that you fall under the temporary agency workers CAO ABU or NBBU.

And you are looking for opportunities to take out a loan.

That must be difficult?

Not necessarily really.

A number of options remain possible (in each deployment phase) and we will explain them to you.

In this article:

Borrow money as a phase A temporary worker

If you have just started as a temporary worker, you will start in the first phase. If you work in the ABU CLA then this is phase A, via the NBBU CLA this is phase 1 & 2. This period is 78 weeks worked. The most important characteristic of these phases is the temporary employment clause of your contract, with which you can actually always quit your job or the employer can stop the assignment.

This is especially important with regard to the loan you want, because almost all lenders consider the risk in this period to be too great to give you a loan. But not all , because there is still one option, namely a mini loan .

This is a loan of up to 2000 US dollars. The parties that offer this product are Money Now and Saldodipje . They both have exactly the same conditions and interest so it doesn't matter which one you use.

The reason you can still get this type of credit is the relatively low amount. This means that the risk for the lender is also less great. They don't even need to know if you have a job, how much income and what kind of contract.

You must be at least 18 years old and have a Dutch ID and bank account. You must also live in NL. Furthermore, they do not ask for any documents or papers from you. There is not even a BKR check. This makes the application so easy that you can do this in a few minutes. And after approval, the money is often in your account the same day or within 24 hours . That is why it is also sometimes called an emergency loan or flash loan.

What you still need is a guarantor. Someone who vouches for you should unexpectedly not repay you. If you do not have a personal manager , or if you prefer not to have to ask your friends or family about this, you can also have one arranged. Please note that this is of course against payment.

It is important to consider the term, also in connection with the repayment. This is in fact a maximum after 124 days (about 4 months) and sometimes even as little as 30 days. This depends on the amount of the loan, where you sometimes still have a choice for different terms. With a term of 62 days or more, repayments are made in installments and you must therefore always repay the first part after 31 days.

The choices are a total of 15, 30, 45, 62, 93 or 124 days. That may seem like a long time, but it is not. You should see it as bridging a short period after which you really have to be able to pay back. Otherwise, there will only be additional interest and fines and they will also write to your personal guarantor.

However, if you are sure that within that period you will receive money with which you can make repayments, such as a refund from the tax authorities or your energy supplier, or a bonus / holiday allowance from your work (please note in your temporary employment contract whether you will receive this at all! ), this may be an option. This way you can have all your car repaired that you really need, or make other expenses that really cannot wait.

The advantage of the short terms is that you also owe interest for a shorter period of time. Although the interest rate is quite considerable (APR) with a percentage between roughly 6 and 10 percent, it is therefore not too bad in absolute terms. Some examples:

If you borrow 300 US dollars , you pay this off after 30 days plus an interest of $ 1.47 in total

You pay off a loan of 900 US dollars in one go after 45 days plus an interest of $ 9.80

At 1800 US dollar you pay back in 3 installments, all of 31 days and exactly the same amount. Total interest is then $ 21.08.However, you can also choose 4 installments (also 31 days) and a total interest of $ 26.35

Borrow money in phase B or C.

In Phase B or C (ABU) or Phase 3 & 4 (NBBU) you actually have a specific time and permanent contract respectively. That is why in those phases you have two other options in addition to the previously described mini loan : a personal loan or a revolving credit , basically just the normal loans in the Netherlands that often start at 2500 or 5000 US dollars and can go up to at least 75,000 US dollars depending on of your income of course. Please note that you are past your probationary period , by the way.

With Phase B, it is true that you can borrow less because it is then calculated with 70% or 80% of your income. After all, you still have a temporary contract with a little less certainty. But you can still request excellent quotes.

In any case, always do that, regardless of your employment status, with several parties. They all have slightly different rules about how much you can borrow and how they deal with certain types of contracts.

Moreover, and that is not unimportant, they have slightly different interest rates and maturities. This can save you a lot of money at the bottom of the line. Limitations with regard to early repayments can also make a big difference. So be sure to compare a number of parties, where the interest is a good first guideline.

Where can you do that comparison? Via the overview below. In it you will find the best loan interest at the moment. This is a real-time / live interest rate. You can click directly to the providers for more information or a quote request, but you can also use "all loan rates" to compare even more specifically on, for example, only 1 type of loan or aimed at a goal, such as borrowing money for a car or transferring an existing loan. .

Call in an expert for advice

There are quite a few providers and many more credit products that you can consider, each with their own advantages and disadvantages. A lot of information comes to you and that can be overwhelming, especially since you want to make a good choice because it can save you a lot of money and stress.

That is why it is not surprising that you like it when an expert watches you, who knows exactly what to look out for. Credit Group USA is happy to help you find the best loan in your situation, with of course the cheapest interest. And the quotation they make for you is free and without obligation.

This way you can be sure that someone with knowledge has given an opinion about it and that can only bring you profit. And you do not have to accept that quotation, although they will arrange everything for you, but you can also compare this to your own comparison and see what suits you best.

Other options for borrowing

If you need money, taking out a loan is really not the only option, although it often seems that way. And it is not the easiest solution either, because there are more ways to get money. The reason we would like to introduce this is because borrowing money also costs money .

After all, you always pay interest and by taking out a loan you automatically pay more for something you buy with it than if you had saved for it, say. But that might take a long time if you have a major renovation or new car in mind ..

Yet you can, for example, very well provide extra income. Earning money online through the internet is very easy nowadays, where we present you the 44 best methods. There are bound to be those that match your goal and / or level of knowledge.

And do not think that this gives you all some change, no you can just add a few hundred US dollars with it every month. Really, with some you can even earn so much that you can cancel your temporary work!

You do not need any technical knowledge, you do not have to invest money first to invest to start and therefore do not take crazy risks. Simply guaranteed and reliable, simple extra income.

If you find investing / investing interesting, by the way, read our article the best ways of investing & investing to see which can yield the most.