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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1answer
165 views

How should I distribute my savings?

TL;DR How much should I keep as an emergency fund and how should I prioritise/distribute anything surplus to this? I currently have about 5-6x my monthly salary in savings. Currently I keep this ...
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1answer
43 views

What are the formulas for these? [closed]

What are the formulas for the following? Overall increase given the percentages: a, b, c, d Future value of a one-time deposit given the amount of the one time deposit, APR, length of time, and ...
4
votes
1answer
198 views

Is it possible to remove and replace a cosigner?

Is it possible to remove a cosigner from a car loan and replace with a new cosigner? If the new cosigner possesses a legal driver's license, and the cosigner to be replaced has no driver's license, ...
2
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2answers
185 views

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)?

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)? I am aware of the downsides to borrowing from a 401K plan but if the principal is low and the maturity short (and no other ...
1
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1answer
64 views

A home loan refinance problem

I have owned my home for 19 years. I purchased the property on my own with no co signer. About 9 years ago I had some credit issues due to an ugly divorce. I refinanced my home and quit claimed the ...
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0answers
88 views

What are the tax etc. implications of giving a friend's company an interest free loan?

I want to extend a loan of $50,000.00 ,interest free, to a friend to start a business. Can he deposit this check into his account and not incur any tax difficulties? Are there any tax implications for ...
1
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1answer
41 views

Calculating long intervals of Interest with Simple Interest Formula

My last post Calculating long intervals of Interest calculates interest using compounding formula. But what about calculating simple interest accrued where the day count is actual/actual and it goes ...
0
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2answers
438 views

Is it possible to borrow money to invest in a foreign country?

Suppose I live in Canada. If I want to borrow money from the banks here and use that money in another country to carry out construction projects and hence make profit. Is it possible to create a legal ...
2
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2answers
66 views

Calculating long intervals of Interest

Small interval calculations is fairly straight forward. But what about long intervals. If a loan's daycount is set to Actual/Actual and the duration has run into two different DayCount intervals, how ...
1
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1answer
30 views

Why SUM(PMT) is not identical to FV?

I'm exploring financial functions in a spreadsheet. When I use FV, which is based on FV = PV*(1+r)^n I get a different number than when using PMT and multiplying by the number of periods. For ...
2
votes
6answers
389 views

Why is the breakdown of a loan repayment into principal and interest of any importance?

Repaying a loan is a type of cash outflow. Why should I care which part of each payment goes towards the interest and which part towards the principal? "A loan is a loan", no? I know that this ...
6
votes
1answer
151 views

monthly payment discrepancy

8/28/2015 original post - 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. ...
7
votes
1answer
87 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?
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3answers
306 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 ...
2
votes
1answer
99 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
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1answer
92 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 ...
1
vote
2answers
96 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
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2answers
452 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
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1answer
48 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 ...
3
votes
3answers
313 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. ...
10
votes
8answers
7k 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 ...
3
votes
1answer
77 views

Effective Interest Rate from bifurcated interest rate

Here goes, this is the scope of my question: Say I want to take out a credit card, that has 0% interest for 12 months, when at the 13th month, whatever debt is taken out on the card will be subjected ...
1
vote
1answer
89 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. ...
3
votes
2answers
443 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
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2answers
60 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
603 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
196 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
309 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 ...
5
votes
2answers
173 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 ...
9
votes
2answers
286 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
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1answer
108 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
103 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
84 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
184 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
81 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
131 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
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0answers
123 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
2k 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
1k 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
122 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
68 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, ...
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votes
2answers
96 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 ...
1
vote
2answers
376 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
347 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
52 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
768 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
288 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 ...