Can I take out a loan after accepting a new job?
This may sound like a silly question but I have been looking to take out a loan to cover some Christmas expenses. I've just accepted a new job and am currently waiting for the official contract although I have no idea when I will get this.
If I take out the loan before I get the contract or start the new job affect it in any way?
(I'm an overthinker and have delayed this like crazy just in case)
Am moving from retail to a law related position.
Any help will be more than appreciated!!
I am currently in retail and moving to a police position role.
The loan is taken out of my pay check automatically so I don't need to provide proof that I can pay it back
- 1 month ago
Sure, though no one is giving you a loan for that.
- EvaLv 71 month ago
You won't get a loan with no current income. They usually want to see that you've been at the job for at least 6 months to a year.
- JudyLv 71 month ago
If you aren't working now yet, no. If you still are working at your old job, and have a solid and steady work history, maybe.
- Elaine MLv 71 month ago
Having a reliable income is what the bank looks at. Wait till you have that.
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- Anonymous1 month ago
I doubt you have the needed credit or income. If you did you could.
What is your credit score? 700+?
What is your income? ($2000+ per month?)
Time on job usually needs to be 6-12 months.
You don't get to skip qualifying.
- pit bulls biteLv 71 month ago
i would wait till a probationary period is over
- n2mamaLv 71 month ago
I don’t know how the new job would find out about the loan. I would think the bigger challenge might be getting approved for a loan without having pay stubs or proof of ability to repay the loan.
- skeptikLv 71 month ago
If the loan requires proof of employment, they will normally accept a formal offer letter as that proof.
If you don't have an offer letter, I would wait until your first paycheck to take out any loan.
Re: your update -
How can a loan be taken out of your paycheck if you don't have a paycheck?