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Discussion Starter #1
I know nothing about these things. Back when I was working I used the company credit union for loans. They had what they called a "signature loan." On your signature, you could borrow one month's pay, and it would be payroll deducted in 12 payments. Easy as pie.

Now I'm retired, and no longer in the credit union. I have been using a small, local bank, just keeping a small amount in a checking account in order to cash checks. I do not use checks or credit cards. My credit is back good again, after 10 years ago and a financial trainwreck.

The reason I need $1,000. is that I got a quote on replacing the roof and it is for $2,000. Metal roof, well known reputable installer.

I believe the man gave me a serious discount, and I want to get it done before too much time goes by and he may no longer be able to do it for that amount.

My SS will be here, as usual, in about three weeks, and that would give me half the needed amount. I think having at least half the amount necessary would look better to a loan officer than going in with nothing.

So, have any of you ever gone in to ask for a small amount and what was your experience with the bank?

My roof is leaking, the shingles are worn out, 20 years old.
 

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I would think your best bet would be to go in and ask for a line of credit, second option a credit card, and use it only for that purpose since you seem to be able to pay it back quickly
 

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If you can come up with half the money, can you talk to the contractor?

Would he be able to do the work for you if you gave him half up front and then tell him the payment plan you can do with him? (With winter coming, their projects usually slow down or stop, so your monthly checks can help him out there.)

If necessary, give him something as collateral - your car title paper or something like that.

Figure out how much each month you can give him - a number that you are guaranteed you can pay no matter what and show him how quickly he will be paid back - plus throw in an extra month or two as interest.

If that won't work, is there something you can sell to get the money?

You can't wait around with a roof that is already leaking.
 

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Uhhh, not to be a wet blanket. but..... I would question the quote, and doubt it if it is not in writing, in the form of a detailed quote of just what he is going to do for that amount. You won't get many squares done for $2,000, even with a good discount. With roofing that is over twenty years old, and leaking, you may need a complete tear-off, plus new sheathing underneath.....and no one knows just how much sheathing work or patching is needed until the old roofing is torn off.

For financing, why couldn't you go to a new, independent Credit Union? The interest rate will probably much cheaper, and you would stand a better chance of getting a small loan thru them, I think.

And I would be suspicious if the contractor said "Hurry, before I change my discount..." But, you know him better than me, of course, so that's just my way of thinking. Good luck.

geo
 

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I would think your best bet would be to go in and ask for a line of credit, second option a credit card, and use it only for that purpose since you seem to be able to pay it back quickly
A credit card would be your best bet. If things go wrong, you can reverse the charge and make the guy do it right. Did that on a septic tank.........

As to your question on the small loan amount. Hard to say if the bank would make a loan that small. If not, would they do $2000? It would most likely be a simple interest loan and you could pay it off quickly with little finance cost.

The way lenders it look at it. It cost the same to maintain $1000 loan as it does a $100,000. Their income could be 10 times as much on the larger loan................
 

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I started out taking $500 loans 20yrs ago, and up to taking $3000 now. I could get a $1000 loan anytime, but I have a long history with the bank.
 

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Last time we asked for a small loan (less than $5,000) the bank told us to either get a credit card or home equity loan. The ones around here don't do signature loans anymore.

I'm not familiar with the costs of metal roofing. I know a regular shingled roof with tear off and clean up (double layers of shingles are against code here) would cost way more than $2000 even for my small house.
 

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When I still had my sign business, I had a job where the materials were going to run $2200.
I tried to get a loan, 90 day, single pay for $1,000. Bank refused to do a loan under $2500.
So I borrowed $2500, had to be paid back within 90 days to get the low interest rate, otherwise it would jump to something like 12%.
So, I signed the paperwork, they issued me a check for $2500, I deposited it in my account, and then wrote them a check for $1500 as a first payment.
 

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Discussion Starter #11
Thank you for your responses.

A line of credit sounds promising. It won't hurt anything to go in and ask.

Yes, I have the quote in writing. He was quoting my neighbor's roof and I was over there for supper with them. Their quote is a few hundred more than mine, for a larger house. My house is very small, about 25' x 35', so the square footage is small.

If I have to wait until I can accumulate enough to have the full amount, it will be the middle of November. SS comes once a month. He gave no time limit on the quote, but I would still like to get it all done before winter. The leaks have been caulked for the time being, but I still cringe when a big storm blows through.

Again, thanks for the replies. Good to know one can ask questions here and get many answers and advice.

Have a good Saturday, yall!
 

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Not much smaller than my house. Is it metal sheeting over the shingles? Or tear off shingles and lay metal sheeting?
 

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The answer to your question is "Yes".
I have, the answer was always "No" accompanied with a look of derision, and a comment about "we don't make loans THAT small."
The very reason why I seldom deal with banks and have learned to do without them.
Learn that lesson ASAP.
 

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Discussion Starter #14
farmrbrown, I kind of think it would go that way. "Borrow Big or Get Out" like the big boys do. If I were not so reluctant to put the house up for collateral, I'd just borrow against it and fix as much as I could. HOWEVER, I absolutely will not risk it. House is paid for. The economy is going to hit the wall one of these days, and I do not want to be left with a debt like that.

Danaus29, yes, the estimate is for applying the metal over the existing shingles. This company reroofed my other neighbors house this way, and it seems to have been done well.
 

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Around my area, which is not all that populace, there are 4 or 5 credit unions with geographic or other loose srandards for membership. Is there one there you could join in a hurry? If you are willing to do a direct deposit, you kight be able to arrange a signature loan simultaneously.
 

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I borrowed 1000 from my local bank after I returned home from the navy to pay for a divorce. I had a year to pay it back but got that done sooner.
I have seen some credit unions offering 1200 or so loans around here.
Of course, here is not there and things may be different.
 

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This is a horrible idea and I do not recommend it but sometimes you have to do what you must.... payday loan or car title loans. They are extreme on interest.

Do you have anything to pawn?
 

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Discussion Starter #18
No, nothing to sell or pawn. Car is 20 years old and falling apart. What possessions I have are old, broken, worn out and of no use or interest to anyone. I have a house full of nothing of value.

I have hesitated on getting a quote to reroof, thinking it would be thousands of dollars, and now wish I'd gone ahead and asked. I could have had it saved up by now. As they say: "hindsight is perfect."

The thought occurred to me a little while ago; remember the report that came out some time ago about how most Americans could not come up with $1000 for an emergency? Well, this is sort of like that, not an emergency, but it points out how hard it is to get together a certain amount of money for something.

It takes so much now to eat and pay the utilities. The money just evaporates and you look around and wonder where it went. I read an article about this inflation and how the dollar has been devalued. In 1971, when I first went to work, the minimum wage was $1.60 an hour. Today, it takes $9.83 cents to buy what that $1.60 bought then. I bought a new car on that wage in 1971.

Thanks again for the replies and suggestions. I am mulling over some things to try. If nothing else, I will have enough by the end of November, if things do not go haywire between then and now. I'm just all afire to get'er done now.

Thanks everyone!
 

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I would think you can get a home equity line of credit from the bank that holds your note (or did if you own it free and clear).
 
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