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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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
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 ...
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 ...
1
vote
1answer
96 views

Refinance a land loan into a mortgage loan

If I obtain a 10 year land loan and but finance the build of a house with my own money will I be able to refinance that land loan into a conventional 30 year mortgage loan eventually?
1
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1answer
247 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
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 ...
3
votes
0answers
125 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
0answers
93 views

What are some motivating ways to track performance of paying back a loan?

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and check on each month. These ...
2
votes
0answers
120 views

Underwriters refusing to use TheWorkNumber

Earlier this year, an underwriting department informed me they are no longer allowed to accept TheWorkNumber for employment verification purposes on any Fannie Mae Freddie Mac loans because of ...
2
votes
0answers
134 views

How soon (after your first credit card statement ever) do you get a credit file/history in Canada?

How many days after your first credit card statement EVER does one get a credit report on file with one of the two Canadian bureaus? I'm trying to develop Canadian credit on my first credit card and I ...
1
vote
0answers
30 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 ...
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 ...
1
vote
0answers
87 views

What are the tax etc. implications of giving a friend's company an interest free loan?

I want to extend a loan of $50,000.00 ,interest free, to a friend to start a business. Can he deposit this check into his account and not incur any tax difficulties? Are there any tax implications for ...
1
vote
0answers
49 views

How is minimum payment calculated for this daily amortized loan?

I'm trying to figure out how the bank calculated the minimum payment for a personal loan. Starting Principle: $6,800 Interest Rate: 13.750% Loan Term: 36 months Payment Frequency: Monthly Start ...
1
vote
0answers
116 views

Calculate Months Until Loan Break-Even (Lender Perspective)

I'm invested in LendingClub and I want to take a loan and be able to calculate the date that I would break even. I want to know the date when my investment (note amount) equals the total payments ...
1
vote
0answers
106 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 ...
0
votes
0answers
53 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 ...
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 ...
0
votes
0answers
18 views

Tax Treatment of Bad Shareholder Loans To S Corp

We just dissolved a 3 partner S-corp. There is COD income from cancelled shareholder loans to the company. This COD income will be transmitted to the shareholders on the K-1s. My question is how the ...
0
votes
0answers
50 views

Calculating interest accrued for 30/360

my typical interest calculation is Actual/Actual or Actual/365. I'm curious to how 30/360 should be calculated if the duration is not from beginning of the month to the end of the month. For example ...
0
votes
0answers
33 views

refinance US auto loan in Canada

I will be living/working in Canada for the next 3 years. A friend of mine now working in Canada pointed out that, with the falling value of the Canadian dollar, his US auto loan has been accelerating. ...
0
votes
0answers
18 views

Key aspect of Repurchase Agreement which differeniate it from Loans

I was reading up on Repurchase agreement when I came across a rather interesting statement Although the transaction is similar to a loan, and its economic effect is similar to a loan, the ...
0
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0answers
16 views

Capitalizing a charge with an amortization schedule

I'm trying to get more information on how I should be processing Fee Charges if they are supposed to be capitalized. If I make monthly payments, my last payment was December 31 and my next payment is ...
0
votes
0answers
84 views

Need Help Paying For Previous Semester of College

I went to University of Southern Mississippi for 2 years until they denied me getting financial aid. I did not have my mother's tax return from a tax year that she had not filed at the time. I was ...
0
votes
0answers
815 views

Car loan - Hard inquiry and credit score hit

I recently purchased a new car. Total outdoor price is 20K. I paid 6K and financed the rest. Before I walked into the dealership, I had a preapproved loan from the only bank I applied. It was around ...
0
votes
0answers
48 views

Estimating rates on potential loans without officially applying

Is there any way to estimate the rates on a potential loan without applying? I'm thinking of some calculator that takes into account: Loan type (auto/revolving/installment/mortgage/etc) Your income ...