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.

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11 views

what is the meaning of the following terms: (IIPW) and (IMD) procurement?

So there is an applcation for a loan I'm currently filling, and there is this question. Google doesn't seem to be very helpful, can I get some reading materials on it and what are they abbreviation ...
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0answers
38 views

How do I apply for an SBA Disaster Loan? [closed]

Resources to make application and forms process quicker and easier for businesses hurt by coronavirus? Web sites or any other resources that can make it quicker and easier to apply for SBA Disaster ...
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1answer
124 views

Who would be affected by mass mortgage defaults? [closed]

If, for whatever reason XYZ, a large amount of home owners default on their mortgages, what companies/financial institutions are most affected? I am asking this question sans any CDO screwiness from ...
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0answers
64 views

What percentage of payday loan consumers pay back their loans? [closed]

What percentage of payday loan consumers pay back their loans? Before going to collections? After going to collections? There is a lot information on borrow demographics, laws and regulations ...
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2answers
62 views

'principal balance' vs 'outstanding balance'

Is 'principal balance' same as 'Outstanding Balance'? My understanding is - In amortisation schedule, Outstanding balance gets reduced according to 'principal' portion of your monthly payment. After 6 ...
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1answer
56 views

With reserve requirements eliminated what reason banks have to not approve every loan? [closed]

Quoting wikipedia: On March 16, 2020, amid an economic crisis caused by the 2020 coronavirus pandemic, for the first time since the inception of the Federal Reserve, the fractional reserve ...
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0answers
17 views

what is the actual OBFR loan rate fee?

The OBFR for March 13 2020 was 1.10%. When a company takes a 1 million over night loan, so they pay 1.1% fee of $11,000, or is it annual like credit card and mortgage where the 1.1% gets divided by ...
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1answer
40 views

Principle and interest calculations [closed]

I have a loan at 5%, I know the total owed and the monthly payment and need aschedule giving me the interest and principle paid each month until paid in full. Where can i find a schedule calculator ...
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0answers
35 views

Specific name for a refinancing mortgage loan

I have a translation issue and I'm not sure where else to turn for help. In our country, there is a type of refinancing of a mortgage loan, which works thusly: Someone decides to renovate their ...
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0answers
51 views

Loan for outstanding school balance

I have a an outstanding school balance of around $7,000 dollars from the 2015-2016 school year and need it to be payed off in order to transfer to another 4 year university. I wanted to know if there ...
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0answers
57 views

Loan Amortization Formulas and Calculations [closed]

I have recently been attempting to write a program to amortize a loan based on given input. While going about this Ive learned there was (and is) a lot I do not know about finance. Im hoping with this ...
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1answer
122 views

Personal loan from mother

My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
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4answers
180 views

Is there such a thing as a truly preapproved credit card or loan?

I receive quite a few "preapproved" credit card and personal loan offers in the mail. These invariably include an application form and a disclaimer that the card or loan might not be granted if ...
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0answers
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What does indemnity mean in a “Historique Espèces” (~= history of cash operations) of a securities account in a French financial institution?

I am reading in a "Historique Espèces" (~= history of cash operations) spreadsheet of a securities account in a French financial institution, namely Fortuneo. It says: I'm quite confident that indemn....
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7answers
4k views

401k loan & repayment: double taxation?

I've heard a few people say that taking out a loan against your 401K and repaying it means that you are taxed twice: You are repaying your loan using after-tax dollars You are going to be paying a ...
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3answers
352 views

Should I buy a house or wait for the housing bubble to burst?

I am a 23 year old living in Romania, currently renting an apartament. I am earning enough that I am now looking to buy an apartment of my own in the near future with a mortgage loan, but, right now, ...
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2answers
273 views

How does a financial crisis affect banks' willingness to lend money to private individuals for real estate purchases?

I am interested specifically in whether banks are more, less or just as willing to lend money during financial crises. Google doesn't seem to return an exact answer to this question and going over ...
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5answers
1k views

Early payoff of mortgages: does the interest get recalculated?

I understand that a monthly payment of a mortgage consists of principal and interest. At the beginning of a mortgage, most of the monthly payment goes towards the interest and only a small part ...
27
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5answers
11k views

Buy house with down payment, no loan, sell instantly

I just read Rich Dad Poor Dad, and I have no idea about mortgages, loans or real estate. The author of the book describes a scenario in which a property is found for a cheap price (auction in this ...
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1answer
63 views

Calculating Interest Rate From EMI

Suppose there is a loan with equated monthly installments. If I know the loan period, loan amount and equated monthly installment amount, is there a way to calculate the interest rate? EMI= a * (1 +...
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3answers
354 views

Can an individual borrow directly from the Bank of England (or any central bank)?

How it normally works is that individuals can apply for loans from high-street banks, who charge an appropriate level of interest. The banks get the money from savers' deposits - and also they may ...
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3answers
324 views

What is the difference between a loan and credit?

From other sites I’ve gathered that loans are for long term purposes (12-48 months) with lower rates of interest, while credit is mainly to meet monthly purchases with higher (monthly) rates of ...
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3answers
139 views

Must I file Form 1099-INT for interest on a business loan from an individual?

The 2020 Instructions for Forms 1099-INT and 1099-OID says that "you are not required to file Form 1099-INT for interest on an obligation issued by an individual", but I don't understand what they ...
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2answers
80 views

Finding weekly interest on loan payments

In order to know how much interest I will be paying on weekly basis, I have this information: Capital: 313 pounds APR: 48.5% Payments periods: 104 weeks How do I know how much interest I'm paying ...
69
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1answer
8k views

My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?

Background: My friend Abe co-signed an auto loan for about $25k with his "friend" Bella, in the USA state of Maryland, about 4-5 months ago. The car was for Bella's use. The deal was that Bella would ...
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1answer
125 views

If a personal loan was made in one state, and they now live in a different state, and you live in another state, which state do you file?

I loaned a friend money. He then vanished. 18 years later I found him. He lives in a different state then where the loan was made. I also live in a different state. I know there are time limits, but ...
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4answers
14k views

How do I lend money to a friend for a car and put the car as collateral?

A friend of mine wants to buy a car, but does not have the money for it. Instead of him going to a bank and borrowing the money to buy the car, I was thinking of maybe taking some cash from my bank ...
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2answers
299 views

Why do payday loan ask for social security number?

Is there any specific reasons why payday loan companies ask for social security number.
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3answers
232 views

How to afford an expensive medical operation abroad from in the UK?

I'm currently investigating ways of getting an expensive medical operation done in Spain. It's not something the NHS covers and after doing a lot of looking around I've decided that this is best ...
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1answer
486 views

Upside down on car loan, sell and refinance gap?

In order to cut down our monthly expenses we are looking to sell our car. We still owe $12,000, kelley blue book says its worth around $10,000 and we don't have $2000 lying around to cover the gap. ...
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1answer
53 views

How to quantify the effect of compounding interval on total interest accrued

I am struggling with calculating the total interest to be paid on a loan, when given Principal, APR, Compounds per Year, and term. Mostly, I get confused when the term is not the same unit as the ...
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1answer
104 views

How does one calculate the following loan problems? [closed]

1.) Calculate the total interest to be paid on the loan during it's lifetime. Compute for BOTH compound interest and simple interest models. Start Principal = $21,315.00, Date of Disbursement = 9/...
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2answers
122 views

Can a secured loan help me build credit?

I'm moving to the US from the UK in January. I have just opened a bank account and have applied for a Capital One secured credit card to help start building credit. Would also taking out a secured ...
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2answers
281 views

Bypass credit agency and pay loan directly to US Dept of Education?

My employer received a letter from a creditor agency ("Central Research") ordering that they garnish up to 25% of my salary for the loan. The language that they used in the letter to them was ...
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14answers
14k views

I’m 18 years old and want to finance a £30,000 car [duplicate]

I'm 18 years old and I've always wanted an Audi Q5. Currently, I'm working full-time. I earn £28,800 annually and that will be due to go up soon. The car I've had eyes on costs £31,789. The monthly ...
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3answers
275 views

Why to borrow in USD instead of EUR?

With much lower interest rates in EUR than in USD it should be meaningful to borrow the former instead of the latter. Indeed, as reported by various sources (Bloomberg and Reuters for example), EUR-...
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4answers
4k views

50K, what to do with it? [duplicate]

I'm 26 and a double masters student in transportation planning and engineering. I have received 50k in settlement money; I don’t know what’s the best course of action with this money. Im looking at 56,...
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4answers
333 views

Can I keep my car loan if I trade in my car?

I have an excellent rate (1.9%) on a loan that has 3 years and roughly $8900 left on it. I’m not sure how I got such a great rate on a 6 year loan but here I am. Anyways I would like to get a new car....
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0answers
28 views

Enhancement of the open source lib for calculation of IRR (internal rate rate)

I am cs student , and has been asked to enhance the documentation for open source lib finance.js for IIR (internal rate of return) for various industry Here I am trying to calculate IIR for the ...
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2answers
194 views

Question about plausibility of an iffy financial transaction in a crime novel

This is a question about a financial transaction in a novel. At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...
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0answers
73 views

Who is the “issuer” of an intra-group term loan?

I've tried googling and looking in financial terminology dictionaries to find an answer to this question but I have been unsuccessful so far. My question is quite simple: who is considered the issuer ...
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5answers
303 views

Why is interest paid on the outstanding amount instead of the whole amount of a loan?

For a large proportion of loans, why is interest paid on the outstanding amount instead of the entire amount of a loan? For example, for a 100.000 loan with a 10% interest, basic logic would imply ...
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2answers
369 views

How can I help a 17 year old track and pay me back a personal loan?

I’m selling my 17 year old cousin my car. He wants to make regular payments on it, every two weeks or so. Instead of taking cash, issuing receipts, and tracking this on paper somewhere, I’d like to ...
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2answers
239 views

Should You Pay Off A Low Interest Loan From Emergency Fund

I have a car loan that is pretty low interest at 3.49%. It has 3k left and I have enough to take it out and still have an emergency fund for rent, and the small student loans I still have. Each month ...
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1answer
133 views

When I capitalize amortization table, the present value doesn't equal the sum of PV or the XNPV

How is it that when I capitalize an amortization table, the present value doesn't equal the sum of PV or the XNPV formula of all the future payments? If I capitalize the future payments with the same ...
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6answers
6k views

How to start toward financial independence

I would like to ask for help from those with more experience on how to achieve financial independence on, say, an N year window where N is large enough to get there but as small as reasonable. I just ...
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1answer
89 views

loan and interest rate [closed]

A loan payment of $4200 was due 3 months ago, and another payment of $1800 is due in 6 months from now. When should a single payment of 5800.00 be paid to settle the debt if interest is to be 2%?
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2answers
200 views

How do vehicle loan transfers work?

I'm going to buy a car from a private seller. The seller bought this car from Dealer X couple years ago. Now, the seller wants to buy a new car from Dealer N. The seller didn't like Dealer N's trade ...
3
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1answer
126 views

Can an individual report data to a credit bureau

What process do credit card companies and financial institutions go through to have the ability to report payments to credit bureaus? Ex. I have money I want to loan to someone. I run a credit ...
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3answers
135 views

Why are there loans at rates lower than long-term economic growth?

Long-term economic growth is said to be between 8 and 10%/a, yet people get loans for houses at 3.5%/a and loans for random stuff at 5%/a. I kind of understand that people get loans for houses at ...

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