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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8
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4answers
1k 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 ...
0
votes
0answers
7 views

NRI Loan money to India

Please advise, process to register this a loan, this is my case: i am a NRI and want to send approx $10,000 as loan to my father account in India as a contribution for new home purchase, I want to ...
3
votes
1answer
172 views

How to find the right credit union?

I have 3 months left in grad school, currently with about $50,000 in student loans (most of it at 6% interest). I also need to finance or lease a used car. Suppose I select a car with a sticker price ...
0
votes
1answer
34 views

Is an interest-free loan to a charity an asset when applying for financial aid

We have an opportunity to sell our house for a great deal more than we paid for it. We plan to buy another house but will have $50,000 to $100,000 left in cash. We also have children in college for ...
1
vote
3answers
76 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 ...
-3
votes
1answer
50 views

Better approach to close loans?

If I have 3 loans is it better to pay them monthly and close after 3 years or close one at a time in one one year?
2
votes
1answer
76 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 ...
1
vote
0answers
31 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 ...
1
vote
0answers
38 views

What can I change about my situation so that I qualify for a loan in the EU?

I'm a good payer since when I was 22. When I was a student, earning 300€ a month, I already had the credit card using the whole plafond of 4000€ and never jumping a payment. Now that I'm 34 a ...
-1
votes
0answers
30 views

is it possible take Housing loan in fathers name if property is name of myself [on hold]

I want to purchase a house in my name but my loan entitlement is zero. Can i club my father name for loan entitlment, his entitlement is 100% required for property. Pls suggest
-1
votes
1answer
58 views

Season Loan Amortization with Fixed Payments for low season

From Seasonal Loan Amortization I've learned how to calculate Loan amortization with interest Payments and No payments. I'm wondering how do you calculate it when they only want the borrower to pay a ...
-1
votes
0answers
31 views

Research on the efficacy of microfinance in poverty reduction [closed]

I want to do research on the efficacy of microfinance in poverty reduction. I am not good at maths or drawing up mathematical equations. The outcome of my research could be that it results in poverty ...
1
vote
1answer
32 views

Auto/car loan or mortgage applications and consolidated hard pulls

I heard on the radio recently that if one applies for an automobile loan or a home mortgage, multiple loan applications show up as one hard pull on your credit report. Is there a time period where all ...
1
vote
2answers
92 views

Reverse Engineer Loan Payment for amortization

I'm starting to question the Payment amount generated by the software my lender is using, but it could be my calculations that are wrong. I would like confirmation before I proceed. Is my approach ...
-1
votes
0answers
9 views

how to get international financing/loan/investment for working business [migrated]

Good day, It is two years since I started a company for issuing online payday loans, and it is working really well bringing back nice profit which I put all back in business. So far it was all my or ...
1
vote
3answers
142 views

Amortization Payments with a delay in initial payments

Typically a loan is disbursed and a month later is when payments are to be made. But there can be an agreement where it's to be delayed for a year or as short or as long as they want. I'm wondering ...
2
votes
1answer
48 views

Borrowing money for study abroad…student loans don't apply

I have applied for a masters program in Spain, and I was accepted (yay!). However, now I am faced with the daunting task of determining how I am going to pay for it. My university in Spain is not ...
3
votes
2answers
118 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 ...
1
vote
2answers
225 views

How do you declare an interest free loan?

In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan. Respecting the wisdom of the people who said that, I'm unclear ...
1
vote
3answers
168 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, ...
1
vote
1answer
43 views

what is a good APR when applying for micro loan online?

I found an online loan company offering 7% APR with no credit history.Is it good or bad APR?
6
votes
1answer
326 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 ...
0
votes
2answers
41 views

Can I use a loan from a Roth 401K as a return option?

For the sake of this question presume that my Roth 401K is invested in low-risk bonds paying prime rate. Can I take a loan, put the money into a similarly low-risk investment paying the prime rate, ...
2
votes
2answers
112 views

When borrowing from a 401k, is the 401k the source of the funds, or the collateral?

I understand that borrowing from a 401K is not a good idea. But I still want to be familiar with some of the mechanics. If someone takes out a $5,000 401K loan, is the money taken from the 401K ...
9
votes
6answers
388 views

Is it okay to be married, 30 years old and have no retirement?

I am a 31 year old attorney with a 10 month old baby. I make $130K a year. My husband is also an attorney, and makes approx. $60K a year. WE both do not have any retirement savings or college ...
8
votes
4answers
2k views

Should you co-sign a personal loan for a friend/family member? Why/why not?

I know someone who was recently asked to co-sign a hefty loan by a family member. I don't know what I'd do if I was put in the same position as the one asked. What are the risks? What are things to ...
0
votes
2answers
181 views

Formula for how to distribute a loan payment between multiple loans such that the remaining principal accrues the least interest?

Assume 4 loans (Balance @ p.a. interest): $10,000 @ 5.5% $5,500 @ 7.25% $2,000 @ 5.5% $1,000 @ 4.5% If I am looking to pay $7,250 towards principal only, how would I calculate the ...
3
votes
2answers
126 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. ...
2
votes
1answer
299 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
53 views

What's the proper way to calculate ROI per year given the ROI for a period of time?

I'm trying to figure out what would be my yearly ROI if I know my ROI for a given period of time. On May 1st, I started invested 8.82 BTC in loans on BitLendingClub and now (August 6th) I have 9.33 ...
2
votes
0answers
23 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 ...
5
votes
1answer
87 views

How to tell if you can trust a loan company?

What do you look for? Good UI design? BBB accreditation? Yelp, NYTimes mentions? What should I expect of the customer service when making my decision to take out a loan? What information should I ...
0
votes
2answers
86 views

Loan Amortization with Daily Calculation

I'm trying to solve this Loan Amortization Question. Principal = $125000 Interest = 8.5% Compounded semi annually Duration is 10 years (120 months) Monthly Payments Loan given on 7/31/2009 First ...
0
votes
1answer
55 views

What should be the maximum affordable loan earning X per month?

I will be shortly purchasing a car with help of a loan. Suppose my earnings per month is X, what should be the EMI [Equated Monthly Installment] limit ? Till now my monthly expenses are X/4 and the ...
0
votes
3answers
58 views

Personal Loan issuer online service

I have chunk of money that I would like to loan to my brother. I would like to charge him interest same as banks do. Is there a website or online service where I can enter the "loan" amount, ...
4
votes
3answers
186 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 ...
5
votes
1answer
129 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 ...
1
vote
3answers
150 views

Can banks deny that you've paid your loan?

As expressed in the title, can a bank deny it that you've paid back the loan? Or how can you make sure that won't happen? My sister recently got married, but she freaked out when her husband told her ...
3
votes
1answer
12k views

My Co-Signer is the Primary Account Holder for my Car Loan - Does this affect my credit?

I recently financed a car purchase, and my father co-signed for me. I received the first bill, to find out that he is listed as the primary account holder with the finance company, although I am the ...
3
votes
1answer
135 views

Effects of past unemployment on mortgage refinance

I have gone through all the steps of a home refinance process, including an appraisal, and am waiting for a final decision. Just a few days ago, the loan officer processing my application asked me ...
0
votes
2answers
104 views

Loan math problem

There was a 9gag post some time ago with the following problem: A car dealer offers Lachlan a car that is priced at $21800, but he only has a $600 deposit. Lachlan's trade-in is actually worth $500. ...
7
votes
2answers
510 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 ...
10
votes
1answer
1k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
0
votes
1answer
95 views

Could you save money by not paying your student loans

I read an article that discusses a woman refusing to pay her student loans. In the end, she claims she saves money because she defaults on her loans, thus her loans grow without interest, and her ...
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 ...
0
votes
3answers
150 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 ...
2
votes
2answers
84 views

How do I calculate interest on a personal loan with irregular withdrawals and payments?

Several years ago, I loaned money to a family member. They borrowed different amounts at irregular intervals. They are now beginning to repay, so I want to establish exactly how much they owe. I have ...
1
vote
1answer
63 views

Loan in US against assets in Canada?

I have some savings and investments in Canada that I would like to bring into the US. However, I don't want to just transfer the money over, because in that case I would owe departure tax of at least ...
3
votes
1answer
101 views

What steps or checks should I do to see if a lending company that cold-called me is legit? Too risky?

A few days ago I got a call from company asking me if I have any outstanding debts and saying they can help me with my debts. Well, I don't have any debts; though I use 3 credit cards, I always pay ...
10
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 ...