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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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1answer
2k views

How do I apply for a no interest loan from Social Security Admin?

Does anyone have info where to look/apply for the no interest loan Social Security talks about? I cannot seem to navigate thru the directions to actually find application form and where and when to ...
1
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1answer
143 views

If I'm paying extra, is a lower payment better or a shorter term?

If I'm borrowing say, $5,000 and plan to make $200 payments each month, which of these loans would end up being the better option? I believe that the interest on either will accrue daily rather than ...
-1
votes
1answer
482 views

Should I sell investment property to pay off student loan debt and variable rate home equity line of credit?

I purchased a home as a primary residence 11 years ago for $210,000. It is now worth $475,000. The mortgage balance is $85k at 3.75% fixed for 30 years (but I am 11 years in). Three months ago, I ...
0
votes
2answers
107 views

Loan default and its effect on the outcome of visa application

In 1997, I took a 5000 GBP loan and was not able to repay. In 1998, I left the UK. Will this loan be erased from my identity? Will I be able to get a UK visa again?
3
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2answers
113 views

Buying an interest rate cap of 6,5% for 1500€ seems really cheap?

I have a loan on my house, about 250.000€, to be paid within 30 years. I've an interest rate of EURIBOR + 1,25%. Now, to get additional insurance, I'm buying an interest rate cap at 6,5% for about ...
2
votes
1answer
244 views

How do I improve my ability to get loans to use as leverage for my business? [duplicate]

Relating to Europe, but an US-focused answer is also welcome. Plan: I have a small stain on my credit history due to a tax issue. I am otherwise financially sound. I am not big enough for a bank to ...
1
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2answers
296 views

Compound Interest & Mortgages

Mortgages are compounded 2 times a year in Canada and 12 times a year in the USA. However, I read that mortgages are simple interest and not compound interest because you pay the interest for each ...
17
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1answer
5k views

How to handle a parent going through divorce asking to borrow money

Asking for a friend. The parents are currently going through a divorce and one parent is struggling a bit financially to pay for lawyer fees for example and needs to borrow money. The problem is that ...
5
votes
1answer
322 views

Can a jobless person get a home equity loan if he has other sources of income such as stock dividends?

Suppose a jobless person has a fully paid property. He wants to take out a home equity loan. Will the bank reject his loan application due to his lack of salary income as a jobless person? This person ...
24
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5answers
5k views

Options for paying for a nonreturnable leased vehicle

Late last year, my girlfriend's car was stolen and subsequently destroyed. This car was a leased vehicle. For reasons beyond her control‡, the insurance had lapsed a few months prior. The ...
24
votes
5answers
7k views

Who gets the interest on a 401(k) loan?

I was looking at some information about my 401(k) and noticed that it's possible to take out a loan from your 401(k) - it was something like 6.5% interest, which probably isn't as good as a ...
1
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0answers
93 views

Getting my name off car loan/title [duplicate]

My fiance left me and married her ex husband 2 months later. We had two financed vehicles. Both in our name. One got repossesed. She took the other one with her. My questions are: How can I get my ...
3
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2answers
138 views

How to compare loans of same principal, same interest but with different tenors

I have a scenario where there are 2 loans that can be provided (assuming I am providing the loan). The principal amount is the same, 30,000 in case of both the loans. The interest is also same at 17%. ...
0
votes
3answers
230 views

Why do banks offer credit cards with less than 7% APR [closed]

On average stock markets make about 7% per year adjusted for inflation. So given the choice of lending a stranger money who will give me <7% APR or putting it in the stock market for a few years I ...
3
votes
1answer
150 views

Is it possible to get a big personal loan for foreign investment?

I'm from the UK, working as a contractor for a US company, earning $30k+ annually, and I want to buy a house costing around $100k in a non-EU country. I need an investment visa to do this. A ...
-1
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1answer
82 views

Auto loan Question

I owe 16,000 in a car loan. If I pay 8,000 towards it will it lower the amount of months that I have to pay or will it lower the price of the payments?
25
votes
7answers
15k views

Should I pay for a computer up-front or on finance?

This reads a bit like a home-work question, but this is actually my situation. The job I've taken is a BYOD (bring your own device), workplace and I prefer to use my own equipment. I've just started ...
1
vote
2answers
114 views

What's an easy way to create a floating amortization loan? [duplicate]

When dealing with a mortgage company, paying off a loan is quite simple. Now everything is online and most of the times you can pay more than the minimum payment each time. Each month the interest ...
6
votes
2answers
2k views

Is there any loan forgiveness or help for a large Federal parent student loan?

If a parent has a federal student loan for her child's education of over 100 thousand dollars, and she is having trouble paying off, is there any sort of forgiveness, or help?
5
votes
1answer
209 views

Selling newer car and buying used car to reduce monthly payment

I purchased a 2015 Ford Focus in August of 2016 with a loan for $15,700 for a term of 71 months. I've been paying $257 a month and have the loan down to $12,370. I decided to go back to school to do a ...
1
vote
1answer
62 views

Will I be able to get an FHA home loan if I opt for a voluntary repossession on my current auto loan?

What i'm asking is will my credit go down that much and if I decide to voluntary repo? I'm currently at 650. If I can't get a FHA loan what are my options for buying a home with a repo on my credit ...
1
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1answer
193 views

How to get a mortgage with low income but good assets

I have low income about $50,000 a year since divorce. But I am about to sell my house for $2 million, and possible gain about $1M profit. I can put a down payment of $300,000 to down size to a house ...
1
vote
1answer
228 views

Does PayPal working capital offer a good value?

I'd like to know how to determine if PayPal working capital is a good value. Their calculator can be found here: https://www.paypal.com/us/workingcapital/. The way it works is the larger the gap ...
3
votes
2answers
248 views

Loan up to 22k, what to do?

I am a student who recently started working and have a salary of roughly 1.2k euros per month, most of which goes to savings because I live with my parents. Due to my salary, my bank offers me a loan ...
1
vote
1answer
45 views

Whether credit report includes length of employment or pay check details?

Whether credit report includes length of employment (or) pay check details to the Financial Institute which is running credit check on an Individual? In order to provide Loan, Does the period of ...
12
votes
3answers
6k views

Can I pay my student loan with a credit card?

As far as I can tell, it's not possible to pay off student loan debt with a credit card. I'm currently making payments through Great Lakes borrowing services. There is clearly only an option to add a ...
3
votes
2answers
112 views

Financing and Leasing, difference!

What is the difference between leasing and financing a truck? My friend needs to buy a truck to start a business, and he asked my suggestions regarding the lenders offering a loan. In my search, I ...
-3
votes
1answer
178 views

How to create my own fractional-reserve bank? [closed]

How can I create my own fractional-reserve bank to fund my companies? I want to do it to avoid paying interests to others, in addition to advantages of getting (a lot of) loans to create more ...
2
votes
1answer
187 views

Student loan debt forgiveness

I have a question regarding student loan debt forgiveness. My wife has $50,000 in student loan debt. However, she is now a stay at home mother and earns zero income. We pay $340/month and it is only ...
0
votes
1answer
103 views

loan on behalf of family

What do i do when my cousin and I took out a loan we never signed any documentation, and now she backed out of the payments. All I have is statement of her making payments before and it stopped and ...
1
vote
1answer
56 views

Should Interest Date be updated when you make a payment

so lets say a client has a current loan, Principal balance is at $10,000 and Interest balance is at $5,000. Their last payment was on January 1, 2017. If they come in and make a payment of $1000, ...
10
votes
1answer
2k views

Can a 15 year old finance something? [duplicate]

I would like to get a laptop, mainly to use in school and extracurriculars. While I can save up with my job, it would be much easier to finance the laptop instead, since I'm saving up for other things ...
-1
votes
1answer
204 views

Will I be turned down for a car loan?

To make a long story short I was working at the same place since I was 18 the past 3 years, and left on good terms two months ago and now I'm self employed. I'm making much more now than I was at my ...
1
vote
1answer
1k views

Name first on car loan can you also be the cosigner [closed]

If a name is first on a car loan does that mean he is the primary and not a cosigner. OR can you be first on car loan and still be the cosigner
4
votes
1answer
184 views

Car loan and removing my ex from the loan?

My ex and I bought a car a couple of years ago and we have not been together now for over a year and half. I have the car and I make all the payments and now that I want to refinance and buy another ...
3
votes
2answers
91 views

Does the interest charged decrease if I pay my long term bank loan's major part earlier?

I have taken a long term bank loan.....say 10K. Suppose the interest charged is 10 percent. Now, I have a lot of surplus money with me due to unexpected cash inflows. I want to reduce the interest ...
1
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1answer
126 views

How to calculate the payments going into interest and principal on a reverse amortization loan?

I'm trying to figure out the relative amount of the payments that are going towards interest and principal each period with a loan in which you pay more towards principal in the beginning and have it ...
5
votes
3answers
468 views

What is today's price of 15 000 Euro given 15 years ago?

15 years ago my father gave about 15 000 Euro to a family member in exchange for her share in an inheritance (not materialized to this day). Now this family member has changed her mind and she wants ...
2
votes
1answer
145 views

Take out a small loan or use money from bank

I'm trying to get some different opinions on what I should do. I'm selling my home and buying another. The difference is $25,000. I have $50,000 in my bank account, no debt, $10,000 in a Roth IRA and ...
4
votes
2answers
167 views

Could Paying Off Car Loans Early be Bad For Credit?

I am 22, I have had a couple of car loans that were both supposed to be 5 year loans. The first loan I started in November of 2015. I ended up paying off the loan in 9 months. After I paid it off, I ...
3
votes
1answer
115 views

Can I sell my home with owner financing when I still have an FHA loan? (and should I?)

We bought our house with an FHA loan, and we're still paying the mortgage. If we decide to move, could we sell it to someone and offer owner financing? Or would we have to pay off our loan first? The ...
22
votes
5answers
9k views

Could the loan officer deny me even if I have the money as a first time home buyer?

As of right now I am a senior in college in the United States. I have managed to secure a job once I graduate in May making around 78K. I started working at my year long internship in May of this year....
0
votes
1answer
174 views

How do 'payday money' stores fund their 'buy now, pay later' loans? [closed]

Payday loan companies may have millions of customers, who all borrow hundreds or thousands of dollars for a fee. Do these companies get their funds from banks and share the interest together, or what?
3
votes
5answers
1k views

New car: buy with cash or 0% financing

Here's my current dilemma: should I buy the new car I'm looking at with cash or have 0% financing for 72 months? For reference, here is some info about me: I am currently living at home. My plan is ...
1
vote
2answers
122 views

System of paying money for the apartment

I want to live in the U.S. for half a year and was trying to figure out how much the apartment price will be. I was looking at a shared room website and I found the word “from $875”or so. What does “...
0
votes
1answer
164 views

What is serviceable income factor and how its use in calculation?

I want to borrow a loan.Loan for 25 years and 3.75% is interest rate.I have calculate a surplus amount but I can't understand Serviceable Income Factor and Interest Rate Buffer. salary=4000; // ...
2
votes
3answers
314 views

Does early repayment affect the credit score?

If I take the personal loan, start making payments regularly and then decide to completely repay it - what will happen to my credit rating? Would it improve, decrease or not be affected?
1
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2answers
115 views

Is this a viable business plan to secure me real estate?

I'm asking here if this is a viable/likely option for me. To put it shortly, I don't make enough money to put a down payment on any house. I am looking for a silent investor who is willing to agree to ...
16
votes
3answers
2k views

Why do new car loans, used car loans, and refinanced loans have different rates and terms?

If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a ...
4
votes
2answers
1k views

How does the amount of down payment of a car affect loans/interest?

My credit rating is poor but I'm looking at a car that is around 27,000. If I have a large down payment (40%) to put towards the purchase of the car would I still get approved for a loan for the ...