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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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-1 votes
2 answers
121 views

Kiwi Lad In Need [closed]

So I’m based here in New Zealand. I would like to know how I could raise $1000 in a few hours? Sadly without notice I laid off yesterday. On top of that I suffer from depression and anxiety, due to ...
Jah's user avatar
  • 7
16 votes
10 answers
9k views

Fair interest rate on $2k personal loan to a friend

A friend wanted to borrow $2,000 from me and he promised that he would pay it back in a month. I'm about to lend him the money. How much interest should I charge that would be fair? I am not expert ...
scorpio012's user avatar
0 votes
1 answer
99 views

Which loan would be most cost-effective to service first?

I'm currently the debtor of two loans: $620,000 CLP at 0.99% monthly interest, to be paid over 12 equal monthly instalments, starting this month. $180,000 CLP at 0% interest, but adjusted by ...
ppp's user avatar
  • 133
0 votes
1 answer
323 views

Does repayment of personal loan count as income for US tax

I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
Pete W's user avatar
  • 101
0 votes
2 answers
427 views

Can a personal loan be taken in the USA to pay back a loan in India?

The interest rate from the Indian bank is higher so can a personal loan be taken in the USA to pay back the loan in India? If yes, then will there be major tax challenges or any other such hurdles? Is ...
 Adnan's user avatar
1 vote
0 answers
27 views

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 ...
kbsbng's user avatar
  • 95
0 votes
1 answer
56 views

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 ...
wilbur377's user avatar
1 vote
3 answers
224 views

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 ...
BobDoolittle's user avatar
2 votes
1 answer
489 views

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 ...
BobDoolittle's user avatar
15 votes
2 answers
4k views

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 ...
HiddenWindshield's user avatar
2 votes
0 answers
68 views

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 ...
Dakshank's user avatar
  • 121
1 vote
2 answers
856 views

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 ...
Zuriel's user avatar
  • 1,571
0 votes
1 answer
278 views

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 ...
Kaki Master Of Time's user avatar
6 votes
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 ...
Village's user avatar
  • 2,813
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 ...
Village's user avatar
  • 2,813
2 votes
2 answers
98 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 ...
PHcoDer's user avatar
  • 395
4 votes
3 answers
489 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 ...
cyclobster's user avatar
3 votes
2 answers
107 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,...
Pankaj Upadhyay's user avatar
-1 votes
1 answer
168 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 ...
richmompoorson's user avatar
2 votes
2 answers
196 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 ...
Logarr's user avatar
  • 169
7 votes
2 answers
2k 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 $...
April's user avatar
  • 73
4 votes
5 answers
18k 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 ...
Jay's user avatar
  • 41
2 votes
0 answers
68 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 ...
Blerg's user avatar
  • 121
1 vote
1 answer
284 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 ...
Helmanfrow's user avatar
0 votes
1 answer
127 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 ...
Christ Schlacta's user avatar
1 vote
1 answer
685 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,...
Inkbug's user avatar
  • 113
2 votes
5 answers
415 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 ...
sparkle's user avatar
  • 121
3 votes
0 answers
83 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 ...
S.B.'s user avatar
  • 131
0 votes
0 answers
52 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 ...
Craig's user avatar
  • 1
0 votes
2 answers
74 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?
Paulette Pier's user avatar
2 votes
2 answers
228 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 ...
ridethedebt's user avatar
0 votes
3 answers
207 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 ...
Anonimovici's user avatar
0 votes
2 answers
114 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 ...
Stressed4Success's user avatar
1 vote
2 answers
158 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 ...
UTF-8's user avatar
  • 922
1 vote
1 answer
209 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 ...
user845's user avatar
  • 13
0 votes
1 answer
83 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 ...
Scott Skiles's user avatar
  • 1,203
4 votes
5 answers
435 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....
user avatar
0 votes
0 answers
107 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?
Kamal's user avatar
  • 1
2 votes
7 answers
831 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 ...
ant888nsmb2's user avatar
1 vote
6 answers
458 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 ...
CuriousDeveloper's user avatar
1 vote
3 answers
166 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 ...
Masood's user avatar
  • 123
2 votes
4 answers
240 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? ...
Tina J's user avatar
  • 435
2 votes
1 answer
4k 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, ...
Red Burry's user avatar
1 vote
2 answers
263 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 ...
FatihAkici's user avatar
3 votes
2 answers
296 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 '...
user1154644's user avatar
3 votes
2 answers
381 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 ...
Joshua's user avatar
  • 722
1 vote
0 answers
107 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 ...
Martin's user avatar
  • 11
57 votes
8 answers
22k 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 (...
The Guest's user avatar
  • 795
0 votes
3 answers
294 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 ...
Ben Hershey's user avatar
3 votes
1 answer
148 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 ...
Chris Melville's user avatar