Questions tagged [personal-loan]
To be used for questions on loans that do not require any security. Can also be used for questions involving borrowing from friends and family. Please add country tag
128
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Is personal loan interest deductable from other income / income for capital gains
Say I take a personal loan and invest that amount on P2P lending platform, or in a high yeild FD, or in the stock market. Is the loan interest that I pay for this loan eligible to be deducted from the ...
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Determining the Amounts Owed for an Australian Personal Loan
Lately, I have been lending someone from Australia money online. It has been going on for more than a year, and Alex (the person I lent money to) pays me back from time to time.
However, he failed to ...
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3
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How to calculate principal and future payments on a historically underpaid loan amortization?
My sister has a seller-financed personal mortgage loan. Unbeknownst to her (and with no word from the seller) she has been mistakenly underpaying that mortgage for some time (e.g. instead of payments ...
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Taxes, personal mortgage loans, and interest. IRS Form 1098?
My sister has a personal loan for the purchase of her manufactured home, issued by the owner. She'd like to be able to deduct the loan interest from her taxes.
As far as I can tell from IRS ...
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Is it possible to get one loan for four different (but closely related) purchases?
I'm a pilot. I'm considering maybe possibly building my own airplane from a kit. The problem is that the airframe, engine, propeller, and avionics all come from different suppliers. I don't want to ...
- 253
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Does a loan for purchasing land provide a tax benefit?
I want to take a loan for land. In the future we want to build house on it, but now we can only afford the land. Would this be a personal loan or home loan?
If I take this land loan can I benefit in ...
- 111
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195
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If I can continuously get short-term interest free personal loans with no fee, is there a way that I can use this money to generate more money?
I can get a $120 interest-free loan each day, but I need to return the money in 30 days (when my credit card bill is due). There is no fee I need to pay; instead, I can get small cashback from this ...
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What's the name for a group of people pooling fund every period then loaning the collected sum to a single member periodically?
I got into an argument with a family member about a loaning mechanism they and their friends are using. They detailed it this way: in a group of 5, every member submits $200 to a safe keeper in the ...
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Does increasing loan term increase APR?
I am taking out a personal loan to consolidate debts from various sources into one payment at a lower APR.
The loan company lets me choose 24, 60, 72, etc. months to repay on the application. I can't ...
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What prevents one from taking a personal loan to pay off credit card debt from same bank?
I racked up a lot of credit card debt quickly after a major medical operation, and the interest is so high that even putting large amounts of my paycheck towards it monthly hasn't made a dent in the ...
- 2,647
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Taking temporary loan from my relative to invest in an LLC in USA
This question is in context of USA.
Background: My brother and I plan to invest money in an LLC that will invest in a startup. I will take a temporary loan at 0% interest from my brother to invest in ...
- 395
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420
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Using a credit card for renovations and then paying off with personal loan
Scenario
I have very good credit
I have a credit card that gives 2% cash-back on almost all purchases
I do not carry a credit card balance month to month
I have to make emergency home renovations and ...
- 143
3
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2
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104
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Disparity in amount recovered opposed to interest rate
I availed a personal loan of 15000 on mobile banking app with a 16% per annum interest rate and 3 EMIs. As per my calculation, the total repayment should be 15,401. However, the bank has debited 15,...
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Do banks/companies or investors give personal loans for X years?
I was wondering is it possible that I could get a loan somehow and pay it back in full in 5-10 years instead of monthly payments? It seems like a long shot but no harm in asking..
I understand there ...
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2
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How to track money used for shared expenses against a personal loan?
I've recently (3 months ago as of writing this) got into proper double entry bookkeeping for my personal finances. I've been using GnuCash, though this pertains more to double entry practices than ...
- 169
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What do i do about a loan check, received in the mail, being cashed by someone other than myself?
I don't know how to resolve this with my name upheld and all monies intact. I recently was approved for a small personal loan. This is the first time I've ever gotten a loan.
I received a check for $...
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Can you hire a cosigner online? And does it work? Has anyone tried it? [duplicate]
I am looking to hire a co-signer online for a loan that’s been approved pending co-signer approval. I completely comprehend that my financial assessment is sketchy however I would like to offer some ...
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How many "Charge Offs" can a company put on a single debt?
A while ago I took out a loan and couldn't pay it off due to loosing my job. I got another job, and before I could start making payments, a collections agency called me up about the loan. I paid it ...
- 121
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Recording Personal Loan
If I put $200 of groceries on my credit card for a friend while I'm out shopping, how do I record that transaction? Further, when she pays me back by bank transfer, how do I record that transaction to ...
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112
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Will a high interest rate consolidation loan improve my score enough to get a low interest rate loan?
As documented elsewhere, I'm paying off debt on credit card accounts totalling roughly 15K and at an average interest rate of roughly 20%
My ultimate goal is to get a loan in the 5-8% range with fixed ...
- 115
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565
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GNUCash: Reimbursements from Friends
I just started using GNUCash to track my finances, and I have two hypothetical examples I'm not sure how to log.
Example 1
On Sunday, I made a 100$ purchase. Since I didn't have a credit card on hand,...
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5
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Downside of having a zero-interest loan for long time
I am able to get a zero interest loan (APR 0%) of €10k for my small business and I have to decide the debt repayment period (12-60 months).
Mathematically, because interest rate is zero I should ...
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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 ...
- 131
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International loan repayment
What are the reporting requirements when I receive a large wire transfer (approx $170,000) from an acquaintance in Russia? She is sending this money as repayment of a loan. Also, are there any tax ...
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73
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Consumer Loan Payoff Interest vs Principal [closed]
I have a consumer loan, and need to know if I can pay off the principal or interest early. If so, which would be best? Also, how would I find out the pr amount balance?
2
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2
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188
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How to calculate repayments in order to pay off a personal loan by a certain date?
I have a small personal loan ($3000 remaining).
The current interest is about 15% (per year???, charged monthly) but I also have to pay a monthly service fee ($10).
My current weekly repayments are ...
- 21
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3
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193
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Using a personal loan to cover gap in down payment for potential mortgage
We are planning on buying an apartment or a house in the next year or two and we're trying to work out some calculations.
Situation: we are living in West Germany and and this is where we'd like to ...
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2
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106
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I want a loan that affects credit [duplicate]
I'm 18 with no credit (a collector has been disputed off) I want to get a personal loan of only a couple hundred but I need it to go towards my credit while I'm paying it back. I also want to take out ...
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Do consumption loans affect my credit score positively or negatively?
I want to build some credit in case I ever need a loan for something. I have never had any debt except for my credit card that I now have for about a year. But I only used it for a single purchase in ...
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Loan to family member in Canada
I am residing in USA. I am considering loaning USD 50K to my brother in Canada to help him buy a home. Whats the best way to go about this? I read that if its within US its best to do this a loan ...
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Who to contact about securing bridge loan against future compensation?
I checked money.stackexchange for bridge loan questions regarding the best parties to contact regarding securing a bridge loan. There is also a lot of stuff online about how a bridge loan involves ...
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How risky is it to take a low-interest (small) personal loans to invest?
Assuming that I can take personal loans of about ~10k€ (up to 20k€), how risky is it to invest in 'safe' stocks (e.g. dividend aristocrats)?
Assumptions:
I am a recent graduate, living in France;
0....
user90027
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104
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how can I show "hand loan" given to my friend in tax filling?
In last financial year, I have given hand loan of 2 Lakh rupees to my friend. I would like to show this in tax filling.
Which head/section of tax filling, I can use to show these details?
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7
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760
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Personal loan while unemployed?
I'm 19 and would like to get a personal loan. I am going to get a job this week, or next week. Would I still be able to obtain a personal loan? I have been told it's not possible. I wanted some second ...
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Advice on loan to friend
I am writing up a legal document (USA, Michigan) for loaning 7k to a friend with 10% APR with a term length of 5 years. (known him 5 years, he has paid back many smaller loans before).
We'll both ...
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3
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What should I name Borrowed and lent money section?
I'm developing an app for my personal finance management. My app has a section where it records the amount of money I have borrowed from friends or lent to them. I googled a lot to find a name for ...
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4
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Mortgage broker vs bank mortgage for home buying
I'm a new home buyer, buying a condo. Now that we have already signed a contract, a question raised for me. Is it recommended to get a mortgage directly from a bank or through a mortgage broker?
...
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Sending money ($80k) from USA to India, any issues with IRS?
I would like to send money around $80k USD to INR to family in India, to purchase a property. This is the money from my savings and loan.
I read somewhere that If I send more than $14k to a person, ...
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2
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Would Getting (and Paying) an Installment Loan Benefit My Mortgage Rate
I am planning to buy a house (in the US) in about 9-12 months. I've read from different resources that an installment loan may boost my credit score if I make my loan repayments on time, as this is ...
- 125
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Loan Denial and Reapplying
I recently applied for a personal loan. I made it to the final stage of approval after uploading my paystubs, payoff notices, bank statements, etc. I ultimately received a decline notice stating that '...
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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 ...
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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 ...
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Can I become debt free or should I file for bankruptcy? How do I manage my debt and finances?
I am 35 years old, single, and live in the US. My income is 78K to 80K after taxes and insurance.
I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (...
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276
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Personal Loan for Home Down Payment at Auction?
My recent wife and I have our eye on a nice home that is being auctioned off by an elderly lady who's moving in with her daughter. In our home search, we already have pre-approval for up to 250k FHA ...
- 101
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1
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146
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Interest-free loan: how is "utilisation" calculated re credit score?
I have, historically, always had an excellent credit score. I never spend beyond my means, and always pay off my credit card in full every month. I really only have the credit card in order to accrue ...
- 150
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180
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How much do I TRULY owe on this loan from a friend with promissory note and judgment
Help me figure out balance due so I can pay this person back ASAP.
Friend loaned approximately 10,000 in 2012.
Friendship ended. I signed promissory note acknowledging amount due with a 4% interest ...
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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 ?
- 145
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Are the "personal loan" entities legit or a bit bogus?
In the US, it's great to get many spectacular PERSONAL LOAN OFFERS in the mail.
Wow!
Many companies such as sofi.com and figure.com pump these.
I am wondering
(1) Are these generally seen as "a ...
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Do "authorized user" credit cards contribute to establishing credit in the eyes of a credit card issuer?
If I wanted to take out a personal loan or open a new credit card, would a joint credit card contribute to showing I have established credit?
For example: Lets say I have a $1k limit personal credit ...
- 119
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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 ...
user79408