The difference between a pay slip and a pay slip is that wage earners are paid their actual working hours and thus earn a fluctuating monthly income, while salaried employees – with the exception of additional benefits such as Christmas bonuses and holiday pay – receive a constant income. The fluctuation in monthly income makes it difficult for wage earners to borrow
Apply for a bank loan as a wage earner
Financial institutions generally only grant a desired loan with just one pay slip from the second quarter of a year, since they can then calculate an average value for several calendar months based on the accumulated annual earnings, which are also published along with the current monthly income. In other months it is necessary to submit the last three pay slips, some banks insist on this despite the cumulation even for loans applied for later in the year.
In the case of a loan with a pay slip, the extent to which the financial institution credits the wages received for overtime is decisive for the award decision. In the worst case, the credit bank also requires the submission of the employment contract and only allows the income corresponding to the contractually agreed minimum working hours to apply, even if the applicant regularly works more.
This approach makes borrowing much more difficult if the employer passes on part of the operational risk to its employees and guarantees a low number of hours, which is common in some industries such as call centers. It is advantageous if the wage earner informs himself about the income assessment of the individual institutions before submitting a loan application on consumer platforms.
Take out a loan as a wage earner via private loan brokerage platforms
It is easier to take out the loan with a pay slip via a platform for personal loan brokerage than with a conventional commercial bank. By submitting a pay slip to the operators of the loan brokerage website, the applicant confirms that he will receive a regular income, albeit at a variable rate. The private lenders registered on the platform receive information on the income of the loan seeker together with a project description and also find out whether they have submitted supporting documents.
Many platform members are aware that a loan with payroll is encountering difficulties with conventional banks and draw corresponding loan applications for social reasons. The indication of the purpose of the loan is only required for special loan programs when taking out a loan from a classic bank, but it makes a significant contribution to the decision to grant a loan for private loans.