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

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2 answers
1k views

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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  • 2,327
8 votes
2 answers
3k views

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 ...
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  • 2,327
2 votes
2 answers
91 views

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 ...
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  • 395
4 votes
3 answers
406 views

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 ...
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3 votes
2 answers
102 views

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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-1 votes
1 answer
159 views

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 votes
2 answers
114 views

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 ...
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  • 169
7 votes
2 answers
733 views

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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  • 73
4 votes
5 answers
7k views

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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  • 41
2 votes
0 answers
59 views

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 ...
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  • 121
1 vote
1 answer
135 views

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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0 votes
1 answer
107 views

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 ...
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0 votes
1 answer
272 views

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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  • 103
2 votes
5 answers
344 views

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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  • 121
3 votes
0 answers
75 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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  • 131
0 votes
0 answers
50 views

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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  • 1
0 votes
2 answers
73 views

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?
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2 votes
2 answers
127 views

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 ...
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0 votes
3 answers
187 views

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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0 votes
2 answers
106 views

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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1 vote
2 answers
146 views

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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  • 880
1 vote
1 answer
96 views

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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  • 13
0 votes
1 answer
81 views

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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  • 1,163
4 votes
5 answers
372 views

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....
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0 votes
0 answers
104 views

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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  • 1
2 votes
6 answers
650 views

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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1 vote
6 answers
429 views

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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1 vote
3 answers
132 views

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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  • 123
2 votes
4 answers
220 views

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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  • 435
1 vote
1 answer
3k views

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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1 vote
2 answers
131 views

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 ...
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3 votes
2 answers
184 views

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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3 votes
2 answers
369 views

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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  • 717
1 vote
0 answers
104 views

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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  • 11
57 votes
8 answers
21k views

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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  • 795
0 votes
3 answers
252 views

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 ...
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3 votes
1 answer
140 views

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 ...
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0 votes
1 answer
172 views

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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  • 1
4 votes
2 answers
743 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 ?
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2 votes
1 answer
336 views

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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  • 13.5k
1 vote
5 answers
290 views

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 ...
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2 votes
2 answers
177 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 ...
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0 votes
1 answer
104 views

Investing loan amount taken primarily to increase credit rating?

I had been facing very big issue of bad credit score of mine. I was not able take any credit cards and I was constantly kept applying for new credit from different sources. It took my credit score ...
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8 votes
3 answers
7k views

INR 10 million borrowed from friend at 7% interest per annum

If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same? If my salary ...
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0 votes
1 answer
221 views

Borrow money to move abroad

I live in the UK, and I am planning to leave the country next year for another European country. I have lived in this country for more than 5 years, and I have an excellent credit score. I have also ...
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1 vote
1 answer
168 views

Is it a good idea to make a lump-sum payment to pay off a personal loan, even if I want to build credit history?

I have recently received some money that I could use to repay my personal loan, however I am not sure if doing that, is a better idea than continuing paying the loan normally, with instalments taken ...
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  • 187
1 vote
1 answer
77 views

How to record business expenses paid from personal accounts?

Sometimes I have to pay for business expenses from my personal accounts. What is a good practice for administering these types of transactions? What should I name the account? What system should I use ...
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  • 269
3 votes
0 answers
91 views

Setting up a personal loan, how do I report to CRA?

I am about to make a simple loan to a family member. I have a contract written up, and a payment schedule that we will both sign as well, along with a witness. While the interest rate I am charging ...
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1 vote
1 answer
221 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 ...
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  • 23
17 votes
1 answer
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 ...
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