Do you want to take out a payday loan and are you curious about the possibilities? A permanent contract is a big advantage if you want to take out a loan, because you can borrow money based on that income. Do you not have a fixed income, but would you like to borrow money? Keep in mind that there may be some hooks and eyes. However, it is not entirely impossible to take out a payday loan without a permanent contract.
Income for the payday loan
Normally you can take out a payday loan based on the income from your permanent contract. Depending on the income you earn, you can borrow money, because you can then use this money to repay the credit and pay the interest. Do you not have a permanent contract? Then it is a lot harder for the lender to estimate what financial resources you have and what amount of credit you could continue to pay.
Freelancer or flex worker
Especially when you work as a freelancer or flex worker, there is no question of a permanent contract. This means that your income can fluctuate considerably, something that creates uncertainty for the lender. This uncertainty can translate into higher interest rates, among other things. So keep in mind that you may be able to take out a payday loan without a permanent contract, provided that you are willing to pay a somewhat higher interest rate. You then pay, as it were, for the risk that the lender runs.
Do you have 3 year annual figures and are you not able to borrow on top of your abilities? With this you can considerably increase the chance of a payday loan without a permanent contract. You offer an important degree of certainty that can help you to borrow the money.
Convert revolving credit
Do you already have a revolving credit that you can use for a longer period of time and do you want to convert that into a payday loan ? For example, you can do this to make more structural repayments. That is something lenders are generally happy with. In addition, this ensures that you create more certainty for yourself about when you will be rid of the credit. In a number of cases you can then take out a payday loan without a permanent contract.