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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

4
votes
2answers
227 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
48 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
20k 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
141 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
85 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
135 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 ...
3
votes
2answers
283 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
281 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
90 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
119 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
90 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
77 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
97 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
59 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
81 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
144 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
3answers
133 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 ...
3
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
100 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
254 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
217 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
402 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 ...
1
vote
2answers
230 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
4k 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
262 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
97 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 ...
3
votes
2answers
259 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 ...
3
votes
2answers
629 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!
20
votes
7answers
9k views

3% personal loan online. Is this a scam?

Individual offering a 3% loan, any amount, any length of repay time. Requires no collateral, no signature, everything done online. Information I'm required to supply: Name Country City Address Gender ...
2
votes
2answers
453 views

Personal Loan: How to define loan purpose

I've grown interest in the personal loan market in the past few weeks, and I noticed that a lot of lenders do not lend to applicants whose purpose is to finance the tuition for post-secondary ...
5
votes
2answers
744 views

I have paid $7000 extra of my mortgage in 6 months. Should I transfer this to my $11,000 car loan or is it better of the home loan?

My car loan is 6.49% but it costs $12 a month for every month you pay it off early. It is a 60 month loan, I have been on it for 6 months and have paid off $2500 (From $14 000 to $11-500. My ...
2
votes
1answer
151 views

Is it advantageous to use a lower-interest rate loan to enrich the savings account of an offset mortgage?

Background: I have an offset mortgage on my house. I specifically chose an offset mortgage as my employment circumstances mean there will be irregular and unpredictable cash flows in and out during ...
1
vote
1answer
1k views

Not Paying Loan Should I opt for One time Settlement. How will this reflect in CIBIL score?

I have loan. I didn't pay EMI for the past 1 year. Now the bank has provided me the option of One Time Settlement. This is roughly half of the entire loan. If I pay the One time settlement , how ...
15
votes
4answers
8k views

How much interest should I pay on a loan from a friend? [closed]

I borrowed 500.00 from a friend, several years ago, and want to repay him. Although the subject hasn't come up, it has always bothered me. What kind of interest should I apply to this personal loan?
1
vote
2answers
252 views

Is it Legal to take Personal Loan in US and Repay against Home Loan in India

I am paying Home Loan against Property in India since 2011. is it Legal to take Personal Loan in USA and Repay against Home Loan in India.
2
votes
2answers
78 views

Simple loan with a mortage as collateral

I have an employee asking for a small loan to pay his personal property taxes., he is 3 years behind on....I will loan him the money but I need collateral. How can I have him sign his house as ...
1
vote
1answer
113 views

How CIBIL Credit score will impact for 2 unsecured loans?

I have 2 loans. One I am paying on time correctly. Another one I am paying partially. How it will affect my CIBIL Credit score?.
0
votes
1answer
73 views

Best way to refi to consolodate second mortgage on dilapidated house? Personal loans?

My mother is 82 and has some cognitive impairment that justify some level of concern on my part. Her house and other assets are in a living trust of which I am co-trustee, if that makes any difference....
4
votes
1answer
527 views

Lending money to colleague with interest - how to legally bind agreement

A colleague of mine has student loan debt of ~35K at 7% APR interest. I have more than enough principal to pay off his debt, and for my troubles (and risk), I think asking for a 4% APR is not out of ...
4
votes
1answer
272 views

Personal loan to a friend procedure

I see a few questions on this topic, but I am more concerned with the procedure and best practices. If I give this person the money first (~$10,000), can I still have them sign a promissory note/loan ...
2
votes
0answers
92 views

Reporting foreign income from unusual source on US return

A friend and I have an interesting set-up from which I derive income and I'm not sure how to express this on my US return. I suspect it should be treated like a personal loan, but maybe it could be ...
1
vote
1answer
401 views

Personal Loan or another credit card?

So my friend is trying to get his act together and I'm trying to help him with his finances. His balance on his discover card is ~5000. At one point he was JUST making minimum payments. He got ...
-1
votes
1answer
627 views

Does a one time additional payment reduce the interest paid on a Prosper or Lending club personal loan

I have a loan with Lending Club with a certain interest rate. So every month I pay the principal as well as about $200 in interest. Assuming the loan balance left is $20000 and the interest rate is 7%,...
4
votes
1answer
142 views

The penalty on early redemption of a personal loan

According to the TOS written here: https://www.sc.com/sg/personal-banking/tnc/en/_pdf/cb_all-tnc.pdf (bottom of page 51) 37.2 The following terms and charges will apply if you close the CashOne ...
13
votes
2answers
2k views

In which situations is it better to consider a loan instead of paying cash?

I live in France where credit cards are less widespread than in the U.S. The default account for us is a checking account. Often you can't spend more than what is in your account; otherwise you have ...
29
votes
12answers
7k views

How can I legally and efficiently help my girlfriend build equity by helping with a mortgage?

I am in a committed relationship -- but for various reasons don't want to get married. I just bought my first apartment for $200,000 on a 30 year mortgage. My girlfriend will be living with me but her ...