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Questions tagged [loans]

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.

1
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2answers
83 views

Questions about my credit score and how my debt/payments affect it

I've been out of college for a couple years and i'm quickly paying off my student loans. I have some loans and other bills I pay every month. I'll provide as many details as I can in order to get as ...
2
votes
3answers
229 views

Please help me calculate interest on a loan

My Ex owes me $66000 and I need to give him a payment plan with 8% interest over 5 years. The monthly repayments need to tier roughly as follows (he's going to earn more in the 2nd and 3rd years and ...
2
votes
0answers
100 views

Why does total interest paid per year increase as I pay down my loan (fixed rate loan)

I have a house loan at a 4.25% fixed APR rate with CitiMortgage. Comparing the total amount of interest I've paid recently, per Citibank's statement I paid $6684 in interest during year one of the ...
1
vote
3answers
77 views

What would the formula for loan payoff with daily compounded interest and paid 5 days per wk?

I'm interested in calculating the impact of making payments on my student loans daily (5 payments per wk). For example my current loan is 50,000$ @ 5.05% interest compounded daily. The term of the ...
2
votes
0answers
85 views

How can I stop the IRS from withholding refunds for a student loan that is already paid off?

I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
-1
votes
1answer
44 views

how to find flat rate of interest per annum and month if we have given reducing rate of interest or loan amount and tenure?

For example: For loan amount 500000 for 5 years at the rate of 12% (reducing interest rate), EMI is 11,122.22 per month Here 12% reducing is equivalent to flat 6.69% per annum or flat 0.55% per month. ...
2
votes
3answers
238 views

Should I pay off my car loan from savings to save money?

I have about 13k in a savings account with 1% APY. Last year this account earned over $100 in interest. I have a car loan with a balance of about $4200 on it, with 1.9% APR. I pay $288/mo on the loan, ...
2
votes
2answers
137 views

Should I pay off my LOAN from my 401(k) ASAP?

I recently saw a ? on the Forum about "Should I pay off my Home LOAN from my 401(k) or continue to pay Interest to myself". Most responses seemed to think that paying it off ASAP was the best idea ...
0
votes
2answers
42 views

When I shop for a direct lender, will the credit checks that they may do be bad for my credit rating? [duplicate]

Is it bad for my credit rating each time a possible lender does a credit check on me? I need to shop for a direct lender in order to get the best rate for a first mortgage on a property I want to buy,...
2
votes
3answers
312 views

My ex husband put me as a co signer on his car loan and I didn't know anything about it. What can I do? [closed]

My ex husband put my name on his car loan as the co signer without me knowing. What can I do?
2
votes
2answers
309 views

should I pay off 401k loan while the market is crashing?

I have an outstanding 401k loan for 33k at 5.5%. I wanted to pay it off so not to lose out on the investment opportunity. HOWEVER, the market is crashing and my last quarter 2018 401k statement ...
2
votes
1answer
130 views

Use savings for our wedding or use a loan [closed]

I recently married (similar to engagement), planning our wedding and starting a new life with my spouse. Where we live we use two currencies, the GBP and a local one (XXX) that is getting harder and ...
3
votes
6answers
556 views

Where should my money go first?

I have $7000 in cash. What should I pay toward first? Car Loan $17,000 @ 3.4% $532 a month payment Credit Card $3000 @ 0% interest till March 2019 Credit Card $3800 @ 0% interest till Nov 2019 Credit ...
0
votes
1answer
58 views

Can I port a loan for a 2nd home to my primary home?

My primary home is paid off and I'd like to port my loan from my second home to my primary so I can write off the interest. My primary home is worth a lot more than the loan. I have a great rate and ...
1
vote
2answers
276 views

Is a technical Masters degree in a high-paying employable field worth it? [closed]

I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it? Say you need 4 pre-Masters (aka post-...
18
votes
6answers
4k views

What are things to think about when paying for/taking out a loan for graduate school? [closed]

I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question. I'll apply my situation to this question as an example: I got a ...
5
votes
3answers
207 views

What is the best option for repaying student loan?

This is an embarrassing thing for me. Growing up my family believed money is a bad thing that shouldn’t be talked about. I have found this philosophy hasn’t served me well and abandoning it. I ...
5
votes
4answers
382 views

Is home equity worth taking out a mortgage when I have $67k student loans to pay?

Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
1
vote
4answers
157 views

How to reconcile loan statements when balance doesn't add up

I'm helping a friend enter her student loan payments into GnuCash and I've come across something I've never encountered before. Apparently Discover Student Loans are calculated with Daily Simple ...
3
votes
2answers
276 views

why don't banks invest money in mutual funds or shares instead of giving personal loans

Banks offer personal loan at interest rate of 11 %, but why don't they invest those money in mutual funds or shares and earn more ?
0
votes
1answer
60 views

Regarding loan from friends

Is there is limit on the amount of a loan that can be taken from friend? Can a friend give an interest free loan? For how long can a friend give loan?
0
votes
1answer
37 views

How to compare the APRs of different currencies?

I want to take a loan and I have two options: Euros APR: 7.2% terms: 10 years Yuan APR: 9.2% terms: 5 years I have taken some financial classes so I have a vague idea about it. I know there is an ...
2
votes
2answers
113 views

Should Pay Loan Early or Invest?

Loan: 150,000, interest rate: 1.62%, period: 30 years, so monthly payment is about 700. Investable amount per month: 7000. (Don't need to take the returns from the investments to pay the loan.) I ...
1
vote
1answer
64 views

Secure a loan against estate in Texas

I'm a German married to a U.S. citizen, we're living in Germany. My father-in-law is retired and lives on his own property in Texas. Due to some misfortunes and health problems (and the medical bills ...
0
votes
1answer
165 views

Should I make a loan or withdraw all my savings to buy an asset?

Lately, this is a question I've been asking myself, and I don't know which would be best, both on short term and long term. Let's suppose I have around 20,000 to 25,000€ in my savings account (which ...
1
vote
1answer
131 views

Car is under my girlfriends name, can i refinance it?

Last year i needed to buy a car, but my credit was bad atm, so my girlfriend at the time let me use her credit to buy it. Now almost 2 years later i have to buy a diferent car so i can take out of the ...
1
vote
1answer
54 views

Optimizing pay down of multiple loans

Most resources seem to indicate that you want to pay down loans in order of decreasing interest rate. However, I did some manual calculations and found I should be paying down the loans based on the ...
2
votes
2answers
114 views

Is a loan in euros with a 7% interest expensive for a student?

I am admitted to a business school in France and I have just got a quote from Prodigy Finance. The loan amount is about 30000 euros, the fee is 2.5%, and the term is 15 years. The first repayment will ...
2
votes
4answers
1k views

minimum repayment on home loan

How to calculate home loan minimum repayments (before taking out the loan). For example, with a credit card, they clearly state, that you need to make X amount as minimum repayment (maybe 10%) with Y%...
2
votes
2answers
109 views

What is the formula for loan payoff date?

My goal is to calculate loan payoff date. Actually I'm making a wordpress plugin to calculate that. I made a form from I can have following inputs from user. Current Loan Information Original ...
2
votes
0answers
55 views

Are federal pell grants applied on top of college scholarships?

Does the scholarship that your college provide you with include the federal pell grant or is the grant amount an additional amount to the scholarship provided by the college?
1
vote
2answers
173 views

I want to borrow $25,000 for 1 year and pay it back at end of a year?

What type of loan would be best to look for in the US, if I have an already paid off house as collateral for a $25,000 loan for 1 year?
7
votes
1answer
184 views

Consequences of student debt in the UK after moving to the US

My British wife went to university in the UK from 2001 to 2005. She got a student loan with SLC and was never charged anything because her income was too low. She left the UK in 2011, never earning a ...
2
votes
1answer
34 views

Calculating Interest with Compute Method as Canadian - Semiannual

i'm trying to validate a software Interest Calculation. The defaults given are as followed. Interval: Monthly Nominal Annual Rate: 10% Disbursal Amount: $500,000 Disbursal Date 01/01/2018 Payment ...
-4
votes
5answers
339 views

How can a bank go bust when people don't pay their loans? (since loans are created out of nothing) [closed]

When a bank issues a loan to me, the money is created out of nothing on a computer. It's just a record in a database. It doesn't exist. The bank issuing the loan needs to have reserves at the central ...
2
votes
1answer
127 views

If I pay my car loan off will my credit drop?

I've been thinking lately about paying my car off. I owe less than 6k. The payment each month does not really hurt me and I was going to just keep it for on time payments to help my credit and my ...
0
votes
1answer
41 views

How to get my head around FRAs

I'm completely befuddled by FRAs - forward rate agreements. Take a look at this definition ....But, how EXACTLY does that fix an interest rate for me at all? There's nothing in that definition that ...
2
votes
2answers
132 views

Can I reduce the tax penalty on a 401k loan default by making an additional contribution?

I changed jobs recently, not of my own volition. I'm now rolling over a 401k account with my previous employer to one with my current employer. Three years ago I took a 401k loan with a 10 year term ...
0
votes
2answers
153 views

Would it be more beneficial to pay my car loan off first in this situation?

Okay here is my situation. I have a vehicle I'm currently interested in. It's around 42k. My vehicle that I own is worth around 28k KBB. I only owe around $5600 on it. I have the money to go and ...
1
vote
1answer
78 views

In a loan, how does account/admin fees work? [closed]

For a loan, how does monthly/yearly account fees work? Do they get added to the loan balance and will then affect the interest?
2
votes
1answer
180 views

Paying off student loans in anticipation of home purchase

I graduated college in May and have been working full time since. I have $19,000 in student loan debt, all subsidized/no interest yet, that goes into repayment soon. I am also getting married next ...
1
vote
1answer
155 views

Pay off student loans vs pay myself and try to get PSLF? (is my math right?)

I am trying to decide between paying off my student loans in 5 years vs attempting to quality for Public Service Loan Forgiveness (PSLF), which I could conceivably do in 5 years. My options are to 1) ...
2
votes
2answers
119 views

How long do I have to pay back a 401(k) loan?

I have a loan taken out on my 401k through Fidelity. The loan originated on this date: 12/19/2017. I will be leaving my current workplace and moving to a new workplace that uses John Hancock 401k. ...
2
votes
1answer
47 views

Pay off loan with MESP 529?

I made a bad decision and took a 401k loan last year. I question whether I could pay off the loan with a 529 account I have through Michigan education savings plan. I would not be pulling any money ...
31
votes
9answers
10k views

Is it a good idea, to buy a flat with a loan, whilst using the rent to pay it off? [closed]

I have been thinking about taking a loan to buy a flat which I would rent out. My reasoning is that the loan would be paid off over time by the renters. After perhaps 30 years, I'd be left with a ...
0
votes
3answers
157 views

Process of 401k loan removal

I understand that me taking a 401k was not a good idea so please as much as I know people want to tell me that I already know. I made a mistake...and did take a 401k loan out of my current employer. ...
0
votes
3answers
145 views

Auto loan finance for building credit

I recently moved to the USA and I have no credit history. I want to buy a car that costs $18,300. My down payment will be $12,000 and I will finance the balance at 15.4% (extremely high!) over 36 ...
6
votes
2answers
828 views

Bank loan responsibility for corporation partners

I own 25% of a small corporation. My partner (who owns the other 75%) and I took a loan with a bank (TD). We both had to give personal guarantees. Am I only responsible for 25% of the loan? If we go ...
-1
votes
3answers
240 views

Does this derivative contract between friends make sense?

Suppose there is someone with an investment horizon of 10 years (Retired Bob), and another person with an investment horizon of 30 years (Hungry Joe). Retired Bob doesn't want to take risk, but Hungry ...
0
votes
1answer
58 views

Leasing a car on a personal lease vs withdrawing LTD funds to buy it for cash?

Every book, radio show or podcast for people wanting to become/stay wealthy would advise against leasing a car. I agree a car itself is an expensive toy and lease even adds to this equation, but... ...