Need $3000 liquid cash

October 27, 2006 12:00 PM

I just landed a well paying job in Seattle after having a soul sucking job, where I did not save a penny for about a year. While the new salary will be great, I am essentially broke, and I need a $3000 loan to relocate and get started (which has been determined to be my responsibility to cover by negociation). None of my relatives or friends have this kind of cash, nor do I have a credit card. So how would I go about getting $3000? Can I just take my job offer into a bank and use that as leverage for a loan? Mefites, help me back out of this corner and find the cash to live my dream.
posted by |n$eCur3 to work & money (16 answers total)

you could ask your employer for some help or a relocation bonus. or consider prosper.com if your lack credit history precludes you from getting a loan. the rates you will get on prosper though won't be great, so pay it off quickly.
posted by krautland at 12:03 PM on October 27, 2006

You should be able to secure either a bank loan or a credit card if you get a letter from your new employer that confirms your new salary. Ask your new employer for such a letter, and then go to your bank (I assume you have at least a checking account) and ask. If you prefer to go the credit card route, you should be able to call a credit card company and ask them what it would take to get a card. I've always found American Express customer service to be the best of the big three, but YMMV.
posted by decathecting at 12:12 PM on October 27, 2006

Are you jewish?
posted by serazin at 12:24 PM on October 27, 2006

Second asking the employer. If they like you enough, paying $3000 to move you isn't a big deal.
posted by knave at 12:25 PM on October 27, 2006

(which has been determined to be my responsibility to cover by negociation)

Makes it sound like the employer paying is out of the question.
posted by jmd82 at 12:39 PM on October 27, 2006

It sounds like you already covered the possibility of a relocation bonus with the new employer, and they said no. I'd go with getting credit cards or a loan from the bank.
posted by mullingitover at 12:39 PM on October 27, 2006

Makes it sound like the employer paying is out of the question.

I see. Missed that bit. Also, I have friends who have requested a chunk of their salary up front the first year, i.e. $5k or so. The rest of the salary is paid out evenly over the rest of the year. This might be a possibility.
posted by knave at 12:45 PM on October 27, 2006

mullingitover is correct. I negociated for a higher salary essentially in lieu of a moving/ signing bonus.
posted by |n$eCur3 at 12:45 PM on October 27, 2006

I've always found American Express customer service to be the best of the big three

Does Amex still require you pay your balance in full every month? (They may have changed this.) Something to think about if you go the credit card route.
posted by Nathanial Hörnblowér at 12:50 PM on October 27, 2006

I'm not sure where the $3,000 number is coming from. Can you defer the move? That is, put your stuff in storage, fly out there with a suitcase of clothes, use a friend's address, couchsurf and/or live in a hostel. Then after a couple paychecks you can bring your stuff out.
posted by vacapinta at 1:04 PM on October 27, 2006

I would recommend Vaca's approach.

There are two hostels (Hostelling International and Green Tortise) that are right in the downtown area, and accessible to every concievable bus route you'd need to get to and from work. Plus, the Hostelling International one is very secure, and by Pike Place Market. Both plusses in my book.
posted by spinifex23 at 1:21 PM on October 27, 2006

Does Amex still require you pay your balance in full every month?

Depends: if its a charge card - yes. if its a credit card - no.
posted by jeffmik at 1:53 PM on October 27, 2006

I recently moved to Atlanta, GA from Tallahassee, FL, with no savings to speak of, and no furniture. I basically threw out all of my old college crap and decided to start over. I went to my credit union, and got what was called a "Signature Loan". The rate wasn't the best, but I got $5,000 without question. My credit score is in the low 600s, and not very well established, and I've even got one $2xx collection from several years ago. Talk to your bank - I'm sure they'd love to make money of help you out. :)
posted by TheNewWazoo at 2:09 PM on October 27, 2006

I'd put up a listing on Propser.com (fair disclosure: I am a lender). Don't say in the loan that you intend on paying it off early. You may or may not get a great rate depending on your credit history, but as long as you pay it off quickly it'll very likely be much better than having a bunch of credit card debt.
posted by 0xFCAF at 2:13 PM on October 27, 2006

It's actually prosper.com, I was going to suggest that. Propser.com works but isn't the correct url ;)
posted by jesirose at 3:26 PM on October 27, 2006

I second prosper.com

If your credit is good and you join a group, you are almost sure to be funded at a reasonable rate. I was!
posted by ThFullEffect at 12:47 PM on October 28, 2006