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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
82 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
228 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
99 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
75 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
84 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
234 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, ...
-1
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0answers
36 views

How is loan top up calculated? [closed]

Using an example how does loan top up get calculated. What are the changes in principal, interest and installment.
0
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3answers
144 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 ...
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 ...
2
votes
2answers
136 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
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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
308 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?
0
votes
2answers
122 views

How do I find out what is the minimum credit rating for a grad school loan (or undergrad) without a cosigner?

I'm in the US, and I'm trying to make a decision about my educational strategy. I have a basic idea of what I can do for unsecured undergrad bank loan, and what credit rating I would need. How can I ...
1
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2answers
275 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-...
3
votes
6answers
425 views

Why is it so hard to get a quality loan as an individual?

Currently federal funds rate is 2%, this is about what it should cost for a bank to borrow money from the government. I doubt lending money costs them much more than this. Loans taken by corporations ...
4
votes
2answers
4k views

can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
1
vote
2answers
242 views

Pay off student loan or contribute to my 401k?

I am 30 years old and make about $2400/mo take-home. I was paying two student loans, one was $250/mo and the other is $410/mo. I paid off the $250/mo loan, and I have to decide if I should put the ...
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 ...
5
votes
3answers
335 views

Pay off home loan early

I currently own a house in northern VA that's paid in full. I want to buy a new house in a development being built in MD. A friend recommended getting a loan for the new house and put mine on the ...
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
555 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 ...
5
votes
2answers
11k views

What is this option offering me on my loan repayment?

I was just updating my auto-repayment for my student loan, when I was given the following option: ((Note: The image highlights two options: "Apply as Refund" and "Apply as Payment")) I am not sure ...
1
vote
1answer
329 views

Money transfer from India to Dubai

I have to go back to India due to job loss and have to repay my bank loan in Dubai. How can I transfer money from my savings account to my bank in Dubai?
1
vote
4answers
156 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 ...
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 ...
3
votes
2answers
274 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 ?
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
130 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
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?
5
votes
1answer
527 views

Can I remove a cosigner from a car loan? Will it affect my credit?

I will be moving from NY to California for a job that starts 3 months from now. I flew to California to finance a car from a dealership, but since I had not found an apartment yet, I had no california ...
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
130 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
113 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
108 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
54 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?
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 ...
1
vote
2answers
242 views

APR without principal repayment?

I've been trying to find out about this own my own but can't seem to work it out via search engines, loan/mortgage websites and excel. When I try to work out how much a loan costs, rates like APR ...
7
votes
1answer
183 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
2answers
738 views

Should I pay off my student loan in the UK before getting a mortgage?

I've had a search around and there is a similar question here and maybe here. However, I think this use-case is slightly different (not to mention those answers are US based), and also the answer to ...
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 ...