10
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 ...
0
votes
1answer
110 views

Is it taxable if someone return me money?

I lent a friend around $10K to help him start a own small business. Now he has started earning money and wishes to return my money plus some extra (~500) to acknowledge my help. Is the money ...
2
votes
1answer
61 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 ...
0
votes
0answers
23 views

What loan options are there for minors? [duplicate]

I'm not yet 18, but I have been studying business for quite a while, paper trading, investments, etc. at this point, I'd like to try my hand at building some credit and making some money, but I am ...
7
votes
2answers
391 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
4answers
174 views

60-Day “Borrowing” From an IRA

In brief, I am projecting out a budget for a personal construction project I am having done, and the numbers are very tight. I have some buffer built in, but if I exceed the buffer amount and my cash ...
0
votes
2answers
137 views

How do you declare an interest free loan?

In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan. Respecting the wisdom of the people who said that, I'm unclear ...
2
votes
1answer
140 views

Taking out a private loan to pay off student loans

My wife and I have a large sum of student loans (>150k together). She is now out of school and I'm in the latter years of a PhD program. So we both have steady incomes. My loans are from the ...
2
votes
2answers
281 views

Can I afford this condo?

I just found a condo I really like and I am debating with myself whether it would be a good idea to pursue it from a financial perspective. I'd like to get some educated, objective opinions on my ...
0
votes
2answers
157 views

Should I pay off my student loans or keep it in the bank? [duplicate]

The interest on my student loans are ~ 2%, should I take the money that I have in my savings and pay more than my monthly payments? I have enough to pay off one loan and still have a nice safety ...
3
votes
2answers
200 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 ...
1
vote
1answer
62 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 ...
5
votes
1answer
125 views

Is the interest on a non-bank loan for a house still considered tax deductible?

I'm trying to buy a house that's listed as not inhabitable in its current state. I want to buy it so I can repair it and live in it. I have all the financials I need, and I have excellent credit, but ...
2
votes
2answers
311 views

Borrowing money for a semi-urgent medical expense

I need to borrow some money to pay for dental work. This will be my first time taking on debt independently. I would like to repay my dental debt at a reasonably pace without hurting my credit score. ...
3
votes
2answers
209 views

What are the laws or rules on 401(k) loans and switching providers?

So here's the situation. My employer is switching 401(k) providers. I believe they outsource payroll and employee benefits to Benefits Company A. They want to switch to Benefits Company B. I ...
1
vote
1answer
134 views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
0
votes
2answers
81 views

How to get 0% financing for a car, with no credit score?

Is it possible to get a 0% interest rate for car loan for a used car in the U.S.? I've been working for 7 months and I just got my first credit card, so I don't have a credit score yet. I'm planning ...
2
votes
1answer
1k views

What are the tax regulations and ramifications of personal loans?

Are there any laws/taxes on a personal loan? I realize that you can't just give someone money unless it's under X amount (last I checked I thought it was 14k), but what are the rules around loaning ...
4
votes
2answers
216 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 ...
1
vote
2answers
210 views

I have a loan with a 6.5% interest rate. Should I divert money into my 401(k) instead of prepaying?

I have a loan with a fixed 6.5% interest rate, with an absurdly low minimum payment, so I have been paying extra each month (about enough so that the loan will have a 10-year repayment lifetime ...
2
votes
2answers
142 views

Where to borrow money between college graduation and employment?

I finally finished my degree after the summer program and have my diploma and was wondering where I could borrow money while I look for a job? Job interviews are not cheap, especially if a flight is ...
1
vote
2answers
329 views

Can I use 0% Intro APR for getting a car loan?

When I'm applying for a chase credit card it has 0% Intro APR for 15 months. This is my first time for applying a credit card. And I just started a few months ago started working so I have a proof of ...
5
votes
3answers
731 views

How to pay bills for one month while waiting for new job?

I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...
6
votes
2answers
2k views

I plan on receiving a $200,000 personal loan via wire transfer. Do I have to report this to the IRS?

After researching online, I found many websites that said wire transfers are not reported to the IRS, but others said that they were reported. I just want to make sure that I do not have to pay taxes ...
6
votes
1answer
851 views

Is there a most efficient way to pay off multiple loans with the same interest rate?

My Situation: About $36k USD in graduate student loans. There are 4 different federal loans in play, each with a fixed rate of 6.8%. $12k w/ ~$1.2k in unpaid interest $10k w/ ~$1k in unpaid ...
7
votes
5answers
791 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?
5
votes
2answers
122 views

Does there exist a kind of loan where no part of principal is paid, while interest is still paid?

I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
6
votes
1answer
83 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
3
votes
2answers
176 views

How to get the lowest mortgage rate on a new purchase?

Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S. What strategies can be applied to ensure the best interest rate possible? What ...
2
votes
2answers
89 views

Basic Info On Construction Loans

My wife and I are looking into possibly buying a lot in Chicago and having a custom home built on it. My most basic question: is it possible to get a loan that covers buying the lot AND the cost of ...
0
votes
1answer
71 views

Mortgage-based budget spreadsheets?

Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would. At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
4
votes
3answers
369 views

How should I calculate the opportunity cost of using a 401(k) loan?

I've seen a number of financial articles that discuss the "opportunity cost" of using a 401(k) loan; however, I don't seem to recall ever seeing a good formula or calculation that can be done to ...
5
votes
3answers
6k views

How to deal with my job change & 401k loan that I can't fully pay back?

It's been 60 days since I changed my job and I have an outstanding 401(k) loan of $30K(+30k non loan amount). I have only $20K to pay and my 401k plan won't accept the partial amount. I still didn't ...
3
votes
1answer
120 views

In what state do usury laws apply?

Let's say that I live in Connecticut and take out a loan with a bank in another state (for this example, let's say New York). Is there a general principle on which state's usury laws would apply, or ...
5
votes
2answers
238 views

Do I have an option to transfer parent plus loans to myself?

My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
4
votes
1answer
304 views

Why am I getting “Pre-approved” loans from random financial institutions in the mail?

Lately I've been getting letters in the mail saying that I've been pre-approved for a $2000 dollar loan by some random bank or financial institutions. I've never given out my address to anyone. I ...
3
votes
4answers
124 views

What is a 401(k) Loan Provision?

I'm considering a few job offers for post-college, and I'm wondering how this (Roth) 401(k) plan stacks up against the average offering: After one year of service, [Company] will: ...
3
votes
3answers
217 views

Building Credit for a Young Person with No Credit

I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
2
votes
1answer
243 views

Any smart way to get the interest down on our student loans?

Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
2
votes
1answer
138 views

How to calculate outstanding Graduate Plus Loan balance currently in deferment?

Can someone tell me what I'm doing wrong here? If I have a $56,500 loan and the interest rate is 7.9% how much will I owe after 8 months? I thought this would be fairly simple. I would ...
0
votes
0answers
36 views

Credit score impact of shopping around to get the best home loan? [duplicate]

Possible Duplicate: Multiple mortgage pre-approvals and effects on credit score My wife and I are starting the process of buying our first house. We would like to shop around a bit to get ...
1
vote
1answer
140 views

Why can I refinance my recent car loan at a lower rate than I had received originally?

I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time. I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
4
votes
2answers
2k views

What are the tax implications of lending to my own LLC?

Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
6
votes
7answers
362 views

How smart is it really to take out a loan right now?

With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a ...
4
votes
1answer
155 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
9
votes
3answers
450 views

Am I “cheating the system” by opening up a tiny account with a credit union and then immediately applying for a huge loan?

I've always wondered why credit unions require you to open a membership account before they'll approve a loan. Whenever I think about it, it feels like going to a credit union just for a loan is ...
6
votes
1answer
286 views

I have a 401k loan used for a house down payment and now I am changing jobs: What should I do?

I guess this could be a cautionary tale, but I am hoping it can be remedied. I had a job that I am leaving, but I had took a 401k loan to put down on a house. I don't have the money to pay it back ...
9
votes
2answers
19k views

What do I need to bring to the bank when applying for a loan?

What do I need to bring to the bank when applying for a loan? Should I bring pay stubs or other evidence of financial stability? What will help my chances of being approved?
11
votes
2answers
1k views

How do loans against 401k / 403b accounts work?

I'm really clueless about these loans. Who gets the interest? Does the account fund the loan, or are they simply used as collateral? What are the tax implications?
7
votes
3answers
350 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 ...