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

Filter by
Sorted by
Tagged with
3
votes
0answers
64 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
45 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
65 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
1answer
67 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
146 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
98 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
102 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
87 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
74 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
337 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
96 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
4answers
475 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
410 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
113 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
197 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
624 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
101 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
1answer
145 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
351 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
63 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
194 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
105 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
162 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
406 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
320 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 ...
0
votes
3answers
104 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
154 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
98 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
6k 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
89 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
131 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
62 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
84 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
199 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
218 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
80 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
102 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-...
16
votes
3answers
2k views

Why do new car loans, used car loans, and refinanced loans have different rates and terms?

If I want to refinance a car that is two years old, and getting a new car loan is better APR then a used car loan and even a refinanced loan, why does it matter which way you go? Isn't a loan just a ...
1
vote
5answers
280 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
1answer
235 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
460 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
275 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 ...
12
votes
3answers
5k views

Can I take personal loan in UK and send the proceeds to parents abroad?

I am an EU citizen and have been working many years in UK. I don't have any debts, but do possess a good credit score thanks to using a credit card all that time. My parents are thinking of buying a ...
6
votes
5answers
2k views

What is the next step to collect money after a judgment has been ignored?

How do I recover my personal injury settlement money that my ex-husband illegally took? I have a judgment against him to return the settlement with no results. How can I get money now? Can I sell the ...
3
votes
2answers
311 views

What is the best way to help my dad consolidate his credit card debt at a lower rate?

So my father and I are somewhat in a sticky situation. He has accumulated roughly $30k debts on his credit cards. He makes decent money now but the problem is paying about $650 a month in interest ...
1
vote
1answer
132 views

Personal loan from Dubai to send to India

I am staying in Dubai and I am planning to take a personal loan of INR 10 lacs. I would be using it to purchase a car back in India. Do I have to pay tax for this? if yes, is there any way to avoid ...
2
votes
2answers
297 views

Allowed roommate to make a purchase on my credit card. How do I calculate her interest?

On Nov 5th my roommate had a medical emergency for her cat. The bill totaled $1097.46. I was with her, and we put the bill on my credit card with the understanding she would pay it back, including any ...
2
votes
2answers
1k views

Personal loan to renovate my mother's home

Am I allowed to take out a personal loan to fix up my mother's basement for me to live in? How do loans work in this situation? Any help would be appreciated. Thanks!