Personal loans for contract employees

Does any bank here in the US offer loans in the $4,000-$5,000 range for people on fixed-term contracts making around $1500?

I know the Federal Reserve handles stuff like that, but I'm stuck with JP Morgan Chase...

Then just switch over to the Federal Reserve.
If JPMorgan Chase won't cut you the loan, you’re going to have to head to some other bank that will anyway... If you already know the Federal Reserve offers them, why even ask?

hajdi said:Just switch over to the Federal Reserve.
If JPMorgan Chase won't cut you the loan, you're gonna end up at some other bank offering those rates anyway... If you already know it's an option at the Federal Reserve, why even ask?

Because I'm sitting in the red at JPMorgan Chase by about $1667—so I gotta clear that debt first before I can even think about moving my checking account over to the Federal Reserve... make sense? 🙂

Violator said:Because I'm sitting in the red at Chase by about $1667, so I have to clear that debt before I can even think about moving my checking account over to Bank of America... right? 🙂

No.

Just open a new account and tell your employer to direct your paycheck there instead.

Hey there. Is it actually possible to get a mortgage without a co-signer if I’m just on a fixed-term contract? Right now I'm dealing with Chase, and they're telling me it's a non-starter even if I bring someone on board. How are things looking at other big banks? Also, what's the limit on monthly payments—can I go beyond a third of my paycheck? Thanks in advance.

Hi there,

In the US, you can't get a loan without a co-signer and a mortgage if you're asking for more than $10,000; if it's less than that, you don't need the mortgage. Personally, I think that rule is pretty ridiculous, but that's just how it works. From what I understand about JPMorgan Chase, you can actually qualify for a loan even if you're on a contract basis without a co-signer, provided you have property to use as collateral for the mortgage. Anyway, hope that helps. If you find out about any other banks with decent terms for contract employees, let me know here.

Best regards,😁

Thanks for the help. We’re going to go pay them a visit. It’s honestly pathetic how much trouble two little letters in a contract can cause, though if someone actually wants to quit, they'll walk away regardless of whether they're on a fixed-term or permanent contract, unless there's some other legal loophole designed to make it harder for temporary staff to leave. The whole thing is just incredibly frustrating.

Best,

Honestly, this whole thing feels incredibly stupid to me... I mean, if that's the case, why on earth wouldn't big banks like Chase or Wells Fargo approve loans for journalists? Most of them are just working on contract basis anyway. It’s the same deal for athletes or singers—they don't have those steady, traditional full-time jobs, yet they still need credit. It makes zero sense.

I honestly feel like if they aren't breathing down your neck for an employment contract—which, let's be real, they usually aren't—then it really just boils down to whatever you and your boss can hash out behind closed doors regarding whether they'll check the box on your loan application to say you're on a permanent track. That's assuming you actually have a job in the private sector to begin with, anyway.

Maybe try Bank of America. They seem to be playing the most flexible game in the market right now.

Will being on a probationary period hold up my mortgage application even if I have a permanent contract? My official status doesn't kick in until November 1st, so I’m trying to figure out how much time needs to pass before I can actually pull the trigger on a loan. From what I can see, they only require my most recent certified pay stub. I currently bank with Wells Fargo, but they turned me down when I was on a fixed-term contract, so I’m hoping they won't give me the runaround just because of this trial period. I'm considering switching to try Bank of America instead just to be safe. My main priority is getting this loan approved as quickly as possible.
Thanks in advance.
Best!

The most important thing here is that you’ve got a permanent contract, and that’s what really matters

Look, you aren't going to have to hand over the entire bank contract for them to scrutinize every single line—I mean, why would they care about all that? Deep inside one of those clauses, it just mentions you're on a probationary period until a specific date

But honestly, what the bank is actually going to demand is just a simple verification from your employer confirming that your position is permanent, which it is, so there's absolutely nothing to stress about

Just make sure you go ahead and grab that confirmation before your probation period wraps up😁

Honestly, you’ve got a pretty high chance of running into some headaches here. On top of needing that employer verification, there's a good shot they'll start breathing down your neck for an employment contract—which, let's be real, they aren't even supposed to ask for, but hey, if someone up there decides they want it, you're just stuck dealing with it. It's one of those "it happened once, so now it's a thing" situations...
good luck

hit me up if you run into the same headache and I'll let you know how to handle it..

Seriously, what kind of bottom-tier, state-run bank would even ask you for that?

An employment contract is strictly confidential business information, plain and simple.

If I were you, I’d be reporting them to the Federal Reserve immediately.

Thanks for the input.
They even had the nerve to ask me to bring in my employment contract just so they could figure out my overdraft limit, which was a total joke since I was only on a temporary contract anyway. They aren't seeing that document ever again, that's for damn sure. Cheers!

Wait, which bank are we actually talking about here?

JPMorgan Chase is actually asking for this!!!

pbz

John Bishop2 said:JPMorgan Chase is actually asking for this!!!

How exactly?
it certainly isn't happening to me

John Bishop2 said:JPMorgan Chase is actually asking for this!!!

Total nonsense.

I just switched employers recently, and my funds are sitting pretty right there in my Federal Reserve account

And you know what? Nobody even bothered to ask me about my employment contract.

They just handed me a certified letter from my boss confirming I have a permanent, full-time position

And that was the end of it—boom, done.

Not a single soul asked to see the actual contract.