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
117
questions
0
votes
2answers
183 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 ...
3
votes
2answers
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,...
-1
votes
1answer
158 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 ...
2
votes
2answers
89 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 ...
6
votes
2answers
546 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
6k 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
58 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 ...
1
vote
1answer
124 views
Recording Personal Loan
If I put $200 of groceries on my credit card for a friend while I'm out shopping, how do I record that transaction? Further, when she pays me back by bank transfer, how do I record that transaction to ...
0
votes
1answer
101 views
Will a high interest rate consolidation loan improve my score enough to get a low interest rate loan?
As documented elsewhere, I'm paying off debt on credit card accounts totalling roughly 15K and at an average interest rate of roughly 20%
My ultimate goal is to get a loan in the 5-8% range with fixed ...
0
votes
1answer
187 views
GNUCash: Reimbursements from Friends
I just started using GNUCash to track my finances, and I have two hypothetical examples I'm not sure how to log.
Example 1
On Sunday, I made a 100$ purchase. Since I didn't have a credit card on hand,...
2
votes
5answers
342 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
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 ...
0
votes
0answers
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 ...
0
votes
2answers
69 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
120 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
170 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
105 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
123 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
92 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
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 ...
4
votes
5answers
365 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
103 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
6answers
645 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
425 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
130 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
216 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
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, ...
1
vote
2answers
128 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
182 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
365 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
100 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
226 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
122 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
170 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
694 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
332 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
283 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
170 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
102 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
202 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
166 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
71 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
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 ...
1
vote
1answer
218 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
224 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
84 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
106 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-...
