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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1
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1answer
2k views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
3
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1answer
199 views

How can I pay off my school loans (denominated in dollars) with Euros without an exchange fee?

I will soon begin earning an income in Europe and paying off school loans in the U.S. Any way to do this without paying an extra exchange fee?
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2answers
249 views

How to make spreadsheet to plan loan payments

I am trying to make a budget/schedule for after college. Basically I have rows of income/expense line items (one being for payment of each debt) and then a section for my debts. The columns are month ...
0
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2answers
551 views

How to get 0% financing for a car, with no credit score?

Is it possible to get a 0% interest rate for car loan for a used car in the U.S.? I've been working for 7 months and I just got my first credit card, so I don't have a credit score yet. I'm planning ...
4
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1answer
426 views

Who is responsible when property and the loan are in different names?

We have a LAP (Loan against property) loan with ICICI Bank. The loan is on my name (primary), with my brother and father as co-signers. I am not sure how the ICICI bank sanctioned the loan on my name ...
7
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3answers
33k views

How to deal with my job change & 401k loan that I can't fully pay back?

It's been 60 days since I changed my job and I have an outstanding 401(k) loan of $30K(+30k non loan amount). I have only $20K to pay and my 401k plan won't accept the partial amount. I still didn't ...
8
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2answers
53k views

I plan on receiving a $200,000 personal loan via wire transfer. Do I have to report this to the IRS?

After researching online, I found many websites that said wire transfers are not reported to the IRS, but others said that they were reported. I just want to make sure that I do not have to pay taxes ...
0
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2answers
286 views

Complete Opposite Calculations and Opinions - Using Loan to Invest - Paying Monthly Installments with Monthly Income

I managed to discuss Using Loan to Invest - Paying Monthly Installments with Monthly Income with a friend and his answer underneath is completely opposite from the current answers. Please understand I'...
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1answer
1k views

Taking a car loan vs cash and effect on credit score

As a follow up for Should I finance a used car or pay cash? Will taking a loan improve a credit score? Does it matter how long it takes to pay off the loan? I wonder if taking a loan and paying it off ...
4
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2answers
3k views

If the creditor goes bankrupt, am I still required to pay back the principal I owe?

If I borrow money from a credit union (and make monthly payments) and the credit union goes bankrupt, am I still required to pay the money back? If the organization is bankrupt, to whom would I be ...
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2answers
1k views

I have a loan with a 6.5% interest rate. Should I divert money into my 401(k) instead of prepaying?

I have a loan with a fixed 6.5% interest rate, with an absurdly low minimum payment, so I have been paying extra each month (about enough so that the loan will have a 10-year repayment lifetime ...
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6answers
20k views

Should I get credit life or credit disability insurance with my auto loan?

Is it worth the extra $10 or so that would be added to a car loan in order to get credit life insurance and credit disability insurance? For a relatively young person looking to get the most out of ...
2
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2answers
584 views

Who gets the periodic payments when an equity is sold on an repurchase agreement?

I am trying to understand how repos work. It is my understanding that selling equities with the promise of buying them back at later time is called repo (short for Repurchase agreement). If one ...
2
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2answers
23k views

How can I pay off tuition fees from a past semester so that I can enrol in school again?

I still owe my tuition fees for a university of California school from fall 2010. I have been out of school since then with two semesters to go before I can graduate. I've been trying to take out a ...
1
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1answer
4k views

How to calculate the proportion interest/principal of this fortnightly (bi-weekly) loan payment?

You would need to borrow $660,000 and your fortnightly payments would be: Reducing loan $2,299.61 given 5.75 variable interest rate How much of the $2300 fortnightly paid is interest, and how much ...
2
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2answers
329 views

Where to borrow money between college graduation and employment?

I finally finished my degree after the summer program and have my diploma and was wondering where I could borrow money while I look for a job? Job interviews are not cheap, especially if a flight is ...
4
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1answer
544 views

Meaning of “readily transferable”?

From Wikipedia: Cash instruments are financial instruments whose value is determined directly by markets. They can be divided into securities, which are readily transferable, and other cash ...
3
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1answer
1k views

Getting a loan to buy a second house from family in India

I have one elder brother. My father has one house worth 30 Lacks. During property sharing, this house went to my brother. He is planning to sell that property, but I do not want to sell it to some ...
6
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1answer
203 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
5
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2answers
180 views

Does there exist a kind of loan where no part of principal is paid, while interest is still paid?

I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
4
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3answers
420 views

What costs should I consider when planning to maintain a vacant condo for a few years?

I have a job offer in a different city. I currently own a condo that I may return to but that would be really nice to have as a hub for returning to visit family as well as I have a family member who ...
2
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1answer
979 views

How do credit union loans and dividends vs interest work?

Since a credit union's customer own shares/stocks, then what is really happening when a credit union makes a car or home loan to a new customer? Is it shorting selling stocks at an interest rate? ...
2
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2answers
167 views

Basic Info On Construction Loans

My wife and I are looking into possibly buying a lot in Chicago and having a custom home built on it. My most basic question: is it possible to get a loan that covers buying the lot AND the cost of ...
38
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8answers
4k views

Optimal way to use a credit card to build better credit?

I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
2
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1answer
92 views

Is it possible to get a short term housing loan in India?

Suppose I want to pay for a house with my own funds expect that they are stuck in deposits that I can't redeem immediately. Is there any way I can get say a 40 lakh loan for a tenure of 1 year?
1
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1answer
148 views

Mortgage-based budget spreadsheets?

Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would. At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
0
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1answer
759 views

How to find if a public company has taken out a loan?

From a company's Income Statement, Balance Sheet, and Cash Flow data, is it possible to figure out if the company has taken out a loan and how much it has taken out?
3
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3answers
2k views

Quick formula for calculating total interest in my head

Is there a rough, quick and dirty, formula that I can do in my head for calculating the total interest on a loan? Something like: TotalInterest = Principal * (Yearly Interest% * Term In Years / 2); ...
6
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7answers
561 views

How smart is it really to take out a loan right now?

With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a ...
14
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4answers
3k views

Can someone help me understand my student loans?

I have more loans than these but I am wondering how to handle these three (all with the same bank): 3%, last payment ~$36, current balance $6153, original amount $5500, payoff balance $6170 2.5%, ...
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0answers
63 views

Best software to import finances [duplicate]

Possible Duplicate: What are the best software tools for personal finance? I'm looking for a tool to manage my personal finances with. I've got various loans, credit cards, a few investments, and ...
3
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1answer
477 views

In what state do usury laws apply?

Let's say that I live in Connecticut and take out a loan with a bank in another state (for this example, let's say New York). Is there a general principle on which state's usury laws would apply, or ...
2
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1answer
4k views

How can I get a loan secured with free and clear land?

I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property. The land was last appraised at $980,000. I cannot pay a ...
13
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4answers
1k views

Did my salesman damage my credit? What can I do?

I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
0
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2answers
97 views

Are there loans for buying businesses?

You want a house or something, you get a mortgage. But what if you're buying up a hotel, or a restaurant? I see these things for sale online at reasonable prices but not so reasonable that I could ...
3
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1answer
1k views

Does it make sense to get a 401k loan for land purchase?

Does it make sense to use a 401k loan as a downpayment on land that you intend to build a house on? I am currently in one house, however, I do not have much cash to make a downpayment on land that I'...
3
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4answers
283 views

What is a 401(k) Loan Provision?

I'm considering a few job offers for post-college, and I'm wondering how this (Roth) 401(k) plan stacks up against the average offering: After one year of service, [Company] will: ...
10
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2answers
88k views

What do I need to bring to the bank when applying for a loan?

What do I need to bring to the bank when applying for a loan? Should I bring pay stubs or other evidence of financial stability? What will help my chances of being approved?
2
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1answer
836 views

Any smart way to get the interest down on our student loans?

Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
33
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10answers
47k views

Why do governments borrow money instead of printing it?

This question is raised in the movie Money as Debt (at time index 29:00). The answer that immediately pops to my head is "because printing money causes inflation". However, according to this movie, ...
-1
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1answer
269 views

How to read interest/principal payoff table

I have this data (modified dates) in my transaction history: (APR=.99%) I have made 4 payments till date. 4th Paid on: 06/25/2001 $1000.00 Principal $1000.00 //Paid $...
2
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1answer
199 views

How to calculate outstanding Graduate Plus Loan balance currently in deferment?

Can someone tell me what I'm doing wrong here? If I have a $56,500 loan and the interest rate is 7.9% how much will I owe after 8 months? I thought this would be fairly simple. I would compound ...
5
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4answers
1k views

Will paying off my car early hinder my ability to build credit?

I don't have much credit because I am young but I did recently purchase a car which I am paying 9% on. This seems ridiculously high to me and I was thinking about pulling out some of my stocks to pay ...
2
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2answers
302 views

Choosing the duration of a loan, how the monthly payments evolve in function of the loan term?

I would like to visually discover how the monthly repayments of a given loan (for a given amount ; taking about a fixed rate loan) evolve in function of the total duration of the loan. I assume it is ...
11
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2answers
4k views

How do loans against 401k / 403b accounts work?

I'm really clueless about these loans. Who gets the interest? Does the account fund the loan, or are they simply used as collateral? What are the tax implications?
0
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0answers
56 views

Credit score impact of shopping around to get the best home loan? [duplicate]

Possible Duplicate: Multiple mortgage pre-approvals and effects on credit score My wife and I are starting the process of buying our first house. We would like to shop around a bit to get the ...
5
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5answers
63k views

Where can I get a car loan for roughly $2000?

I'm looking to buy a new car and have found one that I really like. It is priced at $4500 (with taxes). I currently have $2700 in my savings account. I would like to get a loan for $2000 (leaving me ...
4
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1answer
351 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
2
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1answer
1k views

Why can I refinance my recent car loan at a lower rate than I had received originally?

I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time. I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
1
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2answers
1k views

Formula for recalculation of a bad loan, i.e. where payments were missed?

I need to know if exists any formula to calculate interest rate, principal interest, total amount to be paid, in the case of a bad loan. Ex: In a bank exists a 20 year home - loan. The client was ...