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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3
votes
1answer
38 views

Lending money to colleague with interest - how to legally bind agreement

A colleague of mine has student loan debt of ~35K at 7% APR interest. I have more than enough principal to pay off his debt, and for my troubles (and risk), I think asking for a 4% APR is not out of ...
65
votes
13answers
24k views

I cosigned for a friend who is not paying the payment

I cosigned for a loan for a friend. He has now moved away and is not making payments. I have been asked to pay--they even called my job--and I need to keep my credit. The payments are too high for me ...
0
votes
1answer
692 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 ...
12
votes
6answers
5k views

Advantages of paying more of your mortgage while you know you won't continue to live there your whole life

Recently I bought a house for 140k in the Netherlands. It had a mortgage of 110k (3,0% interest) and a startersloan of 30k (4,0% interest, no payments/interest the first 3 years). I am getting ...
3
votes
1answer
65 views

Two high-interest loans: Pay down one at a time, or split my money?

I have 4 student loans. Two are for roughly $5,000 - one at 4.5% and one at 5.6%. Two loans are for roughly $1,500 and both have an interest rate of 6.8%. Right now I have $1,000 I can put towards my ...
-8
votes
3answers
127 views

How or should I trust this?

I requested to take a loan from this person, But she/he does not give any information on who they are!? A few points answered. Please any answer I need help here. 1.Mister I am not here to dirty my ...
0
votes
1answer
69 views

Tax benefit on Home Loan

I own one flat (Staying in same flat) for which i am claiming tax benefit on home loan. Recently i have purchased one more flat,Can you please tell me how can I claim the tax benefit for the home loan?...
0
votes
0answers
41 views

What is the journal entry if i mortgaze gold of 500000 to bank & bank give me loan of 1000000 [closed]

What is the journal entry in my book if i mortgaze gold of 500000 & bank gives me loan of 1000000
0
votes
3answers
112 views

IRR vs. Interest Rates

This is a simple question but I just wanted to be sure. Say I have an IRR of 5%. Does this mean that I have an actual return of (1.05)^3 - 1 = 15.7%?
0
votes
0answers
39 views

Third party checks [closed]

Is it illegal to take a check that is all ready signed by owner of check payed out to Jane doe, and add John does name stating Jane doe or John doe without the owner of the check adding the name, say ...
44
votes
7answers
13k views

Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?

I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
16
votes
4answers
5k 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 ...
6
votes
5answers
806 views

Where can I borrow money for investing?

Where can I borrow money in the US if I have a good credit (730+)? I have heard community unions a good place to borrow money..but the lowest they could get is 12 percent. Can I borrow from a ...
0
votes
2answers
49 views

Calculating true rate of a loan with an origination fee

If I have a loan of 1000 at a rate of 5% for 3 years compounded monthly, but I pay a 100 origination fee, do I calculate the loan on the original loan amount, or the reduced amount (1000-100)?
33
votes
3answers
8k views

Can I take out a loan and invest it at higher interest?

I noticed today that my bank is offering small loans of up to £15000 at 3.3% interest. Meanwhile, services like Zopa and RateSetter are offering over 6% interest on investments in their platforms. I ...
0
votes
3answers
190 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 ...
0
votes
1answer
172 views

Personal loans and their tax consequences?

In the year of 2014, I had some personal loans from friends, family members, ranging from $1000 to $10,000 for each loan. As a result, my business net was negative because I used the loans to expense ...
-9
votes
5answers
242 views

What if 40% of the remaining 60% Loan To Value (ratio) is not paid, or the borrower wants to take only 60% of the loan?

I wanted to know that what if the remaining 40% of 60% in a LTV (Loan to Value ratio ) for buying a home is not paid but the borrower only wants to get 60% of the total amount of home loan that is ...
-6
votes
2answers
219 views

Why is there so much interest on home loans?

Search around the internet for current mortgage rates and play with some of the amortization calculators. You'll see that at the end of the payment schedule you will be paying almost an equal amount ...
10
votes
5answers
299 views

Can LLC legally lend money to a friend?

I have an American LLC with money in the bank. I want to provide a loan to my friend for 3 years for 5%. Is this something I can legally offer if the activity of my LLC has nothing to do with finance? ...
8
votes
5answers
3k views

Paying off a loan with a loan to get a better interest rate

I've never had credit or a loan till recently when I bought a new car. This has recently given me a much better credit rating after having the loan for a year with 5 years to go and 2 credit cards ...
4
votes
1answer
242 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 ...
5
votes
1answer
170 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 ...
23
votes
9answers
8k views

Should I pay cash or prefer a 0% interest loan for home furnishings?

I live in France. I bought an apartment with a mortgage a month ago. I've been buying plenty of stuff for this apartment like furniture, decoration, oven, etc. And I still need to buy other stuff. I'...
4
votes
1answer
148 views

How to recover value from a term life insurance policy?

This happened in Canada. A person has a life insurance policy that matures in 2024 (in 9 years) and he has been paying monthly premium since 1996 (for 19 years). He lost his job and is not able to ...
2
votes
3answers
113 views

Loan repayment calculation and monthly compounding interest problem

I need to write a mock up application that returns a quote to potential borrowers. The specification says that "The monthly and total repayment should use monthly compounding interest". Program ...
2
votes
2answers
119 views

How to calculate the number of months until a loan is paid off (given principal, APR and payment amount)?

Does anyone know what formula they use for this When will you be debt-free? calculator? I want to put it in a Google Spreadsheet, but I can't find a payments-to-debt-free formula using my Google ...
1
vote
0answers
62 views

Guidelines on when to buy or rent an apartment (in Europe)

I am currently facing an important decision for my life: I finished studies and will soon enter industry to work. Due to the fact that I will likely earn some money on a regular basis, I want to ...
27
votes
9answers
5k views

Is asking to pay off principal first a placebo?

Some people say that in order to pay off a loan sooner, you should ask the lender to "apply your payment towards the principal", so that they won't "apply your payment towards the interest". From my ...
2
votes
1answer
107 views

How can someone else sell a car with my name also on the paperwork?

I just found out from my x that he got a new car but my name was still on the old one and I never signed any paperwork when he traded it in. How can a car dealership do that with my name still on it?
4
votes
3answers
81 views

How old do I have to be to take a loan, and how should I go about the process.

I'm currently 16 and have been invited to attend a National Youth Conference for National Security in Washington DC this upcoming fall. I just moved in with my mom and this trip isn't exactly ideal ...
1
vote
4answers
2k views

How to calculate Annual Percentage Rate of a loan with unequal periodic payments?

Let's say we borrow a loan of $1000. We pay back to bank $100 per month but for some stupid reason the last payment is smaller and equals $50. This is a common case in my country. How then the APR ...
10
votes
2answers
2k views

Money sent to loan account after it has been paid off and closed

For the last few months I have been paying off a loan via automatic payments from my current account that transfer over automatically each month. The loan got paid off and the bank closed the account. ...
0
votes
1answer
82 views

Taking a small loan to improve Credit Score

Younger me made some horrible financial mistakes. Now as the idea of a house loan is not a far distance fantasy anymore, I think about how to improve the score. I already read several sources to ...
2
votes
2answers
159 views

Reason to give for personal loan in USA to buy land in India?

I am buying a land in India for that i need personal loan for about 15k. I am not sure what should be the good reason to give to credit unions to get the loan approved. Please suggest and thanks in ...
31
votes
13answers
8k views

Do I pay a zero % loan before another to clear both loans faster?

I have $11,000 to put toward one of my three loans. I think I should pay off the 0% car loan and then in two months it will be zero and I can apply that $635 to the 2.5 % car loan and pay it down ...
-1
votes
1answer
241 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 ...
0
votes
2answers
95 views

Remit money to India from balance transfer of credit card

I am a tax resident of USA and citizen of India. Lately, I have been receiving 0% interest balance transfer offers from credit card companies. The offer is - they will charge me 0% interest for 12 ...
0
votes
1answer
68 views

Calculate APR from balloon loan

I need formula to calculate nominal APR from balloon loan with contract fee. The initial data and payment schedule is: Loan sum: 10 000€ Interest rate per year: 15% Loan period: 2 years Payments ...
6
votes
2answers
6k views

Construction loan for new house replacing existing mortgaged house?

Let's say I buy a home with an ordinary thirty-year mortgage, intending to renovate the house slowly and live there a long time (ten years at least). Five years into the mortgage, however, I decide I ...
7
votes
8answers
3k views

Would I qualify for a USDA loan?

I am eager to buy a home within the next year. My husband and I are in the process of fixing credit. I am interested in learning more about the USDA loans and think that this would be the best type of ...
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 ...
31
votes
11answers
8k views

Should I charge my children interest when they borrow money? [closed]

My children (both male, ages 25, soon to be married, & 32, married) have borrowed money from me and my wife on several occasions. They have yet to pay us back what they borrowed. We have never ...
-3
votes
1answer
55 views

Where should i sign?

I'm in the process of buying a vehicle. My uncle is helping me out by cosigning for me. On the contract there is a buyer and a co-buyer line that requires signatures. Where do i sign.
25
votes
7answers
13k views

Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?

I am planning to make a big purchase. I have the money in savings to cover it, but I don't want to drop $2500 all at once if I can avoid it. I have a credit card with a $9000 limit, but I know that ...
1
vote
2answers
14k 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

How should I ask for an Employer Loan as an Employee?

I would like to ask my employer for a loan. I know IRS guidelines expect it to run at the APR with regards to interest. However, before I ask I would like to be as educated as possible as to what ...
3
votes
2answers
98 views

Is a secured loan or mortgage considered debt? [duplicate]

Lets say you buy a home for $300k, and put down a $100k payment and take out a $200k loan. The house was purchased for a fair, properly appraised value. Does this mean that you are now $200k "in ...
3
votes
1answer
70 views

Fixing Credit With Several Small Debts

I am a recent graduate from the U.S. with a checkered credit history. I have a few items in collection now totaling about $750 or so. Previously, my attitude would have been to let these slide until ...