If you have recently changed your career and now want to take out a loan, you are facing a problem: The banks often require a certain minimum length of employment after a job change.
Usually it is about a year, sometimes a longer period. In any case, the probationary period must be over, and after that it says: wait. But what to do if you need money right now? And why are the banks here so strict?
For the loan approval, the safe salary is crucial
The perspective of the banks arises from the fact that your salary is the most important security for the loan. You get your money for free use, so you can spend it in one go. Unlike, for example, a car loan with a registered car letter, there is no “real security” – that is, nothing that the bank could “recycle” if you can not pay your installments. Therefore, the lender focuses on the salary that serves to pay the loan installments. And the longer you stay with your employer, the better the chances are that banks will stay there longer term. Banks love stability and reliability, which is why a job carried out over many years is a positive signal to the same employer. In contrast, banks do not like frequent job changes.
Second borrower increases the chances
Of course, a job change can also mean progress and a career jump. Nevertheless, the requirements of the banks remain. If, after starting a new job, you can not wait one year before applying for a loan, borrowing money with a second applicant is often a good idea. They provide the bank with a second salary as additional security, thus increasing your chance of a quick commitment.
To apply for your desired loan for two you can simply use our normal online form. Then click on “Co-Applicants” and enter the data of the second applicant in the appropriate fields. You do not need to do any more, the rest is taken care of by our credit experts.