# Best way to obtain short-term (about 2-3 weeks) loan? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [February 21, 2014, 6:08pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898 "2014-02-21T18:08:53Z")\ **Posts on this page:** 11\ **Page:** 1
**Author:** ![It\_s\_Not\_Rocket\_Surgery](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/it_s_not_rocket_surgery/32/312_2.png) [@It\_s\_Not\_Rocket\_Surgery](https://boards.straightdope.com/u/It_s_Not_Rocket_Surgery)\ **Post date:** [February 21, 2014, 6:08pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/1 "2014-02-21T18:08:53Z")
I was relocated by my company in December, with many relocation costs reimbursed. We are now selling the old house, and the closing is expected to take place in one week. I asked the relocation department for an advance towards the approximately $11,000 in broker’s fees, which they will reimburse. They said no to the advance. The broker also expects the fees to be paid at closing, but it looks like I won’t have those funds until about 2 weeks after closing. What’s the best way for me to get short-term funding for the closing, given that reimbursement is guaranteed? ---
**Author:** ![LurkerInNJ](https://avatars.discourse-cdn.com/v4/letter/l/ed655f/32.png) [@LurkerInNJ](https://boards.straightdope.com/u/LurkerInNJ)\ **Post date:** [February 21, 2014, 6:50pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/2 "2014-02-21T18:50:35Z")
The broker is normally paid from the proceeds at closing. Why are the buyers funds not being disbursed at closing? ---
**Author:** ![It\_s\_Not\_Rocket\_Surgery](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/it_s_not_rocket_surgery/32/312_2.png) [@It\_s\_Not\_Rocket\_Surgery](https://boards.straightdope.com/u/It_s_Not_Rocket_Surgery)\ **Post date:** [February 21, 2014, 7:06pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/3 "2014-02-21T19:06:49Z")
> [@LurkerInNJ](#): > > The broker is normally paid from the proceeds at closing. Why are the buyers funds not being disbursed at closing? They are, but I’m basically selling the house for the loan payoff amount, so the remainder will have to come from me. ---
**Author:** ![pancakes3](https://avatars.discourse-cdn.com/v4/letter/p/ba9def/32.png) [@pancakes3](https://boards.straightdope.com/u/pancakes3)\ **Post date:** [February 21, 2014, 7:33pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/4 "2014-02-21T19:33:42Z")
> [@It\_s\_Not\_Rocket\_Surgery](#): > > They are, but I’m basically selling the house for the loan payoff amount, so the remainder will have to come from me. Ouch. And why won’t the broker push back the settlement until you’re able to collect on your relocation fees? Or will HR simply not pay for it but ONLY reimburst? This sounds like a good candidate for one of the microfinancing services. Low risk, short term, moderate amount loan. I know there’s an entire thread dedicated to lending tree on SDMB. Maybe look into that? ---
**Author:** ![It\_s\_Not\_Rocket\_Surgery](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/it_s_not_rocket_surgery/32/312_2.png) [@It\_s\_Not\_Rocket\_Surgery](https://boards.straightdope.com/u/It_s_Not_Rocket_Surgery)\ **Post date:** [February 21, 2014, 7:43pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/5 "2014-02-21T19:43:02Z")
> [@pancakes3](#): > > Ouch. And why won’t the broker push back the settlement until you’re able to collect on your relocation fees? Or will HR simply not pay for it but ONLY reimburst? This sounds like a good candidate for one of the microfinancing services. Low risk, short term, moderate amount loan. I know there’s an entire thread dedicated to lending tree on SDMB. Maybe look into that? Yes, HR will only reimburse, not pay in advance. ---
**Author:** ![Zulema](https://avatars.discourse-cdn.com/v4/letter/z/db5fbb/32.png) [@Zulema](https://boards.straightdope.com/u/Zulema)\ **Post date:** [February 22, 2014, 4:49pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/6 "2014-02-22T16:49:12Z")
I have known a few people to get short term loans for similar reasons from their bank. Other than that your credit card might give you a deal on cash advance rates if you call and ask. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [February 22, 2014, 5:27pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/7 "2014-02-22T17:27:08Z")
Well, before you get a loan… Get all parties involved (HR and broker), explain the issue, talk about possible solutions. _Tell them what you want and ask them to assist you in working for it_\*. This is surely not the first time it’s happened to the broker, nor will it be the last, and a 2 week extension will not break his bank. You may also need a signed letter from the HR department explaining their policy of (a) non-advances, (b) payment upon receipt of proper documentation, and include a statement that verifies this is a qualifying transaction and so will be reimbursed upon receipt of said documentation. This will likely satisfy the broker. Also… if there is anything you can pay… $500, $1,000, whatever… that will make all parties more comfortable with this. (Assuming you haven’t done this already.) \*And what you want is to do this without having to go $11k into debt, even temporarily. Most people won’t do this, assuming these are take-it-or-leave-it transactions, but the broker is a customer too and he won’t want to lose an $11k commission/fee because of a two-week delay caused by a third party’s reimbursement policies. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [February 22, 2014, 5:48pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/8 "2014-02-22T17:48:12Z")
Lost my edit time… So, to answer your question, the best place to get the loan is from the broker themselves. The best way to guarantee she’ll agree is via a letter from your HR department stating that his fee is fully reimbursable once sufficient paperwork is provided. If you can pay her _some_ money, she’ll be more amenable to this. One thing I can safely tell you is that your situation is not uncommon or unknown to these people, and don’t worry - they hear all sorts of crazy bs financing schemes from their clients all the time, this won’t even cause them to bat an eye. What you don’t want to do is go into that closing w/o this being resolved. Then everybody is mad at you, and rightfully so. Again, real estate professionals know that this can be complicated and they’re there to help you. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [February 26, 2014, 1:37pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/9 "2014-02-26T13:37:25Z")
Don’t want to be nosy, but can’t help myself… Any update on this? ---
**Author:** ![It\_s\_Not\_Rocket\_Surgery](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/it_s_not_rocket_surgery/32/312_2.png) [@It\_s\_Not\_Rocket\_Surgery](https://boards.straightdope.com/u/It_s_Not_Rocket_Surgery)\ **Post date:** [February 26, 2014, 4:33pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/10 "2014-02-26T16:33:15Z")
> [@JohnT](#): > > Don’t want to be nosy, but can’t help myself… Any update on this? Yeah, and I should put it in the Pit. I managed to get my sister to agree to loan me the money, avoiding the whole issue. But it may not matter, because the buyers are trying to get out of the purchase - 3 days before closing - because they are unhappy my insurance company, who is paying for needed roof repairs - took so long to inspect the roof (they did it Monday) even though the adjuster couldn’t get up on the roof due to all the snow! WTF??? ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [February 26, 2014, 4:45pm UTC](https://boards.straightdope.com/t/best-way-to-obtain-short-term-about-2-3-weeks-loan/681898/11 "2014-02-26T16:45:18Z")
There are reasons and there are excuses. That’s an excuse.