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Taking out a loan?

by Cerebrus
15 replies
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.
#loan #taking
  • Profile picture of the author Denise Hall
    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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  • Profile picture of the author geomat
    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.
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  • Profile picture of the author Cerebrus
    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)?
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    • Profile picture of the author tiger325
      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
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  • Profile picture of the author Marcus Paul
    The bank will let you draw cash off the card if it has a cash line on it.
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  • Profile picture of the author VegasGreg
    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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    • Profile picture of the author himanuzo
      Originally Posted by VegasMan2k View Post

      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?
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  • Profile picture of the author jgabiger
    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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  • Profile picture of the author Mike Bogowski
    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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    • Profile picture of the author Dixiebelle
      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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  • Profile picture of the author dyedz
    You can try out prosper.com
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  • Profile picture of the author derekwong28
    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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  • Profile picture of the author Cerebrus
    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?
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  • Profile picture of the author jayden.fellze
    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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  • Profile picture of the author Bishop81
    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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