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)

1
vote
2answers
67 views

How to get interest earned from start of repayment to a specific date on a declining balance?

I need a formula in getting the interest earned from start of payment of my loan to a specific date. I know the formula for the current due interest, which my company have given me in excel: days = ...
0
votes
0answers
18 views

Tax Treatment of Bad Shareholder Loans To S Corp

We just dissolved a 3 partner S-corp. There is COD income from cancelled shareholder loans to the company. This COD income will be transmitted to the shareholders on the K-1s. My question is how the ...
4
votes
3answers
130 views

How to know how much interest paid per payment in a fixed tenor personal loan

I recently took up a personal loan. I do not have any financial background and I do not have any issue paying the loan but I am just curious on how they come out with some numbers. To be precise, the ...
0
votes
2answers
148 views

Retirement planning 401(k), IRA, pension, student loans

Currently I am making 58k/year with a chance for a 10% bonus. (I am pretty sure I will receive this bonus). I'm trying to decide how I want to set myself up for retirement. I'm 23 years old turning 24 ...
2
votes
3answers
148 views

Can I temporarily borrow from my IRA accounts? [duplicate]

I have several IRA mutual fund accounts in Vanguard Funds. To pay taxes on time, I want to borrow some from the IRA's, but then pay it back within 60 days. Does the IRS allow this?
0
votes
2answers
77 views

I have a 2008 HHR under finance it needs a new engine

Ive had it for a year now and a check engine light came on they found a misfire which will require a rebuilt engine. I need to get rid of this car quick as it can go out any day. I owe 8000 on it and ...
0
votes
1answer
58 views

car loan but 2 people on title

Can one person take out a car loan but have two people on the car's title?....If I am on the title my son's car insurance drops significantly but he wants to take the car loan out himself (to build ...
5
votes
1answer
142 views

How do I determine how long it will take to pay off my all my loans?

Right now I have a spreadsheet with the loans I have, the interest rates the are each at, and how much I am putting toward each in monthly payments. I then calculate how long each loan will take to ...
1
vote
2answers
129 views

Smartest Place to Put Tax Refund

Background: I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
5
votes
1answer
424 views

Remedies for Defaulting on a 401(k) loan

I changed employers and am unable to pay back my 401(k) loan within the 60-day period allowed. I realize this will default the loan and I will receive a 1099-R, have to pay taxes and penalties. The ...
0
votes
0answers
51 views

Calculating interest accrued for 30/360

my typical interest calculation is Actual/Actual or Actual/365. I'm curious to how 30/360 should be calculated if the duration is not from beginning of the month to the end of the month. For example ...
0
votes
0answers
33 views

refinance US auto loan in Canada

I will be living/working in Canada for the next 3 years. A friend of mine now working in Canada pointed out that, with the falling value of the Canadian dollar, his US auto loan has been accelerating. ...
-1
votes
2answers
104 views

Mortgage lenders asking questions about personal expenditure

When applying for a mortgage, the lender or broker typically asks several questions regarding your income and expenditure. One question often asked is how much money you typically spend per month on ...
-1
votes
1answer
227 views

Can I use myself as collateral?

I want a big loan and decided I have nothing of tangible worth to support repayment, so I was wondering if I could put myself up (literally) as collateral. I suppose this could be understood as me ...
1
vote
2answers
168 views

How often should I pay my student loans?

I've got ~$30K in student loan debt, spread out between different loans with different interest rates. My minimum payment is $190, but I'm in a financial position where I can afford about $750 per ...
1
vote
1answer
77 views

Pay off student loan or contribute to my 401k?

I am 30 years old and make about $2400/mo take-home. I was paying two student loans, one was $250/mo and the other is $410/mo. I paid off the $250/mo loan, and I have to decide if I should put the ...
1
vote
1answer
100 views

Refinance a land loan into a mortgage loan

If I obtain a 10 year land loan and but finance the build of a house with my own money will I be able to refinance that land loan into a conventional 30 year mortgage loan eventually?
0
votes
0answers
18 views

Key aspect of Repurchase Agreement which differeniate it from Loans

I was reading up on Repurchase agreement when I came across a rather interesting statement Although the transaction is similar to a loan, and its economic effect is similar to a loan, the ...
5
votes
1answer
139 views

Should I pay off my 401k loan or reinvest the funds elsewhere?

I have a loan out on my employer 401k plan for $50k, which I took out for the purchase of a home (so there was no penalties, or taxes withheld). The interest rate is 4%, which I'm paying into the ...
0
votes
0answers
16 views

Capitalizing a charge with an amortization schedule

I'm trying to get more information on how I should be processing Fee Charges if they are supposed to be capitalized. If I make monthly payments, my last payment was December 31 and my next payment is ...
2
votes
3answers
319 views

Buying a property for 3 years and then selling

I have recently taken on a fixed-term contract for three years, which is giving me a salary significantly higher than I am used to. After the three years, however, it is very likely that my salary ...
-1
votes
2answers
144 views

Paying off a mortgage early

I am thinking about buying a property with a mortgage in the UK, living in it for 3 years, and then selling it. This is because at that point, I will probably be moving out of the city I am currently ...
0
votes
2answers
266 views

Should I take out a bigger mortgage, or pay a greater cash deposit?

Let's say I want to buy a house worth £400k. I can get a mortgage up to £300k, and I have £150k cash sitting in the bank. Which would be my best option: 1) Take out the maximum mortgage of £300k and ...
12
votes
2answers
2k views

In which situations is it better to consider a loan instead of paying cash?

I live in France where credit cards are less widespread than in the U.S. The default account for us is a checking account. Often you can't spend more than what is in your account; otherwise you have ...
5
votes
3answers
517 views

gift is taxable but is “loan” or “debt” taxable?

For tax purpose in the US, what are the differences between (a) you give away your money - gift tax? (b) you loan someone some money - tax free? (c) you pay back the debt you owe - tax free or tax ...
0
votes
1answer
39 views

home loans and title problems

Me and a family member bought a house with both names on the title but my family member names is on the loan, now we want to change the title and loan to my name only, but I heard we can not do this ...
2
votes
1answer
298 views

How are RSU's factored into Income during loan qualification?

I'm new to the tech industry and was wondering how RSU's factor into loan qualification. RSU's particularly at more established companies are essentially cash. They may change with the stock price ...
15
votes
2answers
5k views

Cosigned on a loan. If I pay loan off, are purchases now mine?

I cosigned a loan for my ex on a refrigerator, microwave, and oven. I know it wasn't smart. But if I pay off loan, can I retrieve the items?
1
vote
2answers
101 views

Credit Unions vs Bank Mortgage

I am a first time home buyer. My home-buying credit score is 620. I was recently preapproved for an FHA loan with my bank. The interest rate is decent at 3.75%, the only issue is I will have to pay ...
2
votes
3answers
121 views

Simple Interest to Compound Interest

In simple annual interest terms 60/2000 is 3%. But what is the rate if this is the total interest paid on 2000 after monthly compounding over 3 years?
3
votes
1answer
65 views

Borrow from American 401k from Canada

If I have a 401k with (for the sake of argument) $100,000 in the US, and I want to borrow the maximum ($50,000) for a mortgage on a house in Canada, is this possible? If so, what are some of the ...
18
votes
5answers
4k views

Would it be advantageous for me to pay off these two credit cards and cancel them with a 401k loan?

I'm considering taking a loan on my 401k in order to pay off and close 2 credit cards. I have approximately 30 years until I consider retiring. The amount of the loan will be $1700 which is less ...
7
votes
4answers
588 views

First Mortgage - Finding a Lender

I have been looking for a home in the US, I am a first time buyer and was wondering if someone with more experience than me can recommend ways to find a good lender? I started off by talking to my ...
2
votes
1answer
168 views

Best mortgage options when you have less than 20% downpayment?

Whats the best way to buy a home (condo) when you have less than 20% downpayment? I'll have closer to 10%. Should I just pay PMI or take out a loan for the other 10% or something else? I live in ...
3
votes
2answers
156 views

can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
2
votes
1answer
941 views

Correct way to calculating interest accrued with leap year

Principal is $119,654.7 compounding semi annually Disbursal Date is 11/25/2015 Initial Payment is 3/15/2016 Interest Rate 9.1% In this case - there is 36 days in 365 - there is 75 days in ...
0
votes
1answer
28 views

Lowest Interest Options for Short-Term Loan

I am looking for a short-term loan in the amount of $15k to buy some household items. I will be able to return the money in full by 3 months I have a credit score of 760+. Currently, I am seeing ...
-1
votes
1answer
90 views

Can banks borrow 0% interest rate loans for overnight speculations? [closed]

I was wondering if banks have the ability to borrow money overnight for speculations at 0% interest rates. Also, would third party providers have access to these short term or overnight loans?
2
votes
2answers
62 views

How flexible is the loan industry?

I'm wondering how flexible loan officers (or departments) are to providing better rates for more information. For example, is something like a 1% reduction in rate for an auto loan be a reasonable ...
9
votes
3answers
1k views

Overpaying on mortgage - How is term reduction calculated?

Just for some example figures: Original Term: 25 Years Loan Amount: £100,000 Interest rate: 2% I'm trying to make an excel table which keeps track of my mortgage payments including overpayments. ...
1
vote
2answers
67 views

What are the disadvantages to borrowing money for energy conservation measures / solar panels?

I am contemplating putting solar panels on my roof, as there is a collective buying of solar panels in my neighborhood going on. Special loans are offered by local government for solar panels or ...
4
votes
2answers
154 views

Proper/best way to loan money to a family member

If I want to loan money to a family member so that they can pay off student loans quicker, I have a few questions. Is it inevitably taxed by the government? What is proper documentation procedure ...
-1
votes
1answer
36 views

how banks hedge interest risk and default risk [closed]

this is probably a naive question. Is it true that banks always prefer to borrow short and lend long liabilities? If so, interest rate on long term loans fluctuate over time. how do banks hedge the ...
1
vote
1answer
79 views

Time of CIBIL score update?

I have Education loan EMI of Rs 4500 per month. I didn't pay EMI for last 5 Months. So my cibil score has reduced to 600. I plan pay last 5 months EMI in a single payment and EMI regularly from this ...
4
votes
4answers
886 views

What are some examples of unsecured loans

I am writing an essay on unsecured loans and am now trying to find some examples, so that I may then talk about the pros and cons for each example. I have already mentioned credit cards and an ...
1
vote
2answers
162 views

What's the process to buy an old house to tear it down and create a new one?

I'm seeing an old house in Union City, NJ, that I'd like to buy to tear it down and create a 3 family one to generate income. What are the steps to take in this process and what kind of contract ...
2
votes
1answer
92 views

Under 18, loan possible?

I'm 17 and I got a car for dirt cheap, my mom and dad helped buy it at the time because it was a great one-time deal. The only problem is that driving school in MA is about $700 and it would really ...
1
vote
0answers
39 views

How does paying off car lease work? [duplicate]

I'm a little bit confused on paying my lease amount early. As far as I understand, I loaded the total amount of the car. Let's say the total amount of car is 50k and the total lease amount is 25k. ...
1
vote
1answer
239 views

Can you pay off lease early?

If I pay off lease amount early for a car, is there any impact on my credit? Let's say I'm paying $400/month for 36 months, which is 14,400 total. If I pay 14,400 within 6 months, are there any ...
1
vote
1answer
73 views

A co-signed car for my husband isn't showing up on my Husband's credit. How can I improve both his and my credit records?

I had to co-sign for my husband to get a vehicle before we got married. He's making all the payments, but it's on my credit. He can't get a loan for anything because he "doesn't have any credit", ...