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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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-...
1
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7answers
451 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
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3answers
420 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
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2answers
466 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
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2answers
290 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
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3answers
6k 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
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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
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2answers
373 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
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1answer
161 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
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2answers
325 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
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4answers
2k 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!
18
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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
620 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
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2answers
936 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
182 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
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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
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4answers
10k 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
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2answers
565 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
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2answers
98 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
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1answer
126 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
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1answer
109 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
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1answer
640 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 ...
3
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1answer
307 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
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0answers
96 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
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1answer
526 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 ...
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1answer
736 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%,...
3
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1answer
173 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
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4answers
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
8k 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 ...
3
votes
3answers
481 views

3 loans under my name, 2 are fixed, one is a declining balance interest loan. Which to pay first?

I've searched for this answer for a while, but my loans are set up in a different way and I'd love some advice. (FYI I don't live in the USA) Loan 1: Personal loan. It was $200,000 with a 4.95% Fixed ...
5
votes
2answers
5k views

Do I have to use the entire loan amount?

I am 18 and I want to apply for a loan for a used car. I do not plan on paying more than $4000 for the car but the bank has a minimum of $7500 for car loans. If I only used $4000 could I just use the ...
0
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1answer
5k views

Personal Loan without CIBIL check? [closed]

I have Low CIBIL score. Its take another 1 year for me to improve CIBIL score. But now I have to apply for a loan Rs.100000. I am salaried employee in private sector. And my CIBIL score is 628. Is ...
2
votes
1answer
795 views

How does a debt consolidation loan affect my credit score?

I am in a stinky situation where I accumulated lots of debt by paying my tuition fees on my credit cards and now they are just killing me with interests. Being on a visa, I was not eligible for a ...
5
votes
1answer
2k views

Buying out a sibling's portion of inherited real estate

Sorry, this is a bit long, so I won't blame you if you skip down to the dilemmas & questions at the bottom due to TL;DR The backstory: About 15 years ago my siblings and I inherited several ...
0
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2answers
178 views

Does lender care what I use the money for?

In terms of a private loan between two private individuals, are there any limitations to what credit receiver (lender) can use the borrowed money for ? Extreme examples might be buying food, paying ...
2
votes
2answers
440 views

Is it possible to go to graduate school if I have debt?

I already have substantial debt in the form of personal loans ($15k). The student loans only cover the cost of tuition and living expenses, and of course does not cover existing debt. I was offered ...
3
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3answers
2k views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
2
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3answers
487 views

Tax implication of loan from Korea to US

I'm trying to borrow a large amount of money to buy a home from a friend in Korea. Is there any tax implication in this case? And is there any limit on the amount?
0
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1answer
262 views

Personal loans and their tax consequences?

In the year of 2014, I had some personal loans from friends, family members, ranging from $1000 to $10,000 for each loan. As a result, my business net was negative because I used the loans to expense ...
1
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1answer
155 views

How is minimum payment calculated for this daily amortized loan?

I'm trying to figure out how the bank calculated the minimum payment for a personal loan. Starting Principle: $6,800 Interest Rate: 13.750% Loan Term: 36 months Payment Frequency: Monthly Start Date: ...
0
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2answers
275 views

Pay off no interest loan with a personal loan?

As part of an employment switch, my new employer fronted $325k to buy out my old employer's non-compete clause. The $325k was to be repayed without interest, through certain paycheck deferrals. Once ...
7
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1answer
977 views

Shopping around for loans without detrimentally affecting credit rating/chance of getting said loan?

I've found myself stuck in a quandary. I put a deposit down on a car and I'm trying to obtain a personal loan based on this. The problem is that I'm finding that despite passing all initial checks ...
2
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2answers
1k views

Does a house mortgage make it easier to get a personal loan?

This question is about whether a house mortgage "on its own" would improve a persons chances to qualify for a personal loan. With this I mean, does a house loan provide benefits that, simply because ...
1
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1answer
2k views

How can I take out a personal loan as a minor with a co-signer other than my parents?

I'm currently in the process of buying a truck worth $8,000. The seller will only hold the truck for me for a week. It is a private party selling the truck (through craigslist) I currently own a ...
4
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4answers
334 views

Should I take a personal loan for my postgraduate studies?

About 6 months ago, I embarked on a Master's degree. Prior to this, I did the math on the postgraduate program and set aside about $31,000 on a separate savings account just for the postgraduate ...
2
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1answer
771 views

How do I loan money as a non-resident Indian (NRI)?

I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
2
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1answer
590 views

Borrowing money for study abroad...student loans don't apply

I have applied for a masters program in Spain, and I was accepted (yay!). However, now I am faced with the daunting task of determining how I am going to pay for it. My university in Spain is not ...
4
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3answers
8k views

How do I calculate interest on a personal loan with irregular withdrawals and payments?

Several years ago, I loaned money to a family member. They borrowed different amounts at irregular intervals. They are now beginning to repay, so I want to establish exactly how much they owe. I have ...
4
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1answer
987 views

What steps or checks should I do to see if a lending company that cold-called me is legit? Too risky?

A few days ago I got a call from company asking me if I have any outstanding debts and saying they can help me with my debts. Well, I don't have any debts; though I use 3 credit cards, I always pay ...
1
vote
1answer
2k views

Short term loan from parents and the IRS

My wife and I are purchasing a new home that we're closing on July 1st. The sale of our house closes July 15th. For the down payment on the new house we're a little short on cash and can't use the ...