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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0
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1answer
64 views

Applied for loans but chosen not to take them, will this look like I was refused?

So I applied for several loans to buy a car, trying to take advantage of the low interest rates at the moment. All of them came back with higher interest rates than were advertised. I've subsequently ...
0
votes
0answers
58 views

Should I make partial pre-payments on an actuarial loan?

I discovered today that a loan I took out for home improvements doesn't use simple interest. I'm pretty frustrated with myself for not realizing this before I signed for it. Regardless, I'm trying ...
10
votes
2answers
1k views

What are advantages & disadvantages of using a Peer-to-Peer lending site or network?

If I was looking to consolidate some credit card debt and wanted to use a peer to peer lending service, what things do I need to look out for?
4
votes
1answer
168 views

Shopping around for loans without detrimentally effecting credit rating/chance of getting said loan?

I've found myself stuck in a quandary. I put a deposit down on a car and I'm trying to obtain a personal loan based on this. The problem is that I'm finding that despite passing all initial checks ...
2
votes
1answer
97 views

What is an Installment Rate Percentage?

I'm looking at a dataset known as German Credit Data, available here: https://archive.ics.uci.edu/ml/datasets/Statlog+(German+Credit+Data) According to the description... "the dataset classifies ...
-1
votes
0answers
31 views

Is there any bank which gives personal loans for employees whose salary is less than Rs.10,000? [closed]

Is there any bank in Hyderabad (or) India which gives personal loans for employees who have a salary less than Rs.10,000 per month ??
3
votes
2answers
165 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 ...
0
votes
2answers
111 views

Loan of $70k from a friend [closed]

I want to loan $70 k from a friend of mine for a investment.
1
vote
2answers
2k views

How can I bring loaned money back to US from India

I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
1
vote
1answer
107 views

Can having a co-signer on a house loan reduce the down payment required?

I have worked as a freelance web designer for 3 years before taking a salary job at a company 6 months ago. I have enough money saved up and make enough at this job to own a house but I doubt I will ...
1
vote
3answers
111 views

What is a tranche?

I am studying Collateralized Mortgage Obligations (CMOs) - My understanding is that the product consists of mortgages which have real estate as collateral. The mortgages are bundled in batches ...
3
votes
3answers
244 views

Chipping away at large loan, or get rid of smaller ones? Student debt

I am currently $50k in debt from school. I have $9,500 in saving specifically saved for paying off student loans. I am wondering if I could get some quick advice as to what/why I should be paying off. ...
4
votes
5answers
207 views

Pay for a cheap car or take out a loan?

I have $2,000 in total in my savings account for a car but I am starting a better paying job in three months and I will need a car to get to it. At the moment, I am biking to my current job. I am just ...
1
vote
1answer
117 views

Employer Letter for NRI Home Loan

Please advise: for an NRI working in US applying for home loan in India, Bank is asking for employer letter, latest salary revision letter from employer and employer ID card etc.. but if NRI is an ...
8
votes
4answers
2k views

For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?

This other question is similar, but was referring to a specific renovation/repair (new flooring) that, while expensive ($1500), isn't very expensive – it's feasible to consider saving up for ...
2
votes
0answers
98 views

How to get cash for shares of a small but successful business?

I am owner of a portion (5%) of a small business. I acquired my shares as 'sweat equity' being the creative lead on the project. Essentially, I want to get cash for my shares. At this point in my life ...
0
votes
1answer
39 views

Home loan for plot owned by my father

My father owns a plot, I want to build house on that land. Land is Corporation approved and all municipal corporation procedures have been followed and plan has been sanctioned for building the house. ...
2
votes
1answer
203 views

Can I take a loan against propety in my children's name?

I am from Chennai, India. The house which we are living in Chennai used to be in my father's name. My father has four children and I am the last one, daughter and I am widowed and living with my ...
2
votes
2answers
84 views

Will I, as a CS student, be allowed to take loans for paying the fees of Ivy Leagues?

I am non-US citizen hoping to study in US. I have a good chance of getting admitted in one of the Ivy leagues in US. Considering that my family has no property large enough to take a hefty loan on, ...
1
vote
1answer
95 views

Gift loan and the 100k rule

My uncle gave me a zero-interest 70k loan. I immediately used it to pay off a big chunk of my student loans. As I understand, under the 100k rule he doesn't owe any tax on imputed interest as long as ...
1
vote
1answer
97 views

What mix of credit lines and loans is optimal for my credit score?

Mint.com just told me my credit score. It says in the advice section: Try to have a good mix of credit lines open. Creditors like to see that you have both loans and credit cards. If you're low ...
24
votes
6answers
6k views

Why will the bank only loan us 80% of the value of our fully paid for home?

We own Land and a home, wanting to downsize and just buy a home and lot. We do not owe anything on our land and home, but have asked about a loan using our land and home as collateral, but, even ...
-1
votes
1answer
38 views

Legal Financing

What is the best way to go about financing a legal case? The Wikipedia article "Legal Financing" was somewhat helpful, but it did not mention how and with whom I would apply for a loan to finance a ...
0
votes
1answer
80 views

Can there be two primary owners on a car title while only one takes out the loan?

I am 19 and getting ready to trade in my car and get another one. I need lower insurance on this car I am getting and my parents want to put me on their insurance. The insurance agent said that my ...
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 ...
6
votes
1answer
69 views

Can you report on time payments on private loan?

We have a contractual loan (one with a contract, not a handshake) from an family member who bought our student loans. We pay regularly just like any other loan and we pay a small amount of interest ...
4
votes
0answers
96 views

Why is the money factor defined the way it is?

In some loan situations, especially car leases, people like to talk about the money factor, which is a number given by interest percentage/2400 Where does the 2400 come from? I understand that it ...
2
votes
2answers
69 views

Difference in Interest Calculations Using Loan Calculator

Suppose that I have a loan value x and interest rate r. The simple interest is then x*(1+r). If I take out a loan compounded annually and paid monthly for 12 months the amount at the end of the year ...
0
votes
0answers
35 views

Formal Definition of APR

I have seen several conflicting sources on the internet about APR. Some say the effective rate is (1+APR/n)^n -1 while others say this formula is the APR since APR represents the rate over all ...
2
votes
2answers
117 views

APR for a Loan Paid Off Monthly

A loan is issued for 12 months for 1000 and is paid back with monthly payments of $140 each month. Does this loan have an APR of 68%?
-1
votes
1answer
32 views

APR for a Loan Paid Off in Monthly Payments for 9 Months [duplicate]

Say a loan is issued for 9 months with $1000 principal and with a payment plan consisting of about $162.23 each month. Does this loan have an APR of 46%?
2
votes
1answer
53 views

Real estate loans for repairs

I am very interested in purchasing a foreclosed home that is sold by Freddie Mac. The outside looks great, but the inside needs some work. Basically, the previous owners took everything including the ...
0
votes
2answers
69 views

Can I change my loan term from 60 to 36 months?

I am on a 60 months plan with USCCU and now they are offering APR rate of 1.36% for 36 months on used and new vehicles as shown here. Is it a good idea to change my loan term from 60 to 36 months ...
4
votes
2answers
280 views

How can someone with a new job but no credit history get a loan to settle another debt?

I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for ...
0
votes
1answer
49 views

Finance car with or with out a balloon payment

A person called "Bob" is considering buying a car and financing it over 5 years. He has the option to finance the car with a maximum balloon payment of 30%. When financed the load will have an ...
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?
7
votes
2answers
2k views

I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan?

I am under 18, currently shopping for a car. Like many people, I don't have enough money sitting in my bank account to purchase a good car, around $6,000 to $10,000. However, credit checks have ...
2
votes
1answer
117 views

Borrowing from Solo 401K vs Line of Credit

As a quick recap, I'm in the process of doing a gut rehab on my (soon to be) primary residence. I have savings and a line of credit that should cover the full cost, but wanted an alternative source ...
12
votes
8answers
588 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 ...
-1
votes
2answers
47 views

Calculating APR

If I have a loan at 5% interest over a year compounded semi-monthly does this loan have a higher APR compared to a loan at 5% compounded annually?
0
votes
0answers
19 views

Difference between various loan calculation modes

There are number of ways a loan can be calculated. I am stuck and not able to find their formaules. Even i find some links but they dont have any option to add Below Line Fees. Actuarial APR APR ...
1
vote
3answers
1k views

Need a loan to buy property in India. What are my options?

I have seen a property in India, and I am planning to buy it. The total cost is $105k, out of which I have $30k of my own. The remaining $75k needs to be financed somehow. I can get a loan in India, ...
12
votes
4answers
2k views

What should I do with my credit card debt?

I have almost $20,000 in credit card debt and, though I have stopped accumulating it for quite a while now, I'm trying to figure out the best way forward. Can someone please offer advice based on this ...
1
vote
1answer
87 views

Are “hard money loans” meant only for real estate?

I am interested to know whether Hard money loans are meant only for Real Estate or other fields too.
1
vote
1answer
60 views

How can I take out a personal loan as a minor with a co-signer other than my parents?

I'm currently in the process of buying a truck worth $8,000. The seller will only hold the truck for me for a week. It is a private party selling the truck (through craigslist) I currently own a ...
0
votes
1answer
36 views

calculating no. of payments

is there a formula to calculate the no. of payments "P" required to pay off a loan amount "X", with an interest rate "Y" and a monthly payment amount "Z". I think "X/Z" would be an approximation for ...
8
votes
4answers
380 views

Is paying your bills and loans one day before it's due a good practice?

I am a full time working professional. I have the habit of paying my bills and loans a day before it's due. That way I've got more cash on hand. However, I've also read that it is better to pay off ...
0
votes
1answer
53 views

When should I reduce my student loan payments in order to save up for a down payment on another loan?

I'm currently paying off a little over $13,500 of student loans, at a rate of $300 a month and accrues approximately $60 of interest each month. My bi-weekly take-home salary is approximately $1,350 ...
3
votes
4answers
3k views

Can my parents take out a loan for me out of my account if I'm under the age of 18?

I'm 15 and traveling to Hungary for Christmas. And my parents are paying for half my ticket because that's all they can afford. I have to pay for the other half and have enough for spending money. But ...
3
votes
2answers
141 views

How do I sell a car that was purchased with a loan?

I bought a car earlier this year, and I have been making payments on it regularly for about 7 months. However, I want to sell the car to a private party and buy a cheaper car paying cash in full. The ...