This tag is a generic tag to be used when asking a question on Loans / lending. If there is a specific question the other related tags like home-loan, student-loans, etc should be used.

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2
votes
3answers
17 views

Is asking to pay off principal first a placebo?

Some people say that in order to pay off a loan sooner, you should ask the lender to "apply your payment towards the principal", so that they won't "apply your payment towards the interest". From my ...
0
votes
2answers
14 views

How old do I have to be to take a loan, and how should I go about the process.

I'm currently 16 and have been invited to attend a National Youth Conference for National Security in Washington DC this upcoming fall. I just moved in with my mom and this trip isn't exactly ideal ...
0
votes
0answers
52 views

How can someone else sell a car with my name also on the paperwork?

I just found out from my x that he got a new car but my name was still on the old one and I never signed any paperwork when he traded it in. How can a car dealership do that with my name still on it?
9
votes
2answers
2k views

Money sent to loan account after it has been paid off and closed

For the last few months I have been paying off a loan via automatic payments from my current account that transfer over automatically each month. The loan got paid off and the bank closed the account. ...
0
votes
1answer
50 views

Tax benefit on Home Loan

I own one flat (Staying in same flat) for which i am claiming tax benefit on home loan. Recently i have purchased one more flat,Can you please tell me how can I claim the tax benefit for the home ...
0
votes
1answer
72 views

Taking a small loan to improve Credit Score

Younger me made some horrible financial mistakes. Now as the idea of a house loan is not a far distance fantasy anymore, I think about how to improve the score. I already read several sources to ...
0
votes
1answer
64 views

Calculate APR from balloon loan

I need formula to calculate nominal APR from balloon loan with contract fee. The initial data and payment schedule is: Loan sum: 10 000€ Interest rate per year: 15% Loan period: 2 years Payments ...
7
votes
8answers
3k views

Would I qualify for a USDA loan?

I am eager to buy a home within the next year. My husband and I are in the process of fixing credit. I am interested in learning more about the USDA loans and think that this would be the best type of ...
-2
votes
1answer
52 views

Where should i sign?

I'm in the process of buying a vehicle. My uncle is helping me out by cosigning for me. On the contract there is a buyer and a co-buyer line that requires signatures. Where do i sign.
0
votes
2answers
80 views

Remit money to India from balance transfer of credit card

I am a tax resident of USA and citizen of India. Lately, I have been receiving 0% interest balance transfer offers from credit card companies. The offer is - they will charge me 0% interest for 12 ...
1
vote
1answer
103 views

How should I ask for an Employer Loan as an Employee?

I would like to ask my employer for a loan. I know IRS guidelines expect it to run at the APR with regards to interest. However, before I ask I would like to be as educated as possible as to what ...
31
votes
11answers
8k views

Should I charge my children interest when they borrow money? [closed]

My children (both male, ages 25, soon to be married, & 32, married) have borrowed money from me and my wife on several occasions. They have yet to pay us back what they borrowed. We have never ...
3
votes
2answers
92 views

Is a secured loan or mortgage considered debt? [duplicate]

Lets say you buy a home for $300k, and put down a $100k payment and take out a $200k loan. The house was purchased for a fair, properly appraised value. Does this mean that you are now $200k "in ...
3
votes
1answer
68 views

Fixing Credit With Several Small Debts

I am a recent graduate from the U.S. with a checkered credit history. I have a few items in collection now totaling about $750 or so. Previously, my attitude would have been to let these slide until ...
3
votes
2answers
87 views

High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?

I presently have: Credit Card, £2250 balance, interest rate of 17.43% Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment) Credit Card, £2400, interest rate of 34% Overdraft of ...
25
votes
7answers
12k views

Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?

I am planning to make a big purchase. I have the money in savings to cover it, but I don't want to drop $2500 all at once if I can avoid it. I have a credit card with a $9000 limit, but I know that ...
4
votes
2answers
65 views

Pay down the student loan, or buy the car with cash?

I have a student loan with about 43k remaining. I want to buy a vehicle that costs about 10k. I have excellent credit. The interest rate on my student loan is over 6%; I can get a vehicle loan with ...
4
votes
1answer
66 views

person on loan with cosigner

My son is buying a vehicle and the person on the loan as a co-signer broke up with him. My son has made almost all of the payments. Now when the loan is paid off, how does my son get his ex's name ...
3
votes
1answer
99 views

Equation or program for determining in which order to pay several debts

I have 9 different debts (5 of which are student loans) each with a different interest rate (ranging from 3.4% APR to 10.9% APR). I want to find out in which order paying them off would take the least ...
1
vote
1answer
34 views

Ask rebate in loan repayment

The interest rate made my loan to a very large amount from the one which i borrowed since I could not pay it for some time(I missed some EMI). Now I have money to pay it full, Can I ask bank to allow ...
1
vote
1answer
47 views

401K loan repayment Default

I have a 29,000.00 loan from my 401K That I am paying 800.00 per month on. My wife has been ill for 2.5 years and unable to work. Currently trying to get disability. However this has created a big ...
0
votes
2answers
38 views

ESPP (Employee Stock Purchase Plan) Funds on Mortgage Loan Application

Will the bank count these funds? My company ESPP works like this: 25% of my bi-monthly paycheck (after taxes) is withheld and sent to some kind of company escrow account. This is done for 6 months. ...
3
votes
1answer
120 views

Personal loan to a friend procedure

I see a few questions on this topic, but I am more concerned with the procedure and best practices. If I give this person the money first (~$10,000), can I still have them sign a promissory ...
31
votes
13answers
8k views

Do I pay a zero % loan before another to clear both loans faster?

I have $11,000 to put toward one of my three loans. I think I should pay off the 0% car loan and then in two months it will be zero and I can apply that $635 to the 2.5 % car loan and pay it down ...
0
votes
0answers
73 views

Can my parents lend me an intra-family loan for college?

Can I take out an intra-family loan from my parents for college without it being labeled as a gift? I have googled it quite a bit now(my favorite link is ...
1
vote
0answers
39 views

Guidelines on when to buy or rent an apartment (in Europe)

I am currently facing an important decision for my life: I finished studies and will soon enter industry to work. Due to the fact that I will likely earn some money on a regular basis, I want to ...
1
vote
3answers
67 views

Calculating interest accrued with extended Initial Payment Date

I'm wondering how do I calculate the interest accrued if the intervals aren't perfect. For example Principal - $100,000 Interest - 8% Compounding monthly Disbursal Date - January 1st, 2016 Initial ...
10
votes
2answers
203 views

Co-signer deceased

2 years ago an elderly woman that I helped take care of and I worked for her co-signed for me and my fiance to get a 4 wheeler. We have never missed a payment and Honda will say that we have perfect ...
0
votes
2answers
40 views

Calculating true rate of a loan with an origination fee

If I have a loan of 1000 at a rate of 5% for 3 years compounded monthly, but I pay a 100 origination fee, do I calculate the loan on the original loan amount, or the reduced amount (1000-100)?
0
votes
1answer
84 views

Bank allowed to keep title

I co signed on loan and put my truck title as collateral, the one I co-signed for had went back borrowed more money without me knowing, so my name is now not on loan so can the bank still keep my ...
1
vote
1answer
57 views

Loan on my inherited property

My father died in 2009 and left me all his property and belongings in a will. I have lived in the home and paid the taxes since then. Is it possible to get a loan against the property so I can fix the ...
3
votes
3answers
204 views

Can splitting a monthly payment into two lower interest payed?

For example if I have a monthly payment on a credit card or car loan and its 300 dollars per Months at an interest rate of 2.5% will making 2 payments per month of 150 help me pay less interest? I've ...
8
votes
4answers
3k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
0
votes
1answer
236 views

How do student loans get split in a divorce?

My question: Legally should a husband have any responsibility for his wife's student loan if it was taken out during their marriage? They are divorcing, the loan is in her name, and I, her mother, ...
5
votes
2answers
104 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
3
votes
1answer
135 views

Co-signing a loan with girlfriend. How do I protect myself?

I live with my girlfriend. We are in a committed relationship and we both see things progressing toward marriage. We recently found out that the house we live in needs a new roof. She owns the house; ...
73
votes
10answers
11k views

Why is being “upside down” on a mortgage so bad?

For the longest time (especially during/after the housing crash in the US), people would speak in hushed whispers or terrified pleas when they talked about being upside down on their mortgage. While I ...
1
vote
1answer
41 views

How do I calculate the past value of a loan?

I have a loan that was originally $100,000. It is worth $116,971.41 today. It has been accruing 6% annual interest, compounded daily. I do not know the start date. How do I calculate what the value ...
0
votes
2answers
76 views

Comparing Cost of Loans

How do I determine my Cost of Loan from paying a loan off early, or, Assumption: No charges for early payments. Let's say I have a $25,000 vehicle loan and 1.99% APR over 5 years (60 months). Here ...
1
vote
0answers
45 views

What is formula to calculate “In 5 years” amount on page 3 of the mortgage Loan Estimate form?

Loan Estimate form for mortgages in US have a "In 5 years" amount paid. What is the formula for calculating that based on other values in the form ? On page 3 of the example form at ...
0
votes
0answers
74 views

Repay My loan to my relatives for school debt

I am an international student from India studying at the United States. I have taken a loan of around 40,000$ from my relatives in the United States for my studies. Now I am looking to repay my loans ...
0
votes
1answer
207 views

How can I get out of the debt-trap as quickly as possible?

I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan. I want to redeem the instalments of the real estate ...
-1
votes
1answer
41 views

Does a one time additional payment reduce the interest paid on a Prosper or Lending club personal loan

I have a loan with Lending Club with a certain interest rate. So every month I pay the principal as well as about $200 in interest. Assuming the loan balance left is $20000 and the interest rate is ...
11
votes
1answer
1k views

What is the difference between an amortized loan and a non-amortized loan?

As an example, my parents told me that their current car loan is amortized. Does that make any practical difference to how they pay off their loan, as opposed to if their loan had not been amortized?
1
vote
1answer
79 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
3
votes
1answer
344 views

Fiancée not on the mortgage but wants to be on the title

Just to clarify: She cannot be on the mortgage because she is on another mortgage with her mother. We will be paying for the mortgage together. As she is paying for the mortgage with me, she wants ...
2
votes
2answers
149 views

Reason to give for personal loan in USA to buy land in India?

I am buying a land in India for that i need personal loan for about 15k. I am not sure what should be the good reason to give to credit unions to get the loan approved. Please suggest and thanks in ...
3
votes
2answers
165 views

Strategy for paying off 120k in student loans

I am graduating this semester from an American school with 120k in student loans. The standard 10-year payment plan suggested to me via email and snail-mail is a little over 1k dollars per month -- ...
1
vote
1answer
62 views

Making a personal loan to my business from the proceeds of cashing out my 401k

I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...
3
votes
1answer
210 views

tax deduction for 30k loan

I recently sold my condo. I sold it for less than I owed but took out a 30k loan to pay off the difference (traditional sale, NOT a short sale). Are there any tax breaks or deductions I can take ...