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1 vote

Does a bank have to confirm that I do NOT have a loan application in process?

This is in fact a bizarre request. I've been in a similar situation on multiple occasions, and have never encountered such a request. What the second bank have usually requested from me in this ...
littleadv's user avatar
  • 178k
3 votes

Kiwi Lad In Need

Anything which offers you a large amount of money in a few hours, no skill required, is going to be either dangerous, unpleasant, expensive, scam, illegal, or some combination of the above. The only ...
keshlam's user avatar
  • 48.9k
1 vote

Kiwi Lad In Need

I'd advise against borrowing if you can avoid it, especially if you have no income with which to pay it back. I also don't think it's realistic to raise the money in a few hours. Hate to be blunt, ...
nuggethead's user avatar
  • 2,099
0 votes

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

If you give money as a loan to a friend, as a rule of thumb you will lose your money, or your friend, or both. So either accept losing a friend by creating a contract that forces the friend to pay the ...
gnasher729's user avatar
  • 23.4k
-1 votes

Best shot for small business loan given limited history, credit, etc

When starting a business, you may have to resort to getting a personal loan, or a HELOC, since the business itself has little or no equity to borrow against, and may not be interesting/convincing ...
keshlam's user avatar
  • 48.9k
4 votes

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

Frame challenge. If you "lend" money to friends or family, consider it as lost, with a very small chance that by pure luck they will pay you back. If they ask you rather than a bank it's ...
jcaron's user avatar
  • 3,992
2 votes

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

As noted by others, interest reflects the opportunity cost of investing/spending the money somewhere else. This applies to you but also to the LENDEE. Why is this important? If you charge your friend ...
Chris's user avatar
  • 457
3 votes

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

he promised that he would pay it back in a month The interest rate is inconsequential compared to the risk of never seeing the original $2,000 ever again. You're not a bank and high-risk, negative ...
MonkeyZeus's user avatar
  • 8,513
4 votes

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

What is your relation to this friend? That, more than financial mathematics, should inform your decision. The closer friends are, the more interactions with them in general are less formal and more of ...
Tom's user avatar
  • 2,342
6 votes

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

Loan have interest rates for two reasons: generate profit and to offset opportunity cost. Part of the calculation on whether it will generate a profit is the fact that if you do a large number of ...
jmoreno's user avatar
  • 1,415
38 votes

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

Shakespeare was pretty clear on this almost 500 years ago. Neither a borrower nor a lender be, For loan oft loses both itself and friend... There's a high probability (approximately 30-50% depending ...
Valorum's user avatar
  • 1,770
9 votes

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

That's probably not the answer that you are looking for but my general rule of thumbs is: A friend that I'm willing to loan to, I have no doubt that he will pay back and I wont even think of charging ...
Shubaka's user avatar
  • 91
13 votes

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

Interest rates reflect the lender's concern that they might not get the money back when promised (or at all). They also reflect "opportunity cost" --the returns you would have gotten if the ...
keshlam's user avatar
  • 48.9k
31 votes

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

"Fair" is not something that we are likely to be able to quantify. In the US right now (June 2024), banks would charge something like 36% annual interest on a credit card cash advance. ...
Justin Cave's user avatar
  • 27.8k

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