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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2
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3answers
459 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?
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2answers
321 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-...
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2answers
251 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
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2answers
520 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
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3answers
343 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
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1answer
161 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
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6answers
584 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
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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
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2answers
13k 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
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1answer
399 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?
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4answers
436 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
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3answers
222 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
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4answers
445 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 ...
4
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2answers
302 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 ?
2
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2answers
223 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
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1answer
76 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
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1answer
947 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
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1answer
60 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
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2answers
118 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
71 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
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1answer
174 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
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1answer
290 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
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1answer
65 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
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2answers
139 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
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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
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2answers
269 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
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0answers
99 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?
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2answers
175 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
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1answer
51 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
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2answers
256 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
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1answer
294 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
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2answers
794 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
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1answer
37 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 ...
2
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1answer
142 views

If I pay my car loan off will my credit drop?

I've been thinking lately about paying my car off. I owe less than 6k. The payment each month does not really hurt me and I was going to just keep it for on time payments to help my credit and my ...
1
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0answers
59 views

UK: National Insurance on employee loans when there is no interest benefit

HMRC states that you have to report on a P11D and pay Class 1A National Insurance on the value of any benefit when a 'beneficial loan' is made to an employee. https://www.gov.uk/expenses-and-benefits-...
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5answers
2k 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 ...
0
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1answer
45 views

How to get my head around FRAs

I'm completely befuddled by FRAs - forward rate agreements. Take a look at this definition ....But, how EXACTLY does that fix an interest rate for me at all? There's nothing in that definition that ...
5
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2answers
2k views

Should I temporarily stop or decrease 401k investment to pay off a loan?

I have a loan with a 9% annual interest rate compounded monthly with about $7050 left on it. My minimum monthly payment is $356, which is all I've been able to afford lately, with the occasional bump ...
0
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2answers
155 views

Would it be more beneficial to pay my car loan off first in this situation?

Okay here is my situation. I have a vehicle I'm currently interested in. It's around 42k. My vehicle that I own is worth around 28k KBB. I only owe around $5600 on it. I have the money to go and ...
2
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1answer
225 views

Paying off student loans in anticipation of home purchase

I graduated college in May and have been working full time since. I have $19,000 in student loan debt, all subsidized/no interest yet, that goes into repayment soon. I am also getting married next ...
5
votes
1answer
434 views

What are some motivating ways to track performance of paying back a loan?

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and check on each month. These ...
16
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7answers
7k views

Using 0% APR credit card(s) to pay off loans to avoid interest

Not sure if this is possible but it did come to mind out of curiosity sake. Assuming you have a $10000 loan for example. You open up a 0% APR card for 15 months with a credit value of $15000 for ...
11
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5answers
719 views

How does the lender benefit from offering a Reverse Mortgage?

It is always a good idea before entering into any financial arrangement to understand what benefit the person on the other side of the deal is getting to fully understand whether the deal is equitable ...
6
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1answer
6k views

Why am I getting “Pre-approved” loans from random financial institutions in the mail?

Lately I've been getting letters in the mail saying that I've been pre-approved for a $2000 dollar loan by some random bank or financial institutions. I've never given out my address to anyone. I ...
31
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9answers
10k views

Is it a good idea, to buy a flat with a loan, whilst using the rent to pay it off? [closed]

I have been thinking about taking a loan to buy a flat which I would rent out. My reasoning is that the loan would be paid off over time by the renters. After perhaps 30 years, I'd be left with a ...
2
votes
2answers
181 views

How long do I have to pay back a 401(k) loan?

I have a loan taken out on my 401k through Fidelity. The loan originated on this date: 12/19/2017. I will be leaving my current workplace and moving to a new workplace that uses John Hancock 401k. ...
0
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3answers
163 views

Process of 401k loan removal

I understand that me taking a 401k was not a good idea so please as much as I know people want to tell me that I already know. I made a mistake...and did take a 401k loan out of my current employer. ...
4
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1answer
5k views

Should I request a car loan before or after changing jobs?

I have a decent credit score (low to mid 700's) and I'm pretty sure I could get approved for a loan. I'll be taking a new job in a new state in a couple of weeks and I would like to get my wife a new(...
4
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4answers
1k views

How should I calculate the opportunity cost of using a 401(k) loan?

I've seen a number of financial articles that discuss the "opportunity cost" of using a 401(k) loan; however, I don't seem to recall ever seeing a good formula or calculation that can be done to ...
26
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7answers
8k views

Why do people use mortgages, when they could just pay for the house in full?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full.