Personal loans for contract employees

Walter Garcia6 · 2005-01-10T12:01:21+00:00

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 …

Henry Parker7 Member

20 messages
joined Apr 2010

#21 · Sep 10, 2007

Look, this isn't some paranoid conspiracy theory; it’s just the grim reality of our current economic wasteland. Bank of America. Their internal red tape is insane.
So, I tried moving my paycheck from Unknown over to Bank of America. I showed up with all my paperwork, acting like the loyal customer I am—I'm talking decent account balances here, not some pennies. They immediately started hounding me for my employment contract, claiming they won't allow any overdraft protection without seeing it first. I pushed back, obviously, because I was trying to negotiate a six-month installment plan combined with some fund discounts. Anyway, after three failed attempts at arguing (since I'm not handing over my private contract just yet), I decided to start playing chess instead of checkers. I called their corporate headquarters to try and map out their entire chain of command. I actually managed to get someone pretty high up on the line. All they told me was that every single branch operates under its own specific internal guidelines. EVERY SINGLE ONE, apparently! So, I headed back to the branch armed to the teeth with phone numbers and policy codes... but man, that's a long story... there's more... to make a long story short:

They totally played me with that whole "it'll be sorted, it'll be sorted once your next paycheck hits" routine... spoiler alert: it wasn't.
The bottom line: once I flashed a little smirk 😈 and suggested they call the executive board to "double-check" if an employment contract is actually legally required, they suddenly realized 😈 I wasn't going away—and boom, everything was approved in record time!

Mark Sullivan62 Active Member

147 messages
joined Jul 2009

#22 · Sep 10, 2007

Henry Parker7 said:Look, this isn't some paranoid conspiracy theory; it’s just the grim reality of our current economic wasteland. Bank of America. Their internal red tape is insane.
So, I tried moving my paycheck from Unknown over to Bank of America. I showed up with all my paperwork, acting like the loyal customer I am—I'm talking decent account balances here, not some pennies. They immediately started hounding me for my employment contract, claiming they won't allow any overdraft protection without seeing it first. I pushed back, obviously, because I was trying to negotiate a six-month installment plan combined with some fund discounts. Anyway, after three failed attempts at arguing (since I'm not handing over my private contract just yet), I decided to start playing chess instead of checkers. I called their corporate headquarters to try and map out their entire chain of command. I actually managed to get someone pretty high up on the line. All they told me was that every single branch operates under its own specific internal guidelines. EVERY SINGLE ONE, apparently! So, I headed back to the branch armed to the teeth with phone numbers and policy codes... but man, that's a long story... there's more... to make a long story short:

They totally played me with that whole "it'll be sorted, it'll be sorted once your next paycheck hits" routine... spoiler alert: it wasn't.
The bottom line: once I flashed a little smirk 😈 and suggested they call the executive board to "double-check" if an employment contract is actually legally required, they suddenly realized 😈 I wasn't going away—and boom, everything was approved in record time!

By issuing a directive that demands access to your employment contract, they’re actually trampling over several different federal laws.

And here’s the kicker: if you actually hand it over for them to inspect, you’ve basically handed them a smoking gun regarding trade secrets.

And because of that, they could easily find a reason to fire you on the spot.

Henry Parker7 Member

20 messages
joined Apr 2010

#23 · Sep 10, 2007

Trust me, I know. That’s exactly why I didn't hand it over; I was fully prepared to take it all the way to the top or just file a massive lawsuit to protect my rights.
I actually spent some time wondering what it was about that specific place that made me want it so badly in the first place.

Terry Howard Active Member

87 messages
joined Oct 2007

#24 · Sep 11, 2007

Mark Sullivan62 said:By issuing a directive that demands access to your employment contract, they’re actually trampling over several different federal laws.

And here’s the kicker: if you actually hand it over for them to inspect, you’ve basically handed them a smoking gun regarding trade secrets.

And because of that, they could easily find a reason to fire you on the spot.

Look, the Bank isn't legally obligated to approve your overdraft just because you asked. 😁 And honestly, why are we even handing over our average salary when applying for a loan? In most companies, your pay is strictly confidential.
It’s kind of like how people hunt you down for your Social Security number—you either give it up or you don't get any service at all.

Anyway, back to the actual point of this thread: a buddy of mine got denied a loan (not from Bank of America or the Federal Reserve, by the way) simply because he was still in his probationary period at work.

Alexander Johnson7 Newcomer

4 messages
joined Jun 2008

#25 · Jun 2, 2008

I’m looking to grab a small loan, maybe around $1,100. Does being registered at a specific address actually matter for that?
Sorry if this topic was already posted, I couldn't find anything anywhere.

Alexander Johnson7 Newcomer

4 messages
joined Jun 2008

#26 · Jun 2, 2008

So, what, nobody on a fixed salary ever felt the need to take out a loan?😕

Richard Wright22 Member

16 messages
joined Jun 2011

#27 · Jun 3, 2008

It all boils down to how long you’ve been on the clock at your current gig. If you’ve been grinding away on a fixed-term contract with the same employer for two years, you can go ahead and pull a loan. But, if you’ve only been there for at least a year on that same contract, you can still try applying—you'll just need to bring a co-signer with solid credit into the mix to make it happen.

gentleridge44 Newcomer

4 messages
joined Jun 2008

#28 · Jun 13, 2008

You could actually snag a way bigger loan if you bring on a co-signer with a steady, full-time job... good luck with everything...

irontinker63 Newcomer

3 messages
joined Jul 2008

#29 · Jul 16, 2008

I've been on a fixed-term contract for two years now. Does anyone know if it's actually possible to land a personal loan without needing a co-signer or any extra collateral? If so, which Bank should I be looking at?

Ronald Allen Active Member

160 messages
joined Oct 2010

#30 · Jul 17, 2008

irontinker63 said:I've been on a fixed-term contract for two years now. Does anyone know if it's actually possible to land a personal loan without needing a co-signer or any extra collateral? If so, which Bank should I be looking at?

I mean, honestly? I don't think you can go anywhere. Most places are probably going to demand some kind of co-signer who actually has steady, full-time employment. It's just how it works, I guess.

loneranger88 Newcomer

3 messages
joined Jul 2008

#31 · Jul 20, 2008

Everything depends entirely on which bank you use and the specific representative handling your file. My advice? Skip the entry-level clerks and try to reach someone higher up the food chain who will actually dedicate time to your case—otherwise, what chance do you really have?

Sam Murphy Active Member

94 messages
joined May 2012

#32 · Jul 23, 2008

I was reading somewhere that about 80 percent of Americans are working on contract basis or as freelancers now, and it seems like the big banks haven't really stepped up to adapt to these new shifts in the labor market...

Zachary Rodriguez72 Newcomer

9 messages
joined Feb 2010

#33 · Feb 19, 2010

Hey there.

Here’s the deal. I’ve been at this company for nearly three years now. For the first year and a half, I was just working through a student employment agency, but for the rest of the time, things have been... let's just say "off the books." I bring in a steady monthly income of about $550–$650. My pay gets deposited directly into my account at Bank of America. Back in October, I picked up a Visa $0.00 card, which lets me withdraw up to $1,200, provided I pay back whatever I take out by the 25th of the following month via automatic withdrawal from my checking account. They told me the first year is interest-free, and if I don't have enough in the account on the day they try to settle the balance, they'll just grab the remainder from my next paycheck. Well, thanks to some folks who needed a lift in their car, I ended up in the hole for about $2000. There's no way I can clear that debt by the 25th. It’s going to take me two or three months to dig myself out because, on top of trying to pay this off, I’m still paying off a car loan for my dad. A girl I know—she’s been doing student work for four years—got offered a $1,600 loan from Bank of America after her first year. She spread it over three years and she's almost done paying it off. What I want to know is: based on my consistent monthly deposits, even though I don't have a "permanent" full-time contract, can I qualify for a similar loan or maybe a $1,000 personal loan to wipe out this deficit? In my head, it seems smarter to take a loan and pay it back in 12 installments rather than sweating through $$667 payments for the next few months while I'm also juggling the car payment, insurance, and gas for my commute. I don't own any real estate, just my car. Is it possible to get approved based on my transaction history? When they issued the card originally, they actually listed me as an employee at this firm, even if I'm not officially permanent. Should I ask my boss for some kind of verification or ask him to report my income formally?
Any advice would be greatly appreciated.

Kenneth Thomas9 Newcomer

2 messages
joined Mar 2010

#34 · Mar 3, 2010

I checked in with Wells Fargo about getting a loan for myself since I'm on a temporary contract.
Basically, they told me I could take out a loan as long as I can pay it off before my contract ends—which makes sense. My paycheck has to go directly into my account, and I’d need to provide proof of income so they can figure out my monthly payments. They won't let you set a payment that eats up your entire salary, unfortunately (even though that was kind of my plan). I think I might have qualified for somewhere around $3,500, but in the end...
I decided to just save up and wait a bit. ☕

Linda Smith5 Newcomer

6 messages
joined Jan 2012

#35 · Jan 17, 2012

Kenneth Thomas9 said:I checked in with Wells Fargo about getting a loan for myself since I'm on a temporary contract.
Basically, they told me I could take out a loan as long as I can pay it off before my contract ends—which makes sense. My paycheck has to go directly into my account, and I’d need to provide proof of income so they can figure out my monthly payments. They won't let you set a payment that eats up your entire salary, unfortunately (even though that was kind of my plan). I think I might have qualified for somewhere around $3,500, but in the end...
I decided to just save up and wait a bit. ☕

So, based on what you wrote, does that mean I could actually get a loan? I'm currently on a six-month contract. Would I be able to borrow roughly $5,000?

rapidskipper12 Active Member

209 messages
joined Jan 2019

#36 · Jan 17, 2012

Paying off the whole loan before the contract ends? So you're telling me I'd just grab a loan and knock out $5,000 in six months?

Noah Cox25 Newcomer

1 message
joined Jan 2012

#37 · Jan 18, 2012

irontinker63 said:I've been on a fixed-term contract for two years now. Does anyone know if it's actually possible to land a personal loan without needing a co-signer or any extra collateral? If so, which Bank should I be looking at?

Well, you could probably swing it at JP Morgan Chase, assuming your employer is cool with you setting up direct deposit there—which, honestly, they’d likely have to require anyway.

That seems pretty much a given!

rapidskipper12 Active Member

209 messages
joined Jan 2019

#38 · Jan 18, 2012

Anne, that post is from 2008...

Linda Smith5 Newcomer

6 messages
joined Jan 2012

#39 · Jan 18, 2012

rapidskipper12 said:Paying off the whole loan before the contract ends? So you're telling me I'd just grab a loan and knock out $5,000 in six months?

It’s not that I’m just now signing up—I’ve actually been registered for six months already. But I heard somewhere that if you want to apply for a loan, you need to have been on the books for at least six months for a permanent position, or maybe a full year for a contract role. Now I'm sitting here wondering what kind of games they're playing.

Richard Wright Active Member

102 messages
joined May 2010

#40 · Jan 22, 2012

To qualify for Chase, you need to be employed for at least 12 months, regardless of whether you're on a contract or permanent staff...

Personal loans for contract employees

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