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Thank you, everyone, for your views! Actually, all lenders need a way to determine if you are creditworthy. They do so by running your social security number through an independent service that provides verified history of your credit. If you do not provide your SS number, they cannot approve your loan request. Lenders identify you through your social ...


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Q1: What are the time limits? It depends on the state, and the type of agreement (oral, written, promissory note, open-ended). But according to TheBalance.com, it is usually between three and six years, and the highest is fifteen years. So in your case -- 18 years -- you are very likely going to be prevented from filing a suit in any state, and with any ...


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Taking 52.1775 weeks per year, to be accurate. Note, APR in the UK is an effective rate so compounding is considered in calculating the weekly rate r. No simply dividing by 52. The difference will be significant for such a high rate. capital s = 313 weekly rate r = (1 + 0.485)^(1/52.1775) - 1 = 0.00760705 no. weeks n = 104 d = ...


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Assuming that 1) the APR represents the annualized interest rate without compounding and 2) the loan is amortized evenly over the 108 weeks, the payment amount should be: PV * r 313 * .485/52 --------- = ------------------ = 4.7146 1-(1+r)^-n 1- (i+.485/52)^-52 So the total paid is 4.7146 * 104 = 490.32, 177.32 of which is interest....


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DON'T talk to the creditor. DON'T trash your other good credit. DON'T declare bankruptcy for a good while. The IRA is protected. Protect it. First and foremost, the IRA is untouchable in MD. Creditors cannot touch it. Bankruptcy cannot touch it. Abe must not touch it. The IRA is a sort of "trust account", and Abe, as a "trustee", must protect that from ...


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It's not clear in the first example if a payment is also made daily or if just the interest is compounded daily. For the simple case, lets assume that they are the same. The formula for the payment amount for a loan is: PV * r --------- 1-(1+r)^-n in your example, n=5*365 (5 years), r is 2.8%/365 = 0.000077, and PV is 18,500. So the result is: 18,500 *...


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Buy for your friend a cheap and reasonably reliable used car. You can get such car for less than you would spend on lawyers to write a contract for the loan in your inquiry (so you and your friend are already ahead financially - because otherwise this cost would have to be added to the loan your friend would have to finance, and you risk to lose). If he ...


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To secure the loan, would it be possible to take the car as a collateral? Yes it is possible. But to do this you have to create a lien, which is a legal document, and you would need a lawyer to do it. With the lien: A) yes you stop him selling the car B) Yes this will be registered C) Yes you can take the car back. Without the lien the answer to all of ...


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A) Their word and your lawyers. Also, see B B) File a lien on the title C) Outline these details in the contract D) You can try taking it back yourself through legal means but paying a reputable repo company might be better E) See C and request that they supply you a copy of their insurance policy upon every renewal. F) Mortgages have something called PMI (...


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As a frame challenge to your question, consider that a deposit in your bank is essentially you giving a loan to the bank. Now the bank has money which they can loan to your friend! Yes, you're only making 2% by loaning money to the bank, but this way, the fact that you're only earning 2% is essentially you allowing the bank to keep a portion of the interest ...


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Before lending money, a lender will want to know what the potential borrower's credit history looks like. For typical loans, you might get a better interest rate if you have a strong credit history. For payday loans, you're going to get a terrible interest rate no matter what, but they'll still check for potential major red flags before lending money. It ...


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Look for another country that offers "hospitalisation tourism" for your expensive medical operation, e.g. South Korea, Thailand, etc. (update on OP clarify the house mortgage repayment) You can re-mortgage your house with a new term. Since your current mortgage is 20 years, adding extra 20~40k is not going to increase the repayment a lot. Look around for ...


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You have more than 40% equity in your mortgage, so I would expect that the cheapest way for you to borrow would be to borrow more on that. Either remortgage for a larger amount or your current provider may be willing to loan you more (e.g. https://www.nationwide.co.uk/products/mortgages/borrowing-more/is-borrowing-more-right-for-you). The important ...


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Many private hospitals and doctors will negotiate a payment plan for an expensive operation. To go this route in the UK you would have to have the operation by a private doctor. In Spain, I assume it is similar in that you would just need to find a hospital that can do the operation and is willing to negotiate a payment plan. One issue is that they may be ...


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If we sold the car and used the money to pay down the loan, would we be able to continue making payments on the $2000 balance until it is payed off? That depends on the loan you have. If the loan is secured by your car like most auto loans, it would have to be converted to a different loan, probably unsecured (resp. refinanced with it). That probably ...


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Question 2 requires the more complex answer because the number of days in each month varies, although it can be calculated using a spreadsheet. Some of the other parts can be answered using formulae which I have attempted to do. You have not stated your simple interest model so some suppositions are made in the answer to question 1. Comments welcome. 1. ...


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