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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.

2
votes
2answers
2k views

Get a loan, and then repay that loan with the loan itself

Due to some unfortunate circumstances, my credit score dropped 300 points in less than a year. I had a procedure done at the local hospital, which ended up costing around $800. I gave them my ...
0
votes
1answer
80 views

How can I prove how much I make in a month when self employed

I'm applying for student loan repayment assistance. As part of the process I need to prove my income for last month. The instructions are: "The following documents are acceptable as proof of income: ...
2
votes
3answers
178 views

Post judgement loan

My grandfather has been providing post judgement loans to people for 9 months through his friend who has connections to a lay firm. So once someone received a judgment saying that “x” company owes ...
1
vote
1answer
111 views

Formula for previous months interest payment and balance - Reverse Amortization

I am trying to resolve an issue I am having where a system calculated incorrect additional payments on a loan for a couple of months, resulting in the new current balance being incorrect. I want to ...
4
votes
2answers
227 views

Securing a loan with a loan, does this even make sense?

My friend wants to buy a house; however he does not have the capital to put twenty percent down because he loaned out his capital as a secured business loan last? year. He thinks all other business ...
0
votes
0answers
59 views

How do I solve this in excel? I think it's a cumulative rolling percentage problem

I have a spreadsheet that shows the following columns. Date, Loan Applications Received, Interest Rate Offered, Cumulative Applications Received, Loans Originated, Average Interest Rate on ...
5
votes
1answer
609 views

Should I take advantage of “interest-free” credit when buying something? [duplicate]

If I buy something like a smartphone or a new PC, when you have these choice: Pay all the cost at the moment. Pay it in 6/12/18 months (with loan but without any interest rate and any extra cost). ...
1
vote
1answer
281 views

How to calculate EMI for Quarterly, Half yearly and Annual payments and generate amortization schedule?

I am a software engineer by profession. I am a newbie to finance. I am trying to create a loan amortization schedule. I have the formula for EMI= P*(r*(1+r)^n)/((1+r)^n)-1. How to apply it for ...
1
vote
1answer
299 views

What is nelnet doing with my auto-debit student loan payments?

I recently (A few months ago) bumped up my loan repayment. My repayment just started this year. So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this: ...
5
votes
1answer
111 views

Student debt in arrears from living overseas- what to do?

I have been living overseas for 3 years and did not inform the student finance company (stupid, and totally my fault!) and they have recently sent me a letter asking to confirm my employment status- a ...
0
votes
4answers
235 views

Reasons for not taking loans with negative interest rate

At the moment, negative interest rates sounds totally obscure. Basically, the lender has to pay the borrower for lending money from him?!? If this is the case, why shouldn't I just go out to take ...
1
vote
2answers
54 views

effective rate loan installment

Why is it that the effective rate is based on compounding and it is also paid only on the remaining loan balance in compounding interest we pay interest on interest? Can someone explain in to me? what ...
45
votes
4answers
9k views

Would using an expensive car as collateral for a small loan to get cheap parking work?

There's a rather old joke which is being told in many variations and my question would be whether events narrated could actually happen in real life. I'm not in the US so I don't know all the details ...
6
votes
2answers
804 views

How do scammers / money launderers profit from loans to victims?

Recently, I had an investor [scammer] offer to loan my company money. It was to be posted directly into my accounts — equal amounts in my checking and savings accounts. There were no conditions that ...
0
votes
1answer
445 views

Algorithm to calculate the Interest on Loan with a Balloon Payment

I am trying to understand the algorithm used by My Calculators.com - Balloon Payment Calculator If I enter the following details: Loan amount: 4556.75 Number of months: 5 Interest rate: 5.75% ...
1
vote
3answers
81 views

What's the interest rate in this example of irregular payments?

Loaned out $10K, with the following payments (like, these are all the payments there will ever be) Period 1 2 3 4 5 6 $0 $0 $0 $0 $26K $4K How would I ...
3
votes
2answers
94 views

Loan payment strategy: Private vs federal?

I am a young professional trying to determine the most efficient/cost effective method for paying off my student loans and would greatly appreciate any advice. Currently, I have about $170,000 in ...
3
votes
1answer
1k views

Loan from friends living abroad

My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
0
votes
1answer
261 views

Why would my dad sign as the buyer while I sign as the co buyer? [duplicate]

I am extremely confused why the dealership had my dad sign as the primary buyer and me as the co buyer. I understand that we both have equal rights to the car and have an equal obligation to pay for ...
1
vote
0answers
48 views

Personal loan to start the LLC now being paid back to investor / member of the LLC

I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the ...
-11
votes
3answers
437 views

Balancing an Interest Accrual Rate Between multiple loans

Tags: multiple student loans , balancing interest accruals , student loan help
1
vote
1answer
87 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
2answers
204 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 ...
8
votes
2answers
2k views

Is the child responsible for the Parent PLUS Loan when the parent has passed away?

Is the child responsible for the Direct Parent PLUS Loan when the loan is under the parent that has passed away? Specifically by the U.S. DEPARTMENT OF EDUCATION.
18
votes
5answers
3k 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
120 views

Do I have too much available credit?

For some background, I'm a recent graduate doing mostly freelance work while teaching English on the side in France. My freelance work grosses me about $25,000/year, and my job in France is about $8,...
1
vote
0answers
42 views

When I'm applying for a loan, how do I report my annual income if my income changes from year to year?

When I'm applying for a loan or a credit card, the application usually asks for my annual income—the amount of money I make each year. The problem is that I don't make the same amount of money each ...
0
votes
1answer
63 views

Guaranteed Small Loan with no assets to pawn and poor credit

I need to pass the criteria the various loan companies require to receive an emergency loan I will consider all possibilities to get approved for and receive the loan in my name how can I provide ...
1
vote
2answers
112 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
281 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
103 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
85 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
92 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
45 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
261 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, ...
0
votes
3answers
151 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 ...
0
votes
2answers
44 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
338 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
126 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
vote
2answers
294 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
435 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
246 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
350 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
337 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
140 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
567 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
12k 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 ...