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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5
votes
5answers
1k 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 ...
29
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 ...
4
votes
2answers
37 views

Pay down the student loan, or buy the car with cash?

I have a student loan with about 43k remaining. I want to buy a vehicle that costs about 10k. I have excellent credit. The interest rate on my student loan is over 6%; I can get a vehicle loan with ...
7
votes
2answers
1k views

Are there any catches to a bank's offer of 0% convenience checks?

My bank has sent me these 0% APR checks for years and I recently find myself in a situation where it would be useful. I have a lot of wedding expenses which will not be a problem in the long term (6 ...
4
votes
1answer
60 views

person on loan with cosigner

My son is buying a vehicle and the person on the loan as a co-signer broke up with him. My son has made almost all of the payments. Now when the loan is paid off, how does my son get his ex's name ...
1
vote
2answers
66 views

How to get interest earned from start of repayment to a specific date on a declining balance?

I need a formula in getting the interest earned from start of payment of my loan to a specific date. I know the formula for the current due interest, which my company have given me in excel: days = ...
1
vote
1answer
33 views

Ask rebate in loan repayment

The interest rate made my loan to a very large amount from the one which i borrowed since I could not pay it for some time(I missed some EMI). Now I have money to pay it full, Can I ask bank to allow ...
3
votes
1answer
96 views

Equation or program for determining in which order to pay several debts

I have 9 different debts (5 of which are student loans) each with a different interest rate (ranging from 3.4% APR to 10.9% APR). I want to find out in which order paying them off would take the least ...
1
vote
1answer
42 views

401K loan repayment Default

I have a 29,000.00 loan from my 401K That I am paying 800.00 per month on. My wife has been ill for 2.5 years and unable to work. Currently trying to get disability. However this has created a big ...
0
votes
2answers
30 views

ESPP (Employee Stock Purchase Plan) Funds on Mortgage Loan Application

Will the bank count these funds? My company ESPP works like this: 25% of my bi-monthly paycheck (after taxes) is withheld and sent to some kind of company escrow account. This is done for 6 months. ...
3
votes
1answer
107 views

Personal loan to a friend procedure

I see a few questions on this topic, but I am more concerned with the procedure and best practices. If I give this person the money first (~$10,000), can I still have them sign a promissory ...
0
votes
0answers
51 views

Can my parents lend me an intra-family loan for college?

Can I take out an intra-family loan from my parents for college without it being labeled as a gift? I have googled it quite a bit now(my favorite link is ...
1
vote
3answers
61 views

Calculating interest accrued with extended Initial Payment Date

I'm wondering how do I calculate the interest accrued if the intervals aren't perfect. For example Principal - $100,000 Interest - 8% Compounding monthly Disbursal Date - January 1st, 2016 Initial ...
1
vote
0answers
25 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 ...
26
votes
6answers
8k 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 ...
9
votes
2answers
186 views

Co-signer deceased

2 years ago an elderly woman that I helped take care of and I worked for her co-signed for me and my fiance to get a 4 wheeler. We have never missed a payment and Honda will say that we have perfect ...
0
votes
2answers
34 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)?
0
votes
1answer
81 views

Bank allowed to keep title

I co signed on loan and put my truck title as collateral, the one I co-signed for had went back borrowed more money without me knowing, so my name is now not on loan so can the bank still keep my ...
0
votes
2answers
95 views

Retirement planning 401 (k), ira, pension / Student loans

Currently I am making 58k/year with a chance for a 10% bonus (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 in a ...
-1
votes
0answers
24 views

How do I get my name off of a joint car loan? [duplicate]

My ex-partner and I have a vehicle together that he still owes money on. I was doing payments on it, but then I got my own vehicle. We split up; we haven't been together for almost a year. I gave the ...
6
votes
5answers
727 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
74 views

I have a 2008 HHR under finance it needs a new engine

Ive had it for a year now and a check engine light came on they found a misfire which will require a rebuilt engine. I need to get rid of this car quick as it can go out any day. I owe 8000 on it and ...
3
votes
1answer
70 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 ...
5
votes
3answers
22k views

Can I get a housing loan for my father's property?

I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
1
vote
1answer
56 views

Loan on my inherited property

My father died in 2009 and left me all his property and belongings in a will. I have lived in the home and paid the taxes since then. Is it possible to get a loan against the property so I can fix the ...
0
votes
1answer
195 views

How can I get out of the debt-trap as quickly as possible?

I have a credit card with 30% interest and a real estate loan with 11% interest. The amount of debt on my card is lower than the real estate loan. I want to redeem the instalments of the real estate ...
1
vote
2answers
243 views

Buying car for cash or loan?

As I asked in another thread, I have job and savings of almost 50k. I am looking to buy a car, probably something used 1-3 years old so that I don't get hit by the quick depreciation on a new car. I ...
26
votes
6answers
7k views

Loan to son - how to get it back

A few years ago, we loaned our son money to start a business, which did not flourish. Yep, we know now it was a bad idea. But now, we owe $54k on our equity line, which he is only paying interest ...
3
votes
3answers
186 views

Can splitting a monthly payment into two lower interest payed?

For example if I have a monthly payment on a credit card or car loan and its 300 dollars per Months at an interest rate of 2.5% will making 2 payments per month of 150 help me pay less interest? I've ...
0
votes
0answers
74 views

Repay My loan to my relatives for school debt

I am an international student from India studying at the United States. I have taken a loan of around 40,000$ from my relatives in the United States for my studies. Now I am looking to repay my loans ...
7
votes
3answers
1k views

What type of credit or loan to get for job relocation?

I have never had a credit card. The only loans I've had have been student and car loans. Both of those I always paid on time; both are paid off. I have accepted a job offer and am now looking to ...
71
votes
10answers
10k views

Why is being “upside down” on a mortgage so bad?

For the longest time (especially during/after the housing crash in the US), people would speak in hushed whispers or terrified pleas when they talked about being upside down on their mortgage. While I ...
2
votes
1answer
220 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 ...
8
votes
4answers
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 ...
0
votes
1answer
222 views

How do student loans get split in a divorce?

My question: Legally should a husband have any responsibility for his wife's student loan if it was taken out during their marriage? They are divorcing, the loan is in her name, and I, her mother, ...
22
votes
7answers
2k views

Why do people use mortgages, when they could just pay for the house in full?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.
5
votes
2answers
99 views

Student loan repayment plan

I recently graduated with a PhD in mathematics and its time for me to pay back my student loans. Being a mathematician, I sat down and did the math. I realized two things: There is no feasible ...
3
votes
1answer
123 views

Co-signing a loan with girlfriend. How do I protect myself?

I live with my girlfriend. We are in a committed relationship and we both see things progressing toward marriage. We recently found out that the house we live in needs a new roof. She owns the house; ...
1
vote
1answer
38 views

How do I calculate the past value of a loan?

I have a loan that was originally $100,000. It is worth $116,971.41 today. It has been accruing 6% annual interest, compounded daily. I do not know the start date. How do I calculate what the value ...
0
votes
2answers
76 views

Comparing Cost of Loans

How do I determine my Cost of Loan from paying a loan off early, or, Assumption: No charges for early payments. Let's say I have a $25,000 vehicle loan and 1.99% APR over 5 years (60 months). Here ...
1
vote
0answers
40 views

What is formula to calculate “In 5 years” amount on page 3 of the mortgage Loan Estimate form?

Loan Estimate form for mortgages in US have a "In 5 years" amount paid. What is the formula for calculating that based on other values in the form ? On page 3 of the example form at ...
5
votes
2answers
5k 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 ...
-1
votes
1answer
32 views

Does a one time additional payment reduce the interest paid on a Prosper or Lending club personal loan

I have a loan with Lending Club with a certain interest rate. So every month I pay the principal as well as about $200 in interest. Assuming the loan balance left is $20000 and the interest rate is ...
11
votes
1answer
1k views

What is the difference between an amortized loan and a non-amortized loan?

As an example, my parents told me that their current car loan is amortized. Does that make any practical difference to how they pay off their loan, as opposed to if their loan had not been amortized?
3
votes
1answer
331 views

Fiancée not on the mortgage but wants to be on the title

Just to clarify: She cannot be on the mortgage because she is on another mortgage with her mother. We will be paying for the mortgage together. As she is paying for the mortgage with me, she wants ...
1
vote
1answer
73 views

Student Loan Balance question

My wife and I have recently paid off our auto loans and are trying to tackle our pesky student loan debt next. Following the "debt snowball" pattern, we've applied our monthly car loan payment to my ...
0
votes
1answer
52 views

car loan but 2 people on title

Can one person take out a car loan but have two people on the car's title?....If I am on the title my son's car insurance drops significantly but he wants to take the car loan out himself (to build ...
4
votes
4answers
833 views

What are some examples of unsecured loans

I am writing an essay on unsecured loans and am now trying to find some examples, so that I may then talk about the pros and cons for each example. I have already mentioned credit cards and an ...
1
vote
2answers
106 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 ...
1
vote
1answer
59 views

Making a personal loan to my business from the proceeds of cashing out my 401k

I had to cash out my 401k and lent the proceeds to my graphic design business to keep it afloat. It was used replace a computer and to pay off business debt. Total loan is $22,000. We had a ...