Personal Loans

[Allenberg]

Alright, so I'm about to start my new job as an insurance agent, and with that, my wardrobe really needs an upgrade. Apparently, military-issue battle dress uniforms or polos and khaki shorts really aren't suitable (hehe, I made a punny) for the job. My idea is to take out a personal loan for about $1,500 and buy a few suits, some nice shoes, and a new briefcase. What may trip me up is the fact that I don't have much credit, but all the credit cards I used to have are paid off and the accounts closed. I don't own much, but I do own a 1994 Dodge Caravan free and clear.

Does this sound like a good idea?

[amazona]

1. do insurance agents still wear suits?

In your place, I'm afraid I would get one nice easily kept-clean sports jacket to wear over the polo shirt and the rest would have to wait until I see how the other agents really dress who actually make the most sales. Plenty pass the insurance exam and get hired, but not so many make their quotas and keep their jobs, so I'd hold off on a big clothing investment until I had a feel for your office environment and how it was all going to work out.

I think you need to get a credit card, at least one. What happens when you need to rent a car for business or reserve a hotel room? It is not going to look very professional if you don't have a credit card. Maybe your agency will provide you with a credit card, I don't know, but I suspect you will need your own for starters.

Good luck in your new job.

[Allenberg]

2. Thanks for the wishes.

When I need to use a credit card, I rely on my Visa debit. I'm not a big fan of high interest rates.

[Lilyhoney]

4. Department store credit cards

would be easier to get than say a visa.

[Lilyhoney]

3. Go to the thrift store!!!!!

I just bought my husband a brand new, very nice suit for $25 at the thrift store. I also just bought an entire summer wardrobe for $85.
Clothing is so desposable and I am a thrifty person with a taste for quality. I find some of the best deals ever. I am not a trendy person, I have my own personal style and I cannot shop at the malls.

Shoes, buy quality shoes. Look on ebay for a briefcase, you will find a great deal there. Suites as well, just do a search on your size.

Some store are better than others, so look around for one you like.

Good luck on your new job.

[Wcross]

5. Get another card from your bank.

I went to citi-financial last year for a personal loan. I was upgrading my computer and I didn't want to wait the month or two for my bonus from work to arrive. I had a mortgage on my home with 75% equity in the property. I also had an outstanding car loan with two years excellent payment history. I had one credit card with an excellent payment history but a low limit (by choice).
I was offered a "great loan" (according to the scum-bag "loan officer") with the excellent interest rate of 29.9%! They also wanted me to pay a 149 dollar "origination fee" which made the effective interest rate over 30%. This fool even said -"It's a lower rate than you would get from a credit card" (even though my card had a 9% rate).
I went along all the way up to the point of him printing me the check and just about to being required to sign the loan paper. I looked him squre in the eye and asked him how the company determined the interest rate, He said "the computer does it". I said "Your computer is on crack, there is no way in hell I am borrowing money at 30%" I stood up and the guy made a move like he was going to try to block my exit from the "closing office". He must have noticed the look I had in my eyes because he sat back down in his chair and said nothing. I waited for the bonus to come in.

You will be screwed blue if you get a personal loan from a finance company.
If you go to a place like "the mens warehouse" you could probably buy a couple of suits for under 3-400 bucks. You could pick up a pair of shoes cheap at any shoe store.