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
256 views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
1
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2answers
63 views

How to make spreadsheet to plan loan payments

I am trying to make a budget/schedule for after college. Basically I have rows of income/expense line items (one being for payment of each debt) and then a section for my debts. The columns are month ...
3
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1answer
217 views

Can I put my personal loan into my savings account until I use it all?

We applied for a personal loan of a value that we know we have to use over a few months. Can I put it in my savings account or an ISA account until we use it all? I live in the UK. Thanks.
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2answers
97 views

How to get 0% financing for a car, with no credit score?

Is it possible to get a 0% interest rate for car loan for a used car in the U.S.? I've been working for 7 months and I just got my first credit card, so I don't have a credit score yet. I'm planning ...
3
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2answers
519 views

Lending money to someone: how to book?

I'm trying my hand at double-entry bookkeeping for my personal finances. While I get the gist, I have trouble with the details. Please bear with me if I use the wrong terminology. I have lent some ...
3
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1answer
174 views

Tax rebate on Home loan on mother's property

I have got a home loan from SBI on my mother's property. she is co-signee on the the loan. Can I use EMI paid for my tax saving.
5
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1answer
106 views

Is it common for student loan debt to be paid with another loan found at lower interest?

I currently have 22k in student loans at 6.55% interest. I checked my credit score and it was 706 a couple of weeks ago. I am a recent college grad with a decent paying job right out of college. What ...
3
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2answers
122 views

When getting a business loan, does it look better to owe the IRS or the credit card companies?

I am looking to take out a $40,000 loan to buy out my mother's existing business, that is doing quite well. I explained to the loan officer, in a phone conversation, (I have not yet sent in my ...
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0answers
80 views

A friend is trying to buy a house & needs cash quickly. Which option is better: cash advance, balance transfer, or what? [closed]

It's an emergency cash need for a friend. I was trying to analyze based on the various options what is the best way to go about this. Friend needs to arrange funds in a week. Please compare based on ...
2
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1answer
57 views

In what category would I put a loan I took to pay an expense

If I have to pay my phone contract which is 1000 and I took a loan of 2000 with interest of 300 to pay that phone contract, in what category would you put the loan - an expense, an income or both ? ...
3
votes
1answer
145 views

Who is responsible when property and the loan are in different names?

We have a LAP (Loan against property) loan with ICICI Bank. The loan is on my name (primary), with my brother and father as co-signers. I am not sure how the ICICI bank sanctioned the loan on my name ...
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2answers
311 views

Is it a good idea for me to divert savings to pay off my debt?

I own a car which I had bought under desperation and stupidly agreed to pay a high interest rate (8%). Recently, I used money from my line of credit, which was at 6%, to pay off my car loan. Now I ...
2
votes
1answer
2k views

What are the tax regulations and ramifications of personal loans?

Are there any laws/taxes on a personal loan? I realize that you can't just give someone money unless it's under X amount (last I checked I thought it was 14k), but what are the rules around loaning ...
0
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2answers
169 views

Complete Opposite Calculations and Opinions - Using Loan to Invest - Paying Monthly Installments with Monthly Income

I managed to discuss Using Loan to Invest - Paying Monthly Installments with Monthly Income with a friend and his answer underneath is completely opposite from the current answers. Please understand ...
4
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3answers
286 views

Can future rental income be applied to present debt-to-income ratio when applying for second mortgage?

If someone wants to purchase a second home as a source of rental income (and potential investment), would (or could) a lender apply the estimated future income from rent on to the present ...
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4answers
465 views

Using Loan to Invest - Paying Monthly Installments with Monthly Income

I'd like to ask about a different payment method to this question. I use THEAO's first-rate answer there. How much profit or rate of return is required from a financial instrument, say stocks, to ...
4
votes
3answers
324 views

Using Loan to Invest - Paying Monthly Installments by Selling Originally Bought Shares

I'm trying to determine how much profit or rate of return is required from a financial instrument, say stocks, to break even with a loan taken out for this. I'll use specific numbers to simplify. ...
4
votes
2answers
234 views

Should I attempt to consolidate my own debt, or hire a professional? (Are there caveats to consolidating your own debt?)

I have some credit card debt across 3 accounts. Currently they're all at 0 APR, but the promotional rates are set to end soon, and I don't want to open any more accounts. In this situation, I'm aware ...
1
vote
1answer
210 views

Taking a car loan vs cash and effect on credit score

As a follow up for Should I finance a used car or pay cash? Will taking a loan improve a credit score? Does it matter how long it takes to pay off the loan? I wonder if taking a loan and paying it off ...
4
votes
2answers
221 views

If the creditor goes bankrupt, am I still required to pay back the principal I owe?

If I borrow money from a credit union (and make monthly payments) and the credit union goes bankrupt, am I still required to pay the money back? If the organization is bankrupt, to whom would I be ...
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2answers
277 views

I have a loan with a 6.5% interest rate. Should I divert money into my 401(k) instead of prepaying?

I have a loan with a fixed 6.5% interest rate, with an absurdly low minimum payment, so I have been paying extra each month (about enough so that the loan will have a 10-year repayment lifetime ...
3
votes
3answers
2k views

Questrade - What happens if I buy U.S. stock with Canadian money?

Recently, I heard that when you buy U.S. stocks with Canadian money in a Questrade account, they actually make a loan of the U.S. dollar amount you bought even if you have enough money to do the ...
2
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2answers
135 views

Who gets the periodic payments when an equity is sold on an repurchase agreement?

I am trying to understand how repos work. It is my understanding that selling equities with the promise of buying them back at later time is called repo (short for Repurchase agreement). If one ...
1
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1answer
178 views

Using a current house as collateral for a loan to buy another house

If my name is on the deed of one house (the deed only, not the current mortgage on the house), can I use the house as collateral to obtain another loan for another house?
1
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1answer
712 views

How to calculate the proportion interest/principal of this fortnightly (bi-weekly) loan payment?

You would need to borrow $660,000 and your fortnightly payments would be: Reducing loan $2,299.61 given 5.75 variable interest rate How much of the $2300 fortnightly paid is interest, and how ...
2
votes
2answers
152 views

Where to borrow money between college graduation and employment?

I finally finished my degree after the summer program and have my diploma and was wondering where I could borrow money while I look for a job? Job interviews are not cheap, especially if a flight is ...
1
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2answers
411 views

Can I use 0% Intro APR for getting a car loan?

When I'm applying for a chase credit card it has 0% Intro APR for 15 months. This is my first time for applying a credit card. And I just started a few months ago started working so I have a proof of ...
2
votes
1answer
337 views

How can I remove personal loans from my credit report?

I have two $16,000 personal loans. My husband and I recently reconciled after a 3 yr. separation and have found a home we want to buy. He doesn't know about the loans. I must get them off my credit ...
5
votes
1answer
131 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
5
votes
3answers
1k views

How to pay bills for one month while waiting for new job?

I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...
6
votes
2answers
5k views

I plan on receiving a $200,000 personal loan via wire transfer. Do I have to report this to the IRS?

After researching online, I found many websites that said wire transfers are not reported to the IRS, but others said that they were reported. I just want to make sure that I do not have to pay taxes ...
6
votes
1answer
1k views

Is there a most efficient way to pay off multiple loans with the same interest rate?

My Situation: About $36k USD in graduate student loans. There are 4 different federal loans in play, each with a fixed rate of 6.8%. $12k w/ ~$1.2k in unpaid interest $10k w/ ~$1k in unpaid ...
2
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1answer
656 views

Getting a loan to buy a second house from family in India

I have one elder brother. My father has one house worth 30 Lacks. During property sharing, this house went to my brother. He is planning to sell that property, but I do not want to sell it to some ...
0
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3answers
158 views

For most loans, do you pay interest on the principal or amount remaining?

For example, if I take out a personal loan from the bank for 1k for 1 year with 10% interest, I would pay $100 in interest. What would happen if I paid back $900 on the first day of the loan, and then ...
9
votes
6answers
1k views

Why would a car company lend me money at a very low interest rate?

Why would a car company lend me money at 1-2% when they could lend it to the federal government at ~2.9% with zero risk?
6
votes
2answers
9k views

What is the difference between a Loan, a Lien, and a Mortgage?

So, I recently heard someone talk about a Lien as thought it was similar to a Loan. So, I googled various things for a while and came to no concrete, concise answer. If a Lien or a Mortgage is a ...
5
votes
2answers
134 views

Does there exist a kind of loan where no part of principal is paid, while interest is still paid?

I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
6
votes
1answer
88 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
6
votes
3answers
154 views

Loan-with-PMI vs other loan: which is best to pay down

I would like to understand whether it is better to make extra payments on a home loan that includes PMI (Private Mortgage Insurance) or a different (high interest) loan. Typically, when deciding ...
4
votes
3answers
216 views

What costs should I consider when planning to maintain a vacant condo for a few years?

I have a job offer in a different city. I currently own a condo that I may return to but that would be really nice to have as a hub for returning to visit family as well as I have a family member who ...
2
votes
1answer
227 views

How do credit union loans and dividends vs interest work?

Since a credit union's customer own shares/stocks, then what is really happening when a credit union makes a car or home loan to a new customer? Is it shorting selling stocks at an interest rate? ...
7
votes
1answer
380 views

Any Canadian tax shelter for lending to friends or family?

I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt). Is there ...
12
votes
4answers
17k views

When can you use existing real estate as collateral to buy more?

My grandfather owned a dozen apartment buildings, and when I asked him when I was little how he got so many, he said he just bought one, and then used it for collateral to get the second, and so on. ...
12
votes
8answers
577 views

Paying Off Debt: When CC Companies Won't Reduce APR

For the past two years I've been living, for the first time, under the weighty, grey cloud of credit card debt. Foolish use of personal credit cards to fund asset purchases for an LLC have resulted in ...
3
votes
2answers
226 views

How to get the lowest mortgage rate on a new purchase?

Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S. What strategies can be applied to ensure the best interest rate possible? What ...
2
votes
2answers
90 views

Basic Info On Construction Loans

My wife and I are looking into possibly buying a lot in Chicago and having a custom home built on it. My most basic question: is it possible to get a loan that covers buying the lot AND the cost of ...
2
votes
3answers
219 views

Interest rate question

I'm having a little trouble figuring this out. Suppose I took out a loan with the following terms: Loan Amount: 1,000 Interest Rate (APR): 10% Compound Frequency: Monthly (12 compounding periods) ...
0
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1answer
1k views

How to Split a loan, and how much should be my investment

I am from india, my idea of the question is to understand what is the loan amount i am entitled to, what should be my plan for applying a loan, and is there any ways to reduce interest rate after a ...
0
votes
1answer
73 views

Mortgage-based budget spreadsheets?

Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would. At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
0
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1answer
100 views

How to find if a public company has taken out a loan?

From a company's Income Statement, Balance Sheet, and Cash Flow data, is it possible to figure out if the company has taken out a loan and how much it has taken out?