Personal loan while under employment probation?

[skyb]

Hi Guys,

Can anyone suggest a personal loan provider for around 20 - 40k for someone that has just commenced work and is under a 3 month probation.

Also to add-

Good credit history
Currently working in same industry as before
Only 10k in credit card debt
Little assets around 5k.
Have been abroad for 1.5 years not working.

Thanks heaps.

 

[tobe]

I cant Im afraid, as Im not a specialist. I would suggest talking to someone face to face rather than doing anything over the phone or net. So perhaps GE money? Get an idea from the person you are dealing with whether your employment length is an issue. Alternatively, the loans officer at your current lender.

I take it you had a credit card when you were overseas? Id eyeball someone from the bank you have your credit card with.

 

[Shahin_Afarin]

Go through GE - they are the lenient lender when it comes to personal loans. Probation is not an issue as it is with a mortgage application. Income however is very important.

Regards

Shahin

 

[skyb]

Thank you ! ill check out GE

 

[Mick C]

Have been abroad for 1.5 years not working.

^ that alone will kill your deal from a credit scoring point of view....esp if your after >$10k in unsecured PL.

With the loan amount your after+ unsecured, and probation with no work history in the last 1.5 years, i would say it's a no.

 

[Tone]

^ that alone will kill your deal from a credit scoring point of view....esp if your after >$10k in unsecured PL.

With the loan amount your after+ unsecured, and probation with no work history in the last 1.5 years, i would say it's a no.

True.

Forgot to mention that i did contract work during the last 1.5 years.

Income around 20k under a pty ltd company.

 

[Kinnon Bell]

The purpose of the loan will influence the outcome as well.

 

[skyb]

purpose is just to consolidate current credit card debt and cover relocation costs for new job.

 

[Kinnon Bell]

You'd be hard pressed getting a debt consolidation loan approved through one of the main banks if you don't bank with them.

You'll find that some of the low rate credit cards interest rates are lower than an unsecured personal loan. You just have to be disciplined enough to treat the card like a personal loan and not a revolving line of credit - even in an emergency. If your current card is not a low rate card you should be able to change the product type to a low rate card and shouldn't involve a new application.

You also have balance transfer offers as well which is a lot lower than a personal loan, but once again, that requires discipline.

Another plus for the credit card is over the term of a year the fees are usually lower as well, especially in that first year.

 

[skyb]

Go through GE - they are the lenient lender when it comes to personal loans. Probation is not an issue as it is with a mortgage application. Income however is very important.

Regards

Shahin

Just spoke with GE and one person told me that probation is no problem, then spoke with a manager and he advised that probation would be a problem......due to a change of policy or something he didnt sound too confident.

Should i just apply anyways and see what happens?

 

[tobe]

Just spoke with GE and one person told me that probation is no problem, then spoke with a manager and he advised that probation would be a problem......due to a change of policy or something he didnt sound too confident.

Should i just apply anyways and see what happens?

If you are sure that you arent going to apply for a home loan in the next 24 months or so, then go for it.

Having a credit enquiry on your veda file can affect your credit score, or likelyhood of having a home loan approved, so that is the only drawback of 'giving it a go'.

 

[Mick C]

Just spoke with GE and one person told me that probation is no problem, then spoke with a manager and he advised that probation would be a problem......due to a change of policy or something he didnt sound too confident.

Should i just apply anyways and see what happens?

I have a copy of the GE money policy + we deal with Ge money personal loans once a week and i can tell you now ..probation is a no in most cases unless you have a strong case.

The person who initially picked up the phone is a sale staff...they are trained to sell and say yes to everything. I would trust the manger

 

[skyb]

Ok thanks guys guess im **** out of luck at the moment

 

[Rezix]

Bumping an old topic here with a new request - A family member has asked me for advice around obtaining a personal loan or credit card to pay for $7,000 worth of flights ASAP.

She is concerned that the prices of the flights will go up and she will end up needing to pay $9,000 instead, but feels confident in her ability to fully pay the loan off at $500 per week (so fully repaid in 3-4 months).

I believe that she has no other debt (single mother of two), she has had no defaults and just started working full-time job a couple of weeks ago, on $75,000 pa.

However, she said that her employer has not mentioned any probation period and the letter of employment doesn't state that she has any probation period.
> Furthermore, she is still working in the same sector as she as she has been for 22 years (previously only in a part-time capacity while she studied, however).

I'd love to help her myself, but I don't do personal loans, so thought I'd ask here instead - anyone have an idea of whether she'd have any luck with a credit card and/or personal loan application anywhere? Or possibly peer-to-peer lending?

Cheers.

 

[cimbom]

STA Travel allow you to put flights on "lay by" so you only pay a $99 deposit and pay it off in installments. I'm sure many travel agents have similar arrangements.

 

[Rezix]

Thanks cimbom, that's pretty interesting to know.

However, I just checked the STA Travel website and it looks like the flights have to be paid in full 10 weeks before departure date.

Given that these flights need to be in July for a family reunion, I don't think she'll be able to use that option this time, unfortunately.