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.

learn more… | top users | synonyms (1)

2
votes
0answers
46 views

monthly payment discrepancy

I recently took out a loan as follows: loan amount: $116,000 interest rate: 4.75% term: 360 months When I calculate the monthly payment it comes out to $605.11/month. This is the answer whether ...
7
votes
1answer
67 views

For the purposes of building credit, does dividing up a loan help?

I want to enhance my credit with share secured loans (I'm a member of a credit union). All else being equal, will paying off 5 $200 loans give my credit score more of a boost than one $1000 loan?
0
votes
1answer
131 views

Buy a new home or stay on rental flat?

I got married a year back. My husband and I both are working professionals. we both are earning well and can save 50000 per month combined after deducting our rental of 25000 per month and all other ...
1
vote
1answer
69 views

How to get loaned money back to US

I had loaned about 150 K money to a relative to purchase a house in India over a period of 8 years. The house never materialized due to some conflicts. My relative is returning the money back with ...
8
votes
4answers
1k views

Co signing a loan and having them leave the state with no contact information

I helped my now ex get into school by co signing a loan. I have made great attempt on contacting her through friends and family. She has left the state and won't talk to me about our responsibilitys. ...
1
vote
1answer
79 views

Looking for an ROI formula, brain is broken today

This is honestly a pretty simple problem, but for whatever reason I am not able to pull it all together. I was talking theoretically with a friend and neither of us can nail down the math so I coming ...
0
votes
1answer
33 views

Refinancing Loans from USA to India

I have a friend living in USA who is a US citizen. He can take a loan of X$ from a US bank as a personal loan or a business loan. Can he finance my company in India with this loan he availed from USA ...
0
votes
2answers
82 views

Getting loans from Foreign banks

The interest on bank loans is 10% in India. Instead, is it possible to get loans from USA banks to India at 3.3-4% for a project ? Is this what is called hedging or hedge funds ?
0
votes
1answer
41 views

How do investments on projects work

I am a newbie with loans and investments. I really want to know the difference between loans and investments on a project. I have a solar project for which I am looking for investments. I heard that ...
12
votes
2answers
2k views

Mortgages: What is the terminology for how much I own and how much I still owe?

I'm looking for the terminology related to my home mortgage. The word or phrase for how much of my house I own. The word or phrase for how much I still owe. For example, suppose I bought a $500K ...
1
vote
1answer
140 views

Can anyone help me understand my loan payment?

My loan was $40500 for five years with 9% interest per year. I do not understand the total I would have to pay. I have been paying 700 per month since 2006 and it feels like I've been paying forever. ...
11
votes
7answers
6k views

Paying $1000 a month to keep a car in New York City

I am 25 working in New York city making ~117k a year. After tax and various pre-tax deductions, (mta fare etc) my take home is just shy of 6k a month. I pay $1875 in rent a month for a nice ...
1
vote
1answer
64 views

Strategy to save the most on interest

I'm planning on applying for a credit card that offers 0% APR on balance transfers for 15 months and $0 balance transfer fees. I'm thinking on using this card to pay down some of my student loans. ...
0
votes
0answers
34 views

Calculating a blended interest rate for amortization schedule

I have two interest rates, 3% and 3.018% compounded semi annually, I was wondering is it possibly to have one interest rate or do they have to be kept seperate to calculate interest properly. ...
2
votes
2answers
126 views

What is this option offering me on my loan repayment?

I was just updating my auto-repayment for my student loan, when I was given the following option: I am not sure what the difference is here between these two options - why would allowing interest ...
0
votes
2answers
44 views

help with how a loan repayment is calculated

can anyone shed some light on how my finance company calculated my loan installment to be 4 payments of £163.08 and a final payment of £163.13? i have used amortization simple interest calculations ...
0
votes
1answer
105 views

I signed on as the co-signer on a car loan and somehow ended up being the primary name on the account

Okay. I know a person should never co-sign for anyone. I always have. This is why I feel so stupid but I signed on to a car loan 4 or 5 months ago for my ex. I was against it but the fact she was ...
2
votes
2answers
123 views

What's the best use for this money? Its only a small amount but can make a big difference to me

Around two years ago, after working and living in France for a year I came back to the UK and was £11,000 in debt due to 2 credit cards and an Apple loan for some computer equipment. On top of that, I ...
2
votes
1answer
87 views

Loan from friends living abroad

My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
4
votes
2answers
147 views

What happens when a promissory note wasn't specific enough about interest?

My mom loaned a 'friend' some money a few years ago, which was supposed to be paid monthly. Since then the friend has been paying sporadically and they are now in a disagreement over what the ...
7
votes
2answers
255 views

Should I get a car loan before shopping for a car?

I'm looking to buy a used car* for the first time in my life. I already know the price range I'm looking at (Under $10,000) and the loan term I'd prefer (5 years) and the down payment I'm willing to ...
1
vote
1answer
107 views

What can I do when a vendor goes into administration before delivering everything I've paid for?

My son took out a loan to pay for a a course, the course provider has now gone into administration. My son is still paying for the loan for a course he cant access. My question is - has he any ...
0
votes
1answer
88 views

Shouldn't nominal interest rates be illegal? [closed]

First of all, I'm really new to anything related to financial math and the like, but I just can't get my head around these nominal interest rates. The way I'm getting it is that it's just a euphemism ...
14
votes
1answer
2k views

What does it mean if a lender asks for a “title” from your purchase?

My boss at my company has agreed to lend me money to buy a car to use for work, where I would pay him monthly for a couple of months until it is paid off. Upon giving me the money, he asked me to ...
0
votes
0answers
71 views

Need Help Paying For Previous Semester of College

I went to University of Southern Mississippi for 2 years until they denied me getting financial aid. I did not have my mother's tax return from a tax year that she had not filed at the time. I was ...
3
votes
1answer
86 views

Is the repayment of monies loaned to my company considered income?

I have been working diligently for years to get my business off the ground. I have been funding its monthly operation via my personal funds, each month lending the company (an LLC) just enough to pay ...
1
vote
1answer
52 views

How does a variable interest rate loan work?

I took out a $100,000 loan on my house on a variable rate loan at 4.5% for 30 years. For example, see this calculator. Assuming the interest rate stays the same, the final cost will be $145,000. In ...
0
votes
1answer
112 views

should I save more money to purchase a Used car or borrow from my office?

please suggest me should a save more money to purchase a used car or borrow money from my office where I work. I have half of the amount that costs the car I want to buy. kindly suggest me. PS my ...
2
votes
0answers
93 views

Underwriters refusing to use TheWorkNumber

Earlier this year, an underwriting department informed me they are no longer allowed to accept TheWorkNumber for employment verification purposes on any Fannie Mae Freddie Mac loans because of ...
0
votes
1answer
203 views

What is the formula for loan payoff with daily compounded interest and monthly payment?

My goal is to make a graph using this formula for all possible monthly payments. Let's say... Loans: 21750 Monthly Payment: 220 Daily Interest: 4.0% / 365 What formula would I use to get the total ...
1
vote
4answers
194 views

Pay off car or use money for down payment

I have a 3 year old car that has a blue book value of around $14k. I owe $7k on the car still w/ 2 years left to repay. I'm thinking about trading it in (need AWD... too much snow in Chicago the last ...
2
votes
2answers
95 views

Taking a student loan without any history of credit?

I'm 18 years old and I'm considering taking a student loan as all the alternatives are exhausted and I can't continue my undergraduate studies without a loan. I don't have a history of credit and my ...
0
votes
1answer
57 views

What kind of taxes should I expect from a business loan interest?

For example, if I lend a small business $100,000, and they'll pay me back $10,000 in one year. How would I expect taxes to be done? Would the $10,000 be considered ordinary income, or capital gains, ...
-3
votes
2answers
94 views

Would the lender care about getting regular payments, or just their total interest? [closed]

What will be the banks or lending institutions be more interested in; Making interest on a loan in a uniform manner Simply netting the required amount of interest In the second case, it wouldn't ...
0
votes
2answers
257 views

Does anyone offer no interest loans?

Is such a loan possible, where the borrower repays back to the lender the exact sum that was borrowed in the first place? Say for example, a borrower receives $100 loan from the lender for 10 years, ...
0
votes
1answer
181 views

How do I get my name out of a bank car loan?

I financed a car and have the title in my name only. My Significant other and I were making the payments together. I had been letting him drive the car while we were together, but after we broke up he ...
0
votes
1answer
41 views

What to consider when taking out a student loan from a bank?

I am currently in a bit of a pickle as I am taking summer classes at a University (at which I am a student), and my father was denied the parent PLUS loan which I was depending on to pay rent and buy ...
3
votes
2answers
740 views

Why shouldn't I consider a 401k loan to myself within my bond allocation?

I have seen broad advice against 401k loans. I question this. Why shouldn't I consider a 401k loan to myself within my bond allocation? Assuming I have trust in my employment cash flow and taxable ...
2
votes
1answer
152 views

Wire transfer from India to US

I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
5
votes
1answer
533 views

Financial loan/pension jiggery pokery?

Without my asking my bank has offered me a £10,000 loan over 3 year at 3.8% APR fixed. They say that over 3 years the total amount payable will be £10,586.52. This sounds quite good VFM. On the other ...
7
votes
1answer
545 views

4 months into a 30 month car loan, need new engine, can't sell any body parts

I just recovered from a major health ordeal, and am disabled. I'm just getting back to work, but being that I've been out so long, so finances are very, very thin. The problem is that I recently (4 ...
13
votes
7answers
3k views

Is a car loan bad debt?

I've heard people saying that a car loan is considered a bad debt, while a house mortgage is a good debt and so on. My bank is offering 1.49% interest for a 36 month loan or 2.49% for a 37-60 month ...
1
vote
1answer
88 views

Take out a loan vs. sell bond investments

I am going to put solar panels on my roof. I can pay for those panels using some combination of the following Take out a HELOC at 3.75% variable interest rate with closing costs covered by the bank. ...
1
vote
1answer
191 views

Loan to buy a real estate in Germany

Today I have a question about home-loans: I started saving money to raise a small capital in order to submit a request for a loan and since I am totally new to this topic (and some language barriers ...
6
votes
2answers
915 views

Should I seek loan forgiveness, or paying off my loan quicker?

A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
7
votes
5answers
382 views

Is there any reason to NOT pay the minimum on all but one of our loans?

My wife and I have multiple loans to pay off: car loans, student loans, and a mortgage. Currently we pay the minimum on all but one of the loans, and put any extra we'd like to pay into the ...
43
votes
12answers
11k views

Should I pay off a 0% car loan?

I'm ahead on 0% interest car loan. I don't have to make a payment until October. I currently owe $3,000 and I could pay it all off. Should I do that or leave that money in my savings account that ...
0
votes
1answer
175 views

Tax implications of dad paying cash for my home, and me paying him back?

My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
1
vote
2answers
204 views

Get a loan, and then repay that loan with the loan itself

Due to some unfortunate circumstances, my credit score dropped 300 points in less than a year. I had a procedure done at the local hospital, which ended up costing around $800. I gave them my ...
0
votes
1answer
41 views

Home Equity Line of credit features and overview

I have a very recent mortgage. I only have about 7% of equity on the home. I've made about 5 payments so far and everything is going smoothly. Now I have a family emergency requiring me to borrow ...