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4 weeks ago

How to Get a Loan if You Just Started a New Job

by Vinicius Rocha


Getting a loan right after you start a new job can feel intimidating - whether you need it for a car, a house, or something else big, it might seem like a tough hurdle.

However, if you plan things out and know what you're doing, getting the loan you need is completely possible.

How Soon Can You Get a Loan?

One big thing lenders worry about when you've just started a new job is whether or not you'll stick around: they want to know if you have a steady paycheck, and if you can pay back what you borrow on time.

Usually, lenders like to see at least three months of work history with your new employer before saying yes to a loan. During those first few months, you'll be proving yourself at your new job, showing you're dependable and serious about your work. This time also helps lenders make sure you're bringing in a steady income and can handle paying back what you borrow.

While some lenders might be more lenient about how long you've been working, having three months of steady pay from your new job makes it much more likely they'll approve your loan. It gives them a good amount of time to look at your financial situation and decide if lending to you makes sense.

What Kinds of Loans Can You Get?

The type of loan you're after will inform what you need to get it. Here are some common types you might need when you start a new job:

  • Car Loan: If you need a car to get to your new job, you might need a car loan. Lenders who give out car loans look at things like your credit history, how stable your income is, and if you've got a job.
  • Mortgage Loan: Owning a home is a big deal for a lot of people. Mortgage lenders usually want to see if you have a steady income, along with whether or not you can make payments on time. If you've got a solid credit history and make good money, some lenders might still give you a shot, especially if you work in a high-demand job.
  • Personal Loan: Whether you need to bundle up debt, fix your house, or deal with surprise costs, a personal loan can give you the cash you need. The rules for getting one might change depending on who you ask, but having a steady paycheck from your new job is key to getting one. Having a good credit score and not having a lot of debt can also help.

Tips for Getting Approved for a Loan

Getting a loan when you've just started a new job might need some planning. Here are some things you can do to help your chances:

  • Build up good credit: Having a good track record with money shows you can handle loans. Pay your bills on time, and don't take on new debt right before you apply for a loan.
  • Show you make money: Lenders want to know if you've got enough money coming in to pay back what you borrow. Give them recent pay stubs or papers from your new job to prove it.
  • Save up some cash: Putting down a bigger down payment can make lenders feel better about your reliability and make it more likely they'll say yes. Try to save up as much as you can, especially if you're asking for a mortgage or car loan.
  • Think about a co-signer: If you don't have much work history, having someone else with good credit and a steady job with you can help. Just remember, they're on the hook too if you don't pay back the loan.
  • Check out your options: Different lenders have different rules for giving out loans. Look around and see who's offering the best deal for you in terms of interest rates, how long you've got to pay it back, and any fees they might charge.

All in all, getting a loan right after you start a new job can be easy if you do things right. Showing you're steady, proving you make money, and picking the right loan type can boost your chances of getting approved.

If you're looking for help with money and just got a new job, Magical Credit is here for you. We've got loans that fit your needs, and we'll walk you through the whole process.

Don't let a recent job switch stop you from reaching your money goals - get in touch with us at Magical Credit today to find out more about our loans and start on the path to getting the cash you need for a better tomorrow.


Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

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