A loan with a side job is usually only possible if the credit bureau information and the credit rating do not constitute a rejection criterion. If one of these two hurdles is a knockout criterion, then there is usually no hope for a loan commitment.
The part-time job should not usually be the only source of income, but there should be a main income from a full-time job, so that a lucrative income is available in case of cases. However, if you have collateral in the form of valuables or home ownership, then a side job might be enough for a swift loan commitment. Very often, then, as an option in the case of a lack of creditworthiness, a guarantor is also permitted or even required as a prerequisite for a loan commitment.
Solution and realization for loan approval with side job
With existing property loan commitments are actually always possible and a guarantee also paves the way to a loan commitment. However, too often both options are not available. A solution here would be, depending on the amount of the loan amount, a loan from private to private. There are internet portals that make contact between private individuals or persons who can agree on a personal loan without a bank. The agreements on monthly installments and interest rates are often very fair and clear agreements are made.
The transparency of this type of loan is a huge advantage and, above all, the quick and unbureaucratic decision to make a loan commitment is often given. However, a credit check is checked so that the lender can get an idea of the financial situation of the borrower. Another possibility would be a loan without credit bureau information through a credit intermediary or through an online bank. In the case of a loan without credit bureau information, only the creditworthiness is checked and the amount and regularity of the income is decisive.
Of course, this will affect the amount of the loan and, if the part-time job is the sole source of income, then loans up to a maximum of 2000 USD plus interest are possible. The loan amount could be slightly higher if you are considering using a foreign currency loan from abroad, because the sometimes low interest rates can also provide you with some flexibility in the period of repayment and fixing the monthly installments to get a part time job.