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
1answer
41 views

Is it smart to take OSAP student loan right now?

I am going to grad school in Canada this September and have a chance to borrow ~$15000 at a rate of prime+1% (provincial loan) and prime+2.5% (federal). I would guess the 15000 is split 50-50 between ...
0
votes
0answers
38 views

Can a cosigner remove the primary borrow's name from a loan? [on hold]

My dad signed with me to purchase a mobile home and attached the home loan to land that is in my dad and moms name only. The loan is set up on a "balloon" payment and comes due every 3 yrs. My dad ...
1
vote
0answers
36 views

How to read loan estimate, what to look for?

We are buying a newly constructed house and have been trying to compare loans from 2 different lenders (builder lender and our own lender). They both sent us the loan estimate sheet in similar format ...
-1
votes
3answers
179 views

Can you make money by getting a loan, not paying it and renegotiating it or is it a fraud? [closed]

Yesterday, I was wondering about a possible way of making money, which I suspect is a sort of fraud: John Doe gets a loan from the bank He does not pay the bank for months, or years. He receives a ...
0
votes
1answer
77 views

Which student loan is better to make a lump sum payment

I have $15,000 that I am trying to put towards one of my loans. Right now I have two loans $14,000 3.7% variable interest, 10 years, $140 monthly payment $30,000 7% fixed interest, 15 years, $260 ...
11
votes
9answers
2k views

Are variable rate loans ever a good idea?

For nearly every major credit account I have, or have applied for, the option of fixed vs variable rates are always presented. I've always, almost without even considering, chosen the fixed rate. Is ...
3
votes
0answers
27 views

Am I eligible for a CDC/504 loan as a sole proprietor?

I have a sole proprietor software consultant business, and I am thinking of buying a small office because it would be a better investment than my current office rental. I was looking into loans for ...
0
votes
2answers
51 views

How do credit-builder loans show up on credit reports?

To boost folks' credit scores, a financial product called a credit-builder loan provides a loan of cash that borrowers can't spend, which is paid off a bit each month. The primary effect (and benefit)...
4
votes
1answer
84 views

When transferring money between two parties, under what circumstances is it considered taxable income?

According to this question, a 0% loan may not be legally considered a 'loan', but a 'gift', which is taxable. When attempting to research it I came across this; According to the IRS: You are ...
1
vote
1answer
61 views

How to get into real estate with a limited budget

My friends and I are all young engineers living in Belgium who are looking to get into real estate. I figured it should be a good investment as loans are pretty low right now and real estate is a ...
3
votes
1answer
113 views

About to pay off car loan, how to maintain credit score?

I will soon be finishing paying off my car loan (yay!). This will be paid off with what is a normal monthly payment, not a large sum I'm throwing at the loan, so stretching the loan out longer (if I ...
1
vote
0answers
37 views

Is selling profits (a la Enron) legal? [migrated]

Reading through a summary of the Enron Scandal, one of the mentioned "ventures" that Enron took, was a joint venture with Blockbuster to provide online movie rentals. In secret however, Enron had set ...
1
vote
2answers
87 views

I forgot to put down the number of the loan

I deposited money as a loan payment to the company that has given me the loan under my name. The amount is correct, the account number is correct, and it's under my name. I have only forgotten the ...
0
votes
2answers
117 views

I cosigned but the car company made me the primary

Help. I need any advice I can get. I helped a friend who was in a bad situation. We had known each other for over 30 years. I got her out of the situation and was letting her live in my home for free ...
4
votes
1answer
98 views

401k Loan Default Remedies

I took out a 401k loan against a new home, and failed to make the payments in a timely fashion due to misunderstanding on my part and lack of address updating on the plan holder's part. My first ...
3
votes
0answers
130 views

Do I have to do something after 25 years of not being able to make a payment to get forgiveness

My first loan was in 1979 and I have never had enough income to be required to make a payment (despite a Masters in Computer Science). I believe I have always been on some sort of income based plan. ...
4
votes
1answer
122 views

Lending money to colleague with interest - how to legally bind agreement

A colleague of mine has student loan debt of ~35K at 7% APR interest. I have more than enough principal to pay off his debt, and for my troubles (and risk), I think asking for a 4% APR is not out of ...
3
votes
1answer
73 views

Two high-interest loans: Pay down one at a time, or split my money?

I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
-8
votes
3answers
144 views

How or should I trust this?

I requested to take a loan from this person, But she/he does not give any information on who they are!? A few points answered. Please any answer I need help here. 1.Mister I am not here to dirty my ...
44
votes
9answers
14k views

Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?

I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
66
votes
12answers
24k views

I cosigned for a friend who is not paying the payment

I cosigned for a loan for a friend. He has now moved away and is not making payments. I have been asked to pay--they even called my job--and I need to keep my credit. The payments are too high for me ...
33
votes
3answers
8k views

Can I take out a loan and invest it at higher interest?

I noticed today that my bank is offering small loans of up to £15000 at 3.3% interest. Meanwhile, services like Zopa and RateSetter are offering over 6% interest on investments in their platforms. I ...
11
votes
5answers
320 views

Can LLC legally lend money to a friend?

I have an American LLC with money in the bank. I want to provide a loan to my friend for 3 years for 5%. Is this something I can legally offer if the activity of my LLC has nothing to do with finance? ...
-6
votes
2answers
238 views

Why is there so much interest on home loans?

Search around the internet for current mortgage rates and play with some of the amortization calculators. You'll see that at the end of the payment schedule you will be paying almost an equal amount ...
-9
votes
5answers
273 views

What if 40% of the remaining 60% Loan To Value (ratio) is not paid, or the borrower wants to take only 60% of the loan?

I wanted to know that what if the remaining 40% of 60% in a LTV (Loan to Value ratio ) for buying a home is not paid but the borrower only wants to get 60% of the total amount of home loan that is ...
1
vote
4answers
150 views

IRR vs. Interest Rates

This is a simple question but I just wanted to be sure. Say I have an IRR of 5%. Does this mean that I have an actual return of (1.05)^3 - 1 = 15.7%?
23
votes
9answers
8k views

Should I pay cash or prefer a 0% interest loan for home furnishings?

I live in France. I bought an apartment with a mortgage a month ago. I've been buying plenty of stuff for this apartment like furniture, decoration, oven, etc. And I still need to buy other stuff. I'...
2
votes
2answers
129 views

How to calculate the number of months until a loan is paid off (given principal, APR and payment amount)?

Does anyone know what formula they use for this When will you be debt-free? calculator? I want to put it in a Google Spreadsheet, but I can't find a payments-to-debt-free formula using my Google ...
27
votes
9answers
5k 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 ...
4
votes
3answers
97 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 ...
2
votes
1answer
114 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?
10
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
80 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
90 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
74 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 ...
-3
votes
1answer
59 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
111 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
112 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
105 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
72 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
112 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
13k 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
101 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
74 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 ...
4
votes
1answer
159 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
35 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
49 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
59 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. ...