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Thread: Exchange or Loans?

  1. #1

    Default Exchange or Loans?

    Question for first-time ALT. With the currency exchange rates the way they are, wouldn't it be a better idea to keep your US Dollars back home and take out loans for your initial housing payments etc before first paycheck by the time you get to Japan? I guess the better question is what are the loan policies for a ALT in the JET program, and does it differ for Interac/Non-JET?
    Last edited by HonoluluMarathon; November 9th, 2011 at 14:45.

  2. #2
    magic markers Gezora's Avatar
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    What? Your first payment for housing is going to be 1,000 bucks tops. It's not for actually buying a house so the bank wouldn't give you a loan anyway, doubly so for a fresh off the boat foreigner with no bank account. You're going to need money to live when you first get there anyway. Just bite the bullet and deal with the crappy exchange rate. Every paycheck you get after that is probably going to be earning you about 20% more than an equivalent salary in the US, not to mention tax free.
    Quote Originally Posted by Ini View Post
    Only a fool would do a teachers workload for an assistants salary.

  3. #3

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    Quote Originally Posted by Gezora View Post
    What? Your first payment for housing is going to be 1,000 bucks tops. It's not for actually buying a house so the bank wouldn't give you a loan anyway, doubly so for a fresh off the boat foreigner with no bank account. You're going to need money to live when you first get there anyway. Just bite the bullet and deal with the crappy exchange rate. Every paycheck you get after that is probably going to be earning you about 20% more than an equivalent salary in the US, not to mention tax free.
    I'm aware of that, which is why I thought loans would be the way to go. I'm not familiar with how loans work in any country considering ive never needed one before, but wouldn't I be able to work something out with JET/the contracting organization? I imagine out of the thousands of applicants that apply in any of these programs, there are some dump poor ones right? Is everyone that goes there able pay the first 4 or however many months rent/deposit upfront without problem?

  4. #4

    Default Re: Exchange or Loans?

    um, my first housing payment was more around 2500 us bucks (and it would be way more now that the dollar has gone to shite). But as Gezora said, unless you have an understanding BOE willing to give you a loan, a foreigner brand new to the country isn't going to be able to get a loan from any financial institution in Japan.

    So yeah you can ask your employer. But be prepared in case they aren't willing to loan you some cash upfront. Mine wasn't.
    Last edited by MixedNuts; November 9th, 2011 at 15:03.

  5. #5

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    Quote Originally Posted by MixedNuts View Post
    um, my first housing payment was more around 2500 us bucks (and it would be way more now that the dollar has gone to shite). But as Gezora said, unless you have an understanding BOE willing to give you a loan, a foreigner brand new to the country isn't going to be able to get a loan from any financial institution in Japan.
    yes alright this is what i wanted to know.

    my credit and everything is good. should i lie and say im poor (im not)? if i tell them the truth about my concerns with the exchange rate and they would deny me a loan for that reason it would suck..

  6. #6

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    Quote Originally Posted by HonoluluMarathon View Post
    yes alright this is what i wanted to know.

    my credit and everything is good. should i lie and say im poor (im not)? if i tell them the truth about my concerns with the exchange rate and they would deny me a loan for that reason it would suck..
    HIJET:

    Your American credit rating means bupkis.

    You will need to bring money. The losses you take coming here will be offset by the yen going the other direction.
    Last edited by uthinkimlost?; November 9th, 2011 at 15:09.
    Quote Originally Posted by Jiggit View Post
    But what if we reverse the polarity of the quantum string theory? According to uncertainty principle there are infinite worlds out there, so it stands to reason schrodinger's cat is alive in one of them.


    Quote Originally Posted by Apollo87;
    U da real mvp.

  7. #7

    Default Re: Exchange or Loans?

    Well you can certainly try and see if they're willing to give you a loan if you don't want to get scr*wed with the exchange rate. But yeah don't say that's your reason. And also, you probably won't know your placement until like a month before you depart so don't depend on getting that loan for sure and wait last minute to scrounge up alternate funds. You said though that you're not poor so I'm assuming it won't be an issue for you.

    Edit: and as uthink said, your overseas credit won't mean anything to people here. I have good credit at home too but I can't get a loan or a credit card.
    Last edited by MixedNuts; November 9th, 2011 at 15:18.

  8. #8

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    Quote Originally Posted by uthinkimlost? View Post
    HIJET:

    Your American credit rating means bupkis.

    You will need to bring money. The losses you take coming here will be offset by the yen going the other direction.
    im AWARE.
    but hypothetically if you COULD get a loan for starting out until you earned enough money until you paid it off, i mean wouldnt that be the best way? 1000 USD = approx 77,000 yen now, right?
    four years ago 1000 USD = 120,000 yen

    i mean if you can avoid getting r*ped by the exchange, wouldnt you do it?
    Last edited by HonoluluMarathon; November 9th, 2011 at 15:15.

  9. #9
    Senior Member Eudox's Avatar
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    Default Re: Exchange or Loans?

    I really hope you don't end up anywhere near me if you get on the program.

  10. #10
    magic markers Gezora's Avatar
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    Maybe, but you've made it clear that it's not even beyond your means. Some people come here with barely enough money to make it to first payday because that's all they have. I think you'll survive Scrooge McDuck.
    Last edited by Gezora; November 9th, 2011 at 15:17.
    Quote Originally Posted by Ini View Post
    Only a fool would do a teachers workload for an assistants salary.

  11. #11

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    Quote Originally Posted by MixedNuts View Post
    Well you can certainly try and see if they're willing to give you a loan if you don't want to get scr*wed with the exchange rate. But yeah don't say that's your reason. And also, you probably won't know your placement until like a month before you depart so don't depend on getting that loan for sure and wait last minute to scrounge up alternate funds. You said though that you're not poor so I'm assuming it won't be an issue for you.
    If i fail to take out the funds before I go, what's the issue with just withdrawing it when Im in Japan?

  12. #12
    magic markers Gezora's Avatar
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    Quote Originally Posted by Eudox View Post
    I really hope you don't end up anywhere near me if you get on the program.
    I hope they don't get in period.
    Quote Originally Posted by Ini View Post
    Only a fool would do a teachers workload for an assistants salary.

  13. #13

    Default

    Quote Originally Posted by Eudox View Post
    I really hope you don't end up anywhere near me if you get on the program.
    i'm actually quite generous at times. but these are hard times we're living in over here dude. i understand you havent noticed being in a dif country and all

  14. #14

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    Quote Originally Posted by Gezora View Post
    I hope they don't get in period.
    aw, thats cold man

  15. #15

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    Quote Originally Posted by HonoluluMarathon View Post
    im AWARE.
    but hypothetically if you COULD get a loan for starting out until you earned enough money until you paid it off, i mean wouldnt that be the best way? 1000 USD = approx 77,000 yen now, right?
    four years ago 1000 USD = 120,000 yen

    i mean if you can avoid getting r*ped by the exchange, wouldnt you do it?
    Obviously not.

    I am glad you are AWARE of how the money will work coming out here. I'm sure you are also AWARE that, if you are careful, you could send money back to your US account after the first paycheck, and the stronger YENNIES you send back will offset the weak DOLLIES you brough. IF the exchange rate has changed drastically in that month, yes, you could get screwed, but IF it is fluctuating that wildly in the span of a month there are probably BROADER concerns.

    You MIGHT be able to get a loan from your CO. You might not. I would lean toward the NOT. You sign a contract saying you will come out and agree to the terms of employment, they are in no way obligated to loan you money and it would likely P#$$ them off. If they DO NOT loan you the money, you are up S#[7 creek because no bank will loan you anything.
    Quote Originally Posted by Jiggit View Post
    But what if we reverse the polarity of the quantum string theory? According to uncertainty principle there are infinite worlds out there, so it stands to reason schrodinger's cat is alive in one of them.


    Quote Originally Posted by Apollo87;
    U da real mvp.

  16. #16

    Default

    Quote Originally Posted by Gezora View Post
    Maybe, but you've made it clear that it's not even beyond your means. Some people come here with barely enough money to make it to first payday because that's all they have. I think you'll survive Scrooge McDuck.
    This was me. I brought as much as I could and took out a loan from back home too. Too bad that I was in one of the more expensive placements (no rent subsidy either) but oh well. It was awhile before I had splurging money though.

    And stupid phone won't let me scroll down, so I'll comment on HMarathon's comment (below) here: I'm not sure what you mean. You mean take out the funds from your us account after you get here?
    And lol, I was looking at Scrooge McDuck stuff this morning.

    Quote Originally Posted by HonoluluMarathon View Post
    If i fail to take out the funds before I go, what's the issue with just withdrawing it when Im in Japan?
    Last edited by MixedNuts; November 9th, 2011 at 15:27.

  17. #17
    magic markers Gezora's Avatar
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    Quote Originally Posted by HonoluluMarathon View Post
    aw, thats cold man
    Well you've made a stunning first impression.
    Quote Originally Posted by Ini View Post
    Only a fool would do a teachers workload for an assistants salary.

  18. #18

    Default Re: Exchange or Loans?

    I bet HONOLULUMARATHON doesn't even know where the best malasadas in the islands come from.

    I bet HONOLULUMARATHON doesn't like poi!
    Quote Originally Posted by Jiggit View Post
    But what if we reverse the polarity of the quantum string theory? According to uncertainty principle there are infinite worlds out there, so it stands to reason schrodinger's cat is alive in one of them.


    Quote Originally Posted by Apollo87;
    U da real mvp.

  19. #19

    Default

    ok so im getting the impression that if i dont bring any money with me, and I do not receive any loans, that I will be fked when I get there? Do they not have any Bank of America ATMs there or something?

    jk.



    Quote Originally Posted by Gezora View Post
    Well you've made a stunning first impression.
    how? im asking questions to gain a better understanding, so far ive learned more from it thanks to all of you (most of you). i appreciate it.

  20. #20

    Default Re: Exchange or Loans?

    Quote Originally Posted by HonoluluMarathon View Post
    im asking questions to gain a better understanding, so far ive learned more from it thanks to all of you (most of you). i appreciate it.
    Last edited by uthinkimlost?; November 9th, 2011 at 15:32.
    Quote Originally Posted by Jiggit View Post
    But what if we reverse the polarity of the quantum string theory? According to uncertainty principle there are infinite worlds out there, so it stands to reason schrodinger's cat is alive in one of them.


    Quote Originally Posted by Apollo87;
    U da real mvp.

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