Taking out a loan?

Cerebrus · 11-16-2008, 11:31 PM

Alright so I just moved to a new area and have a great job but haven't gotten paid in a month (technical error with the HR people). I've got a pay stub from my first month on the job though.

What's the best way to take out a loan for say... $500-1000? I have no credit history (I've never had a credit card). I'm also only 20.

Denise Hall · 11-17-2008, 06:27 AM

It's going to be really difficult to get a loan with no credit history and a new job.

You should ask your employer for a cash advance, or see if they can cut you a special paycheck since they're the ones who made an error.

Denise

geomat · 11-17-2008, 06:33 AM

Failing the employer cash advance suggest you get a credit card. Contact the bank you or your family bank with and tell them the circumstances. Someone young and with a good job should have no problems, despite the credit crunch. Interest rates vary so shop around.

Cerebrus · 11-17-2008, 07:13 PM

Thanks geomat. I was actually in bank of america the other day and they said they had some sort of credit card deal with a $500 limit.

Is there any way to take out cash with the credit card (instead of a direct purchase)?

tiger325 · 11-17-2008, 07:19 PM

Is there a friend or family member that could loan you this money until you get paid ...otherwise you might check on a cash advance

Marcus Paul · 11-17-2008, 07:21 PM

The bank will let you draw cash off the card if it has a cash line on it.

VegasGreg · 11-17-2008, 08:45 PM

The Payday Loan places would probably have no problem giving you a loan. They are on almost every corner. Just be warned that the interest rates are in the 100%+++ range.

jgabiger · 11-17-2008, 08:48 PM

Yea, PayDay services will do it, but very high interest. And as long as the Credit card has a cash line, you could draw it out from a bank, or an ATM with the PIN.

Mike Bogowski · 11-17-2008, 09:05 PM

You are going to get out a loan because of an employer screw up!

That is ridiculous, go and kick your employers ass until its red raw.

You've worked and you haven't been paid for it surely there are laws against that in your country

Dixiebelle · 11-17-2008, 09:20 PM

If you have had a previous job, go to your local unemployment office, and tell them your problem. They will help you.

Something about this doesn't sound good. You can't possibly be working for a large corp. Employers know they can't do that. They have to give you some sort of compensation, or advance. Labor laws are very strict. I know - I have been an employer, and am familiar with the laws in this regard.

Dixie

himanuzo · 11-17-2008, 10:56 PM

Quote:

Originally Posted by VegasMan2k

The Payday Loan places would probably have no problem giving you a loan. They are on almost every corner. Just be warned that the interest rates are in the 100%+++ range.

What is the url?

dyedz · 11-18-2008, 01:18 AM

You can try out prosper.com

derekwong28 · 11-18-2008, 02:40 AM

I suggest that you be very careful with your employer. The "technical error" excuse is simply not credible at all. It could be that they are doing it on purpose. It happened to my brother in law in Germany who got a new job but was never paid. That company promptly declared bankruptcy the following month. It was a pretty large company as well employing hundreds of workers.

Cerebrus · 11-19-2008, 07:29 PM

The problem is that I came in right after a committee meeting that approves people who do my work.

It's a city district job so I really doubt they're pulling something.

This might sound dumb, but would pawning my electric guitar (worth like $450) be a viable option? I KNOW I will be paid on the 10th of December for sure, I just need money for gas+food till then.

What kind of interest rates do these places charge?

jayden.fellze · 11-20-2008, 01:19 AM

It is a pity that you have a great job yet not paid still. You can try a short term loan from the banks based on the proof of your job and company where you are working. Or you can approach your family or friends who could lend you some money for the time being which you can repay once you start receiving your pay checks regularly from your company. I think you should have no problem with this idea.

Bishop81 · 11-20-2008, 01:36 AM

I remember having a job where we all had to go cash our checks on the way home the day we were paid, or we would risk there not being enough money in the account and the check would bounce.

11-16-2008, 11:31 PM	#1
Cerebrus Warrior Member Join Date: May 2008 Location: , , . Posts: 7 Thanks: 0 Thanked 0 Times in 0 Posts	Taking out a loan? Alright so I just moved to a new area and have a great job but haven't gotten paid in a month (technical error with the HR people). I've got a pay stub from my first month on the job though. What's the best way to take out a loan for say... $500-1000? I have no credit history (I've never had a credit card). I'm also only 20.

11-17-2008, 06:27 AM	#2
Denise Hall Senior Warrior Member War Room Member Join Date: May 2006 Location: Gaylord, MI, USA. Posts: 1,558 Thanks: 8 Thanked 20 Times in 15 Posts Social Networking	Re: Taking out a loan? It's going to be really difficult to get a loan with no credit history and a new job. You should ask your employer for a cash advance, or see if they can cut you a special paycheck since they're the ones who made an error. Denise
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11-17-2008, 06:33 AM	#3
geomat Active Warrior War Room Member Join Date: Nov 2008 Location: Sydney, Australia Posts: 35 Thanks: 2 Thanked 5 Times in 5 Posts	Re: Taking out a loan? Failing the employer cash advance suggest you get a credit card. Contact the bank you or your family bank with and tell them the circumstances. Someone young and with a good job should have no problems, despite the credit crunch. Interest rates vary so shop around.

11-17-2008, 07:13 PM	#4
Cerebrus Warrior Member Join Date: May 2008 Location: , , . Posts: 7 Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taking out a loan? Thanks geomat. I was actually in bank of america the other day and they said they had some sort of credit card deal with a $500 limit. Is there any way to take out cash with the credit card (instead of a direct purchase)?

11-17-2008, 07:19 PM	#5
tiger325 HyperActive Warrior Join Date: Nov 2007 Location: , , . Posts: 233 Thanks: 0 Thanked 8 Times in 8 Posts	Re: Taking out a loan? Is there a friend or family member that could loan you this money until you get paid ...otherwise you might check on a cash advance

11-17-2008, 07:21 PM	#6
Marcus Paul Offline Professional War Room Member Join Date: Nov 2008 Posts: 230 Blog Entries: 2 Thanks: 62 Thanked 54 Times in 29 Posts	Re: Taking out a loan? The bank will let you draw cash off the card if it has a cash line on it.
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11-17-2008, 08:45 PM	#7
VegasGreg Greg Schueler War Room Member Join Date: Jul 2002 Location: Las Vegas Posts: 2,101 Thanks: 193 Thanked 398 Times in 292 Posts Social Networking Contact Info	Re: Taking out a loan? The Payday Loan places would probably have no problem giving you a loan. They are on almost every corner. Just be warned that the interest rates are in the 100%+++ range.
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11-17-2008, 08:48 PM	#8
jgabiger Warrior Member Join Date: May 2008 Location: , , USA. Posts: 5 Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taking out a loan? Yea, PayDay services will do it, but very high interest. And as long as the Credit card has a cash line, you could draw it out from a bank, or an ATM with the PIN.
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11-17-2008, 09:05 PM	#9
Mike Bogowski Puppet Master Join Date: Nov 2007 Location: Sydney, Australia. Posts: 628 Thanks: 7 Thanked 62 Times in 18 Posts	Re: Taking out a loan? You are going to get out a loan because of an employer screw up! That is ridiculous, go and kick your employers ass until its red raw. You've worked and you haven't been paid for it surely there are laws against that in your country
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11-17-2008, 09:20 PM	#10
Dixiebelle HyperActive Warrior War Room Member Join Date: Feb 2008 Location: Tennessee Posts: 426 Thanks: 99 Thanked 27 Times in 18 Posts Social Networking	Re: Taking out a loan? If you have had a previous job, go to your local unemployment office, and tell them your problem. They will help you. Something about this doesn't sound good. You can't possibly be working for a large corp. Employers know they can't do that. They have to give you some sort of compensation, or advance. Labor laws are very strict. I know - I have been an employer, and am familiar with the laws in this regard. Dixie
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11-18-2008, 01:18 AM	#12
dyedz Warrior Member Join Date: Nov 2005 Location: , , . Posts: 12 Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taking out a loan? You can try out prosper.com
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11-18-2008, 02:40 AM	#13
derekwong28 Wombat King War Room Member Join Date: Sep 2003 Location: , , . Posts: 1,621 Thanks: 118 Thanked 197 Times in 152 Posts	Re: Taking out a loan? I suggest that you be very careful with your employer. The "technical error" excuse is simply not credible at all. It could be that they are doing it on purpose. It happened to my brother in law in Germany who got a new job but was never paid. That company promptly declared bankruptcy the following month. It was a pretty large company as well employing hundreds of workers.
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11-19-2008, 07:29 PM	#14
Cerebrus Warrior Member Join Date: May 2008 Location: , , . Posts: 7 Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taking out a loan? The problem is that I came in right after a committee meeting that approves people who do my work. It's a city district job so I really doubt they're pulling something. This might sound dumb, but would pawning my electric guitar (worth like $450) be a viable option? I KNOW I will be paid on the 10th of December for sure, I just need money for gas+food till then. What kind of interest rates do these places charge?

11-20-2008, 01:19 AM	#15
jayden.fellze It's just me! Join Date: Oct 2008 Posts: 471 Thanks: 11 Thanked 17 Times in 16 Posts	Re: Taking out a loan? It is a pity that you have a great job yet not paid still. You can try a short term loan from the banks based on the proof of your job and company where you are working. Or you can approach your family or friends who could lend you some money for the time being which you can repay once you start receiving your pay checks regularly from your company. I think you should have no problem with this idea.
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11-20-2008, 01:36 AM	#16
Bishop81 Programmer Extraordinaire War Room Member Join Date: Jun 2007 Location: Olathe, KS USA. Posts: 700 Thanks: 39 Thanked 30 Times in 26 Posts Social Networking	Re: Taking out a loan? I remember having a job where we all had to go cash our checks on the way home the day we were paid, or we would risk there not being enough money in the account and the check would bounce.
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