How long do you have to be employed before you can get a loan?

Recently I got an email from Leanne. She asked something about loan and the employed time before we can get a loan, whether it is a car loan, home loan etc. Here’s an excerpt from the email:

How long do you have to be employed to get a loan?
It has become obvious I need help with this.  Any ideas you have would be very much appreciated.
Any help appreciated.

So now I’m gonna try to answer the question, even though I’m still a newbie in the loan world

These days, especially in the economic break down US people are having, financial lenders can become very cautious to give loans. They will select people based on various aspects, and one of them is the employed time of the loan applicant.This aspects is rather important to show the bank or loan companies that the loan applicant is financially stable and will be able to pay the debts.

One thing that I noticed is that many loan companies may have different scale for this.. Some of the loan companies want to see a minimum 6 months old job, and some other want to see a minimum 1 year old job.So basically it really depends upon the loan company you are looking at for the specific information.

So here’s what I’m proposing as the solution: You should call your bank(s)/loan company(es) to know their minimum employed-time requirements. And don’t forget to ask them about the interest rate…

Another thing that may related to this topics is this: The loan companies might also ask your current earnings, so that they can calculate whether you can pay the loan’s minimum payment or not… So you need a steady employment history and a certain projected income.

You might also need to think about your credit history. If your credit history is good, then it can help you getting the loan…

Good luck, Leanne