Obtaining a Personal Loan for SRS?

[seldom]

I was wondering if it was possible to obtain a personal loan for SRS.

A little about me.
I do make a good income.
I have an excellent credit history for my age (28) in fact the highest credit score you can have in my age bracket (I have never missed any payment, and check my credit history frequently).
I have a job where I can transition (progressive employer) and not get fired (basically stable employment).
I have a bachlors and professional degree (Juris Doctor).
I have a college loan, but the monthly payment is nominal and the pay period is over 25 years.


I cannot save for SRS it would take me too long, but I would easily be able to pay off any loan over a 3-5 year period. 

I was wondering in the alternative to fighting my insurance company and taking on a huge risk doing so, is taking out a personal loan to pay for this possible.  I will be saving, but I would need a loan if I were to get SRS soon after the RLE.  I would like to know this well in advance.  I must get SRS from a US licensed doctor (I was born in Illinois, which has specific rules regarding changing ones birth certificate and SRS), so the less expensive option of Thailand is out. 

I do not own or have a mortgage on a house or a house (renting is cheaper in the DC area). 
I do own a small car and own it in full.

Could I get a personal loan for SRS?  Has anybody tried this.  I don't want to use my credit cards to pay for this either (the interest is TOO high). 

This is a few years out, but I plan things out for the long run. 

[cindianna_jones]

I secured 3 personal loans of $2500 each from loan shark companies at ridiculous rates to pay for my surgery.  I paid them of very quickly.

There are ways.  Be careful though because the interest can literally sink you.

Cindi

[seldom]

Loan shark companies no way.
My credit card is a better option.  (I have over $10,000 in available credit from just that, and from what I heard is the amount of a personal loan is based on income, savings, collateral and credit history). 
Like I said excellent credit. 

I will be seeking the loan in DC and I am an attorney.  I may be TS, but the non-discrimination laws regarding gender identity are strong here (best in nation, better than California, no offense), and well, banks like everybody else are scared of getting sued for discrimination.  They rather give out the loan then risk the legal costs and penalties.  The law in DC is basically for any traditional service you cannot deny on the basis of gender identity of the person, that includes bank loans.  Places may try to discriminate against other people, but attorneys are better at keeping records and documentation and catching discrimination when it is happening to them, and above all else fighting back.  Discrimination may be hard to prove in court, but attorneys never get the same level of discrimination, it is seen as to risky by even the most bigoted individual.  Unlike many people who are the victims of discrimination, we fight back.  Above all else people are scared to get sued. 

I am weighing fighting the insurance company, with seeking a loan.  It is an analysis I am going through. 

[Laura Eva B]

Amy,

My first reaction would be to lie about the purpose of the loan .... most UK banks are only too happy to lend unsecured cash to creditworthy clients, and aren't too fussy on checking that you really did buy that car, build that house extension, go for that holiday .... (they factor the risk of unsecured into higher interest rates).

But there again most banks are only too happy to lend for things like plastic surgery, boob jobs, etc, think mine even sent round advertising of the kind "do you want that dream holiday, a new car, the breasts you always wanted ...." as tounge in cheek loan promotion !

Its a fact that even in the UK cosmetic surgery is one of the fastest growing reasons for getting a loan.

So if your bank know about you (guess you've had to change name and gender on your account), see that you're professional and still in good stable employment within your new gender role, and a long standing customer, in all probability they won't freak out over why you need the cash.

I've always found my dealings with financial institutions where I've had to reveal my gender change details to be most pleasant, not least because the counter staff are usually youngish women, who tend to be really supportive and friendly when you drop the "bombshell", full of questions and compliments .... after all you "liven up" their boring and routine day, and give them something to tell their families back home !

The last time I went into a bank having to change details on some old equity investments (only two weeks ago) I ended up chatting with their "personal banking advisor" Debbie for over an hour without finances being mentioned once ! Debbie had asked in all innocence why I needed to change my name (expecting marriage, more likely divorce) and you could see her jaw drop when I said "its a bit embarrassing, but ...."     !!!

Laura

P.S. as you know there's not a big difference between loan sharks an the creit card companies .... I have $40k + available on my two cards, but if I spent that much the monthly interest would eat up nearly a third of my salary !

[Keira]

If you've got a good credit history, salary, profession, you generally can get a line of credit from the bank. At least you can here. I got a 22K line of credit when I was just doing 50K 2 years out of university.

A year later, 2 credit card companies almost begged me to get a gold cards with 5K of credit, within a year my limit was pushed to 10K.

I got a light FFS (brow bossing + rhino) by putting 10K on my line of credit.

The thing is, build a good credit history and they'll give you almost anything you want if you've got a decent salary.

If you have property as collateral, well its even easier, you can play one bank against another by threatning to move you mortgage and accounts and they'll give you a line of credit for sure (even if you don't have perfect credit).

[seldom]

I have a very good credit history, and a good salary.  So it looks like financing SRS through a loan is fully possible.  (I don't want to finance everything, just enough). 
Keira, seeing what you mentioned my line of credit would be very similar, maybe even a bit higher.  I have an established credit history of paying off credit cards and student loans like clockwork for nine years. 

I am still going to save, but this is a good alternative to risking a fight with insurance to go to a surgeon I would not want to go with anyway.  Banks want to loan out money to those who have a good credit history and have a good paying job, I have both.   

Thanks for the advice.  It helps me out with my planning a great deal!

Just to make sure I am going to seek the loan out in DC to get the protection of the discrimination laws. 

Even in the US banks are willing to loan out money for those in my credit ranking pretty easily.  Especially since by only long term debt is a student loan with a low monthly payment. 

[Keira]

Its better in your case I think to try for a line of credit than a loan. A line of credit has more flexible payments and generally, it can be used at will while personal loans are usually used for specific purposes (like buying a car). They usually tend to give line of credits to those with a good salary and credit history and a personal loan to those with a less stellar background (interest rates of personal loans are also usually higher).

Be sure to get a lot of info on line of credit rates of competing banks because the banks often try to pull a fast one. The rate is usually defined as prime + a percentage (which depends on how good a client and how small a risk you are). This is a variable rate which is much lower than personal loans.

I don't know if I'd mention SRS when going to the bank for this, just in case of random bigotry and in the case of a line of credit I don't even think its needed. If you really need to say anything, just say that its for plastic surgery, I think that's good enough for them.

[cindianna_jones]

I would never mention SRS to the bank.  The fewer places this sort of thing is documented, the better.  Did you see Frontline this past week?  Everything is getting funneled back to those nice government officials waging the war on terror.

I did fight my insurance company and I was reimbursed eventually.  The fight, if you can call it that, lasted about a year but they eventually caved in.

When I went through this, I had no credit to speak of so loan sharks was pretty much it.  Now, I think I could finance a nice home on my credit card limits. That's pretty scary to think about.  Yea... there was a time when I built up my credit lines solely for the time when I might have to slip into obscurity and leave this land of opportunity. But I had better opportunities than the need to leave.

It sounds like you have every option available to you.  You are in fine shape.

Cindi

[Suzie]

There are a couple of other options to consider.  You might be able to borrow from your retirement plan.  Most 401(k)s/profit sharing plans will allow personal loans at a fairly decent rate, although the amount might not cover everything.  401(k)s will also allow early distribution because of hardship, but you might find it hard to justify.  Some life insurance policies will also allow loans.  If you have multiple life insurance policies, you might consider cashing one of them in, i.e. surrendering it.  The life insurance company will most likely come out ahead, but if you don't need that policy at this time, then it might make sense for you.  Another thing to mention, although it's not a way to obtain a loan, is that some employers will allow you to set aside money pre-tax for medical expenses that aren't covered by your health care plan.  This is a good way to fund electrolysis and other expenses not covered under your medical plan.  Doesn't cover everything but its a good way to chip away at the expenses. 

It sounds like you have the cash flow, but lack a little discipline    If you have a few years to go, I think you can swing it more easily than you think.  Time to cut back on the $20 lunches and the Starbucks maybe?     

Good luck.  I'm in the same boat essentially, but my time will come up a little sooner.

xo
Suzie

[seldom]

$20 dollar lunches, and starbucks, far from it.  I live off of dry cereal, pasta and fresh fruit, the most I spend for lunch if I do eat out is $7.  I never buy coffee.   
All of my costs have been transition related (hair removal, therapy, etc.) My insurance has yet to reimburse me for therapy (my first check is coming from my insurance company).  I will have more money coming in as my friend who has moved in with me will start paying rent (I let her stay a month and a half because she hit a rough patch).    I have been saving money, and most of the cost will be covered by savings, but I do not mind loaning a bit of money for my legal and physical congruity can be obtained sooner rather than later.  Even my patience has limits despite the fact I plan everything out in detail.   (My employer does allow me to set aside money pre-tax for REIMBURSEMENT for costs not covered by medical expenses.  The problem I missed the enrollment period this year.  Just to let you know, I am doing laser not electrolysis.) 

I found out that lending tree does use their program for personal loans and lines of credit too.  Just in case.  

I rather take out a line of credit or personal loan than touch my 401(k)!  The penalties do not make it worth it at my age, plus there is not enough in it to mess with it!    I just don't want to fool around with that.

Cindi as strange as it sounds, the government and some major corporations probably have a file on me anyway.  I work in the progressive non-profit world as a professional activist.  I could go on, but a level of paranoia is already part of my personal life.  To be honest, I got past this paranoia years ago when I was in college and started my life as an activist.  If they have information on me being a transsexual woman, so be it, I have no shame in who I am.  I know I am rare creature in the community to have this opinion, but living life in constant is no way to live.  That fear is what kept me from transitioning for several years, and I have finally overcome that fear. 

[cindianna_jones]

Cindi as strange as it sounds, the government and some major corporations probably have a file on me anyway.  I work in the progressive non-profit world as a professional activist.  I could go on, but a level of paranoia is already part of my personal life.  To be honest, I got past this paranoia years ago when I was in college and started my life as an activist.  If they have information on me being a transsexual woman, so be it, I have no shame in who I am.  I know I am rare creature in the community to have this opinion, but living life in constant is no way to live.  That fear is what kept me from transitioning for several years, and I have finally overcome that fear.

Good for you!  But still, if you don' t have to go on record, why do it?  We do need more activists fighting for the cause and I admire you for it.

Cindi

[LostInTime]

As one gal who has attracted the eye of the govt from time to time to another, if you can, leave it off of the forms. The true damage from some of the laws passed has not been seen yet and the feds are going crazy blocking personal bank accounts. I had to delay paying my lawyer for some work she did because of it. Her reaction was that she has had several clients go through the same thing.

Just because you are not necessarily low profile does not mean that you should stick your head up any higher than you have to right now.

Just IMHO and YMMV