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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2
votes
1answer
71 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 ...
23
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
37 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
46 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 ...
1
vote
1answer
85 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 ...
6
votes
1answer
67 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
71 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
65 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
31 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
115 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
31 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
49 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
67 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
270 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
44 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
108 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
578 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
46 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
18 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
880 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
85 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
48 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
34 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 ...
2
votes
1answer
160 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 ...
8
votes
4answers
354 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
49 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
118 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 ...
1
vote
0answers
61 views

How to calculate interest charged on my loan given a series of dates & payments?

I want to calculate the interest rate payed for this loan using Mathematica. The initial amount was of 12000€, then they asked to pay 240€ for opening the loan and another 870€ for the insurance for ...
1
vote
1answer
61 views

Calculating the effect of prepaying your loan

I am asking about the mathematical formula, or constructing the amortized loan table, of the effect of someone prepaying their loan. According to this website, you'd calculate the monthly payment ...
1
vote
1answer
42 views

Making a loan to a tax-exempt organization from 401(k) retirement investment funds?

I'm age 64 & considering making a short term personal loan with interest to a tax-exempt organization. The loan would be payable in total with interest in two years or upon organization's sale of ...
6
votes
1answer
4k views

Home loan transferred to Freddie Mac — What does this mean?

I got a letter saying that my mortgage loan was "sold to Freddie Mac or to Freddie Mac as a trustee." Other interesting wording is that "the transfer of ownership... has not been publicly recorded." ...
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
votes
1answer
79 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 ...
7
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 ...
0
votes
0answers
13 views

NRI Loan money to India [duplicate]

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
207 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
49 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
2answers
974 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
57 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?
1
vote
0answers
52 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
42 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
1answer
68 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
vote
1answer
45 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
132 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 ...
2
votes
3answers
201 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 ...