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1
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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 ...
3
votes
4answers
101 views

Should I take a personal loan for my postgraduate studies?

About 6 months ago, I embarked on a Master's degree. Prior to this, I did the math on the postgraduate program and set aside about $31,000 on a separate savings account just for the postgraduate ...
2
votes
0answers
101 views

How do I loan money as a non-resident Indian (NRI)?

I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
2
votes
1answer
64 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 ...
2
votes
2answers
232 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 ...
3
votes
1answer
106 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 ...
1
vote
1answer
330 views

Short term loan from parents and the IRS

My wife and I are purchasing a new home that we're closing on July 1st. The sale of our house closes July 15th. For the down payment on the new house we're a little short on cash and can't use the ...
0
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3answers
64 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, ...
30
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4answers
7k views

I am considering leasing a new car for my ex-wife. What can go wrong?

My ex-wife is a financial wreck and is about to lose her car (lease is over) in an area of the country where you can't get around without one. She can't get a new one because her credit is really bad ...
4
votes
2answers
234 views

Should I attempt to consolidate my own debt, or hire a professional? (Are there caveats to consolidating your own debt?)

I have some credit card debt across 3 accounts. Currently they're all at 0 APR, but the promotional rates are set to end soon, and I don't want to open any more accounts. In this situation, I'm aware ...
4
votes
1answer
171 views

Does money borrowed from other people in U.S. need to be reported in tax report?

I have a friend who is willing to lend me some money (about 40k dollars), since I am not financially well. We are foreigners studying and working in the U.S. (F1 and H1 visas). We report taxes ...
7
votes
1answer
190 views

Would it be wise to add a person to the Title of my property to obtain a loan?

An friend acquaintance of mine is willing to lend me $10,000 at 15% if I will put her on Title to my property as collateral. I will pay nothing back until I sell my property. What are the risks in ...
1
vote
4answers
1k views

Can a friend put up collateral for my secured loan?

I'm the friend. My mom needs a loan from me and figures involving a bank might avoid some headaches. She wants me to lend her 20K. Wire it to the bank. Then the bank will (presumably) lend her 20K. Do ...
4
votes
1answer
14k views

What are some good options for getting a short-term personal loan?

What good short-term personal loan options are there, for someone who will soon have ability to pay them off? (I'm looking for names of institutions, like "X lending company", Wells Fargo, etc.) I'm ...
5
votes
3answers
1k views

Should I get a personal loan or a line of credit?

Looking to buy a new computer. While I can afford to buy it outright, I'm looking to get a loan to help make my credit a touch better. But I'm wondering if I should just go with a line of credit, ...
4
votes
1answer
751 views

Islamic Banks and Personal Lending

As per my previous question on "The difference between Islamic Banks and Western Banks", it was answered that Islamic Banks do not charge interest but instead agree on a percentage of profits the ...
12
votes
2answers
1k views

Father wants to gift child with approx $200k. Smartest way from USA tax perspective?

The father would like to find the best way to help his (~40 year old) daughter with approximately $200k in home loans. Without (yet) seeking professional advice, he has loosely considered: Gifting ...
8
votes
4answers
605 views

Should I get a personal loan to pay on my mortgage to go “above water” to qualify for a refinance?

I purchased my primary residence in 2007. The rate was 5.99% on a 30 year fixed. Rates have dropped dramatically since then, but so have home prices. I wanted to refinance a while back, but it looked ...
7
votes
1answer
1k views

Borrowed money from a friend for my business, & can't pay it back. Got a lawyer's letter. What can happen?

I borrowed some money from a friend of mine for use in my business and I am not able to pay back to him now due to the bad business. Actually, he put the money into my business first and later decided ...
7
votes
2answers
532 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
6answers
1k views

Is it a good idea to get an unsecured loan to pay off a credit card that won't lower a high rate?

My wife and I just called the customer service department of a credit card company, only to find them "unable" (at the account manager level) to lower the 25% APR on the card. The guy went on to say ...
4
votes
3answers
139 views

How to diversify P2P lending accounts?

I've been interested in peer-to-peer lending for 3-4 years now since I first heard about it with Prosper.com. I've since heard about Lending Club, and this Q/A gave me a lot of insight. In ...
2
votes
1answer
127 views

Obtaining a Taxpayer Identification Number

I am a student on a F1 Visa in the US and would like to apply for personal student loans from Banks like Chase, Sallie Mae. Being a non US Citizen and on a student Visa, I am unauthorized to work, ...
3
votes
2answers
427 views

Take new loan to pay off old one, what would you do in this scenario?

This is my current loan. Loan Amount : £11,750 Total Interest : £6,422.40 Interest Rate : 21.2% per year Total : £18,172.40 Pay per month : £306.19 Term : 60 months (5 years) I'm 2 years into the ...
7
votes
3answers
2k views

Can I charge interest on money that I have lent out, even though I am not a financial institution?

On the news a couple of years ago, in BC, they said that if you are NOT an financial institution, it was illegal to charge interest on any money that you have lent out. Now I live in Alberta. And ...