What good short-term personal loan options are there, for someone who will soon have ability to pay them off? (I'm looking for names of institutions, like "X lending company", Wells Fargo, etc.)

I'm graduating from school in 2 weeks, and have accepted a very good offer from a tech company (which I'm sure they could confirm to a bank). However, I don't happen to have any money right now, and understand that I need to put a few thousand down to move to another apartment -- which, optimally, I'd like to do before I start work. I asked at Bank of America, and they say they don't give personal loans (other than credit cards).

I have about $3000 in credit card debt right now (out of a $4000 ceiling), and $1500 in cash. My credit ratings are fine. This amount of money is pretty negligable compared to my expected salary. I could get another credit card, but the balance transfer fees are around 3%, which I'd like to avoid if I'm going to pay back the loan (or line of credit) in a month.

Failing that, I could always move later -- I think my future employer would be okay with my starting earlier, and taking unpaid leave in a few months. I might end up doing that anyway if I don't find good housing now. I could also ask family members for a loan, but would prefer not for personal reasons (independence, pride, etc., which I'm okay sucking up if it's the best option).

Thanks in advance!!

  • 3
    If your employer has a credit union, join it. It is a good source for a first loan. With your credit card debt, you will not look like a good prospect to a bank. – Dilip Sarwate May 2 '12 at 3:34
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    I know you are asking a different question, but is there another way that doesn't involve a loan? This doesn't seem like a great criteria for getting loan to me. It seems like a living in crappy apartment and eating ramen for a while situation. – MrChrister May 2 '12 at 4:20
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    gato, do you really need to move before the job starts? It sounds like even just a few months of patience will have you in a much better situation. (I know I'm not answering the question, but that's because it sounds like a bad idea.) – gef05 May 2 '12 at 7:07
  • @MrChrister, gef05, yes I think I probably opt for a non-loan option. Thanks for the advice! – gatoatigrado May 2 '12 at 20:51
up vote 3 down vote accepted

Prosper is the best solution that comes to mind when you need a loan fast. One of the best parts of Prosper is that you can choose the terms of your loan. Basically, you choose how much you need (from $2,000 to $25,000), the highest payments you're comfortable paying, and the term of your loan... the interest rate is calculated based on what you choose. Investors bid on your loan listing (driving your interest rate down), and in as little as 24 hours up to a month, you'll have the funds wired to your account.

http://www.prosper.com/loans/

protected by Chris W. Rea May 2 '12 at 21:35

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