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Anonymous
Anonymous asked in Business & FinanceCredit · 3 months ago

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!!

Update:

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

8 Answers

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  • 3 months ago

    Sure, though no one is giving you a loan for that.

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  • Eva
    Lv 7
    3 months 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.

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  • Judy
    Lv 7
    3 months 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.

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  • 3 months ago

    Having a reliable income is what the bank looks at. Wait till you have that.

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  • Anonymous
    3 months 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.

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  • 3 months ago

    i would wait till a probationary period is over

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  • n2mama
    Lv 7
    3 months 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.

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  • 3 months 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?

    • skeptik
      Lv 7
      3 months agoReport

      I can't think of any reason they would.
      How would they even hear about it, unless you tell them?

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