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
112
questions
5
votes
1answer
165 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 $...
4
votes
5answers
2k 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 ...
2
votes
0answers
51 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 ...
0
votes
1answer
93 views
Recording Personal Loan
If I put $200 of groceries on my credit card for a friend while I'm out shopping, how do I record that transaction? Further, when she pays me back by bank transfer, how do I record that transaction to ...
0
votes
2answers
77 views
Will a high interest rate consolidation loan improve my score enough to get a low interest rate loan?
As documented elsewhere, I'm paying off debt on credit card accounts totalling roughly 15K and at an average interest rate of roughly 20%
My ultimate goal is to get a loan in the 5-8% range with fixed ...
0
votes
1answer
142 views
GNUCash: Reimbursements from Friends
I just started using GNUCash to track my finances, and I have two hypothetical examples I'm not sure how to log.
Example 1
On Sunday, I made a 100$ purchase. Since I didn't have a credit card on hand,...
2
votes
5answers
322 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 ...
3
votes
0answers
71 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 ...
0
votes
0answers
46 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 ...
0
votes
2answers
66 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?
2
votes
2answers
104 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 ...
0
votes
3answers
155 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 ...
0
votes
2answers
102 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 ...
1
vote
2answers
114 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 ...
1
vote
1answer
88 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 ...
0
votes
1answer
76 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 ...
4
votes
5answers
349 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....
0
votes
0answers
100 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?
2
votes
5answers
590 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 ...
1
vote
6answers
418 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 ...
1
vote
3answers
119 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 ...
2
votes
4answers
203 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?
...
1
vote
1answer
2k 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, ...
1
vote
2answers
107 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 ...
3
votes
2answers
177 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 '...
3
votes
2answers
356 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 ...
1
vote
0answers
79 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 ...
57
votes
8answers
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 (...
0
votes
3answers
201 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 ...
3
votes
1answer
107 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 ...
0
votes
1answer
163 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 ...
4
votes
2answers
528 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
votes
1answer
323 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 ...
1
vote
5answers
278 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 ...
2
votes
2answers
162 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 ...
0
votes
1answer
99 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 ...
8
votes
3answers
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 ...
0
votes
1answer
131 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 ...
1
vote
1answer
156 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 ...
1
vote
1answer
65 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 ...
3
votes
0answers
87 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 ...
1
vote
1answer
214 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 ...
17
votes
1answer
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 ...
-1
votes
4answers
222 views
To take out or loan, or not to take out a loan, for the sake of credit score?
My credit score is sitting around the 720 range and I'm interested in getting it back over 750. I utilized 2 different "0% for 18 month" credit cards as short term loans in order to pay for a wedding ...
2
votes
1answer
81 views
Purely theoretical question about taking a loan
If I take a loan of $1000 by agreeing to pay $50 + 10% interest each month what will happen if lets say the value of $1 doubles 4 months after? would I owe more money to the bank?
Are there loans ...
-1
votes
1answer
103 views
Can I deduct personal loans or use them as tax “write offs?”
Say I loan $5,000.00 to a relative, and they still owe the majority of that amount after many years of no payment. Can I just vaguely write off this number, assuming the money was lent as cash, hand-...
1
vote
7answers
399 views
Why is proof of income requested for certain loans but not others?
I have over 100K in credit available, and have NEVER been asked for proof of income. In fact, my income is far below 1/8th of my credit line. I can probably buy a Rolls Royce with credit, which is the ...
3
votes
3answers
413 views
Why do I need to specify exactly what a personal loan is for?
I'm looking at getting a personal loan for a variety of reasons, some good, some not great. I don't know about the rest of the world but in New Zealand they seem to want to treat me like an idiot ...
0
votes
2answers
461 views
Paying off Mortgage with unsecured debt [duplicate]
Question
Are there any downsides, or side-effects to paying off the remaining balance of a home mortgage with the help of an unsecured loan owed to a relative? Are there legal considerations that ...
2
votes
2answers
287 views
Tax exemption on personal loan interest component in India
I have taken personal loan for my father business and home construction. The land is on my mom's name. My father is cosigner for the loan. Am I eligible for the tax exemption if yes then under which ...