If I consolidate my student loan with a personal loan can I still write off the interest?
Q. I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Asked by MLE - Wed May 14 21:25:51 2008 - - 1 Answers - 0 Comments

A. Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.
Answered by bostonianinmo - Wed May 14 21:30:09 2008

How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan?
Q. I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?
Asked by ronidl76 - Thu May 17 17:02:37 2007 - - 5 Answers - 1 Comments

A. In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home. However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they… [cont.]
Answered by Kim F - Thu May 17 17:11:35 2007

How long is the loan process when buying a house?
Q. I found a house, got a loan approved, made an offer, got the inspection done and the loan company had the apprisal done. Now however my mortgage loan officer said my info was with the underwriters and would let me know of the final approval. Could my loan still be denied?
Asked by shell_1004 - Fri Jan 25 15:02:50 2008 - - 6 Answers - 0 Comments

A. Usually it is around a month maybe a little less depending on how busy the market is. Essentially the only thing that could keep you from getting the loan is having the house appraise for less than the selling price. Otherwise you already got approved for the loan in the amount you made the offer for, so that should be an issue. Unless you ran up some debt that through your debt to income ratio out of whack. You should be O.K. Usually it takes a few weeks to get the loan written up and things finalized. Plus when did you specify to close, if you chose to close at the begining of February then that is probably why they aren't done yet. I just locked in my refinance, (which will take less time) I think we'll get that closed in 3 weeks. 15yr… [cont.]
Answered by Ryan M - Fri Jan 25 15:20:41 2008

How does a preapproved car loan work?
Q. I'm about to get a new car just dont know what yet. Want to get the loan today because Friday Im going to go look. Want the money with me so I can buy it on the spot.I know for a regular car loan they ask for a VIN number.If I get a preapproved loan and dont use all the money that is on the loan how would i use or return it?
Asked by PrettyBoi - Wed Aug 15 16:27:05 2007 - - 6 Answers - 0 Comments

A. Some banks pre-approve you for a certain amout and the dealer works with that bank directly; not too many banks give you a blank check with a certain cap off amount. Stick to your bank, dealers always want you to sign up with their banks, i think you end up paying for more. When you walk up to a dealer pre-approved for a certain amount, its like walking in with cash so you can negotiate since they dont have to pre approve you. Go to a Credit Union they have better interest rates than banks do. Good luck.
Answered by mastermind delinquent - Wed Aug 15 16:37:56 2007

How exactly does a secured loan work?
Q. If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan? No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
Asked by A. S - Sat Nov 17 16:41:22 2007 - - 3 Answers - 0 Comments

A. yes if you sale anything that is secure by any item before you can sale it you have to clear it when the lending company!!!
Answered by mister ed - Wed Nov 21 15:46:00 2007

How do I get personal loan with fair credit score but debt to income ratio is high. I had been declined?
Q. I just got a new job as a nurse, my college loan, car loan, co-signer daughter car loan, mortgage payment, owned a house but no more equity left. my credit score is fair, no late payment. I need immediate financial need to keep me going for the next 6 month. Where can I get quick loan ?
Asked by Moe - Wed Jun 27 07:49:47 2007 - - 13 Answers - 0 Comments

A. try prosper.com
Answered by svictor24 - Wed Jun 27 12:48:28 2007

How can I recieve a private loan to cover my mortgage payment while in pharmacy school?
Q. I would need to get a loan of $30,000 per year to cover the costs of my mortgage and other bills until I graduate. Are there any loan companies that would loan this amount? Would the loan company continue to do this until I graduate?
Asked by trsummit - Mon Jun 23 10:24:04 2008 - - 2 Answers - 0 Comments

A. My school on the cost of attendence financial aid sheet does have a line for housing expenses. If you think it is too low, you can appeal the ruling. You will get loans: federal and private up to the cost of attendence.
Answered by Lea - Tue Jun 24 13:31:41 2008

Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
Q. Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 0 Comments

A. Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007

What college loan companies send loans directly to students ?
Q. I need a small loan sent to me for about $2,000. What companies can send the check directly to me instead of sending it to financial aid ?
Asked by Joey - Mon Jul 13 03:22:51 2009 - - 3 Answers - 0 Comments

How will paying for a car loan on a repo car affect my credit score?
Q. My husband and I signed a $20,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe $8000. The loan company offered a settlement of $2800 if we pay by the end of the month. Does this sound right to anyone? How would it really affect my credit if I pay off the loan now?
Asked by MissJessica - Tue Sep 11 22:13:15 2007 - - 4 Answers - 0 Comments

A. Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit. HOWEVER, get it in writing! Before you send that $2,800 payment, make them put it in writing that $2,800 will settle the debt and they will report it as paid in full. If they don't put it in writing for you, then after you pay $2,800 they'll say your balance is $5,200! (5000-2800) Collection companies are snakes! Good luck!
Answered by Digger - Tue Sep 11 22:22:44 2007

How can I get a small business loan? I have good credit but little cash or assetts?
Q. I am looking into buying a small business just outside of Denver, Colorado but I have no idea where to start as far as getting a loan. I have good credit but would only be able to come up with $2,000 -$3,000 up front cash. As far as assetts, I have virtually nothing. Is a business loan even an option in this situation? I need a loan for about $230,000. The business I am looking into buying is well established and very lucrative would this factor into the loan situation?
Asked by Chrissy B - Mon May 14 15:24:37 2007 - - 1 Answers - 0 Comments

A. The truth is that it is difficult for a startup business to borrow money as a small business loan -- especially without assets and without experience in the business. However, if you're applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider the following factors: - A business plan explaining what the business is - Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you - Your credit… [cont.]
Answered by imisidro - Mon May 14 15:38:07 2007

How does a grad school loan work with company-reimbursed tuition?
Q. My company will reimburse my grad school tuition based on my grade for each class. Am I supposed to get a loan first and pay off the loan with the reimbursement money, or do I wait til the end of the semester to pay the tuition? Any good sites for grad school loans?
Asked by NUnum1 - Mon Jul 7 20:58:00 2008 - - 1 Answers - 0 Comments

A. Think of the tuition reimbursement entirely separate from any loans you get. The school does not care if you apply for fin aid or not. However, unless you have the cash to pay your tuition without the loan, you may have to take out a loan to pay your tuition. Most schools require you to pay your tuition up front.. but some do have payment plans on sort of a "pay as you go" through the semester to be paid off by the time the class is finished. To apply for a grad school loan (Stafford at fixed 6.8% interest) go to Your employer should pay you after your grades come in... its up to you what you do with the money. Best to pay off the loans, but not mandatory.
Answered by Found-1 - Tue Jul 8 01:41:59 2008

How can I get a personal loan or someone to invest in my start-up business overseas?
Q. I am currently in the military and I get out in the middle of December. I am currently in the middle of starting up a Day Spa (Beauty Spa) for females (in Bahrain) and I have already invested about 85K in loans into the business. I have nearly excellent credit (which is why I got the loans) which I have maintained for about 14 years. Now, about seven weeks from opening, I foresee a shortage of about 30K. I have searched everywhere for another loan, to include the new Patriot Express Business Loan for the military, but, they will not loan for a business overseas. Also, the number of loans on my Credit Report doesn't make it a great idea to apply for another one. In the first month, my projected revenue is 15K. This total will double… [cont.]
Asked by seane.beard - Wed Jul 11 23:21:30 2007 - - 20 Answers - 0 Comments

A. As soon as I get the $50,000 from Mr. Sanjae Gubageghandor in Nigeria as payment for the money I loaned him to get the former Nigerian President's millions of dollars out of storage, I will send the money to you as a gift... just keep it... I have tons more where it came from.
Answered by yobarrabas - Wed Jul 11 23:31:06 2007

How can you go about getting a personal loan from a bank? What collateral do you usually need?
Q. I will probably need to replace my car soon, but I don't know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It'd be about double for me, as I don't have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash. Now the questions ... is this possible, or is there usually some stipulation that you can't use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be… [cont.]
Asked by Mike D! - Sat Mar 17 09:32:58 2007 - - 4 Answers - 0 Comments

A. I don't know what state you live in, but in Florida you are required to have collision insurance for at least $10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that.
Answered by WhiteWolf359 - Sat Mar 17 09:36:47 2007

How to compute present value of loan amortizations?
Q. We need to choose among several loan options. By calculating the present value or net present value of loan payments over the years, maybe we can choose the best loan.
Asked by JJT - Sat Oct 13 20:56:48 2007 - - 1 Answers - 0 Comments

A. Every Realtor carries an amortization book for loan repayments. The library and web can have the same.
Answered by senior2tor - Sat Oct 13 21:02:48 2007

How do I go about getting a personal loan when I have no credit?
Q. I am 18, just getting prepared to go to college, and I have no credit whatsoever. I don't need student loans because my dad pays for my school. However, my boyfriend and I live together and we just bought $1500 worth of furniture from his brother. Now, we were supposed to stick to a payment plan since we don't have a huge income, but they want the money now. My boyfriend is just going through bankruptcy so he cannot get a loan of any sort. How can I go about getting a personal loan to pay them off? We are both employed so I am not worried about paying it off, I am clueless as to how to even get the loan if I can. Any and all help would be appreciated. Thanks!
Asked by Aimee M - Mon Jan 29 18:19:59 2007 - - 3 Answers - 1 Comments

A. Ok since you dont have credit you can either apply for a small school loan and take the money directly which is in a way fraud but you are in school and school loans cant be denied to any one unless they have retched credit. Your other option is that you will need a cosigner that has good credit and that a bank would approve so pretty much they have to have credit and be able to cover the payment amount in case you should become unable to pay the amount and go to a credit union they typically approve easier over a major bank branch so good luck with your loan
Answered by sexy b - Mon Jan 29 18:30:52 2007

What can a loan company do to me if I do not pay the rest of my loan?
Q. I am unemployed and yesterday, had to close my bank account. I have an outstanding loan with cash call and I called to see what arrangements I could make to pay it, when I get a job. The woman on the phone told me I had to pay this month, in other words, beg, borrow or steal, because I do not have it. She told me to ask my friends, huh! She told me if I do not pay, I will have to suffer the consequences, does anybody know what consequences she is talking about? They cannot garnish my paycheck, right? I know they can put it on my credit report, what else? I am planning to try to pay it this month, but if I don't have a job or I just started a job, how will I pay?
Asked by tetris05 - Fri Jun 29 14:53:36 2007 - - 5 Answers - 0 Comments

A. At this moment, if you truly own nothing, there isn't anything they can do right now, except sue you. However, if they sue you, you will not be able to get credit in the future, or for about seven years. Judgments are reported through the courts though and I think they last ten years. If they get judgment against you, they, in most states, can seize anything you now or in the future own, though they must get an order to enforce in order to take an asset not explicitly secured in their existing loan contract. You could declare bankruptcy, but from the view of your long term credit outlook, you are better off being delinquent and repaying as soon as possible. In many states, they will also be able to garnish future wages.
Answered by OPM - Fri Jun 29 15:12:42 2007

Is a loss from a personal loan the same tax category as a loss from stock investments?
Q. I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments -- in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
Asked by Jan R - Tue May 20 15:35:47 2008 - - 1 Answers - 0 Comments

A. You cannot claim the loss separately. You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he'd pay you back; show you tried to get repaid; why it's worthless, etc).
Answered by v b - Tue May 20 15:42:30 2008

How do student loan repayments by your employer work?
Q. I recently graduated and I've heard some companies will offer "loan repayments". Do I understand correctly that I don't pay any taxes on this amount? Does it matter if its federal or private loans? Can anyone (employer) offer this type of incentive?
Asked by Andy S - Sun Oct 19 16:18:55 2008 - - 0 Answers - 0 Comments

A. If you are in the US, this would be income to you. The only times it wouldn't be is if you took the loan with the contractual agreement that you would work in an underserved area for x number of years (ala the doctor in the tv series "Northern Exposure").
Answered by v b - Mon Oct 20 02:54:44 2008

What is the loan modification with your mortgage while in Chapter 13 bankruptcty?
Q. After filing Chapter 13 bankruptcy (mortgage included -fixed rate) my husband became unemployed, so we are now 6 months behind on our mortgage and our attorneys are submitting for a loan modification, what is the process? Is a loan modification always granted? My husband is now currently working and has been for 3 months now, it has just taken us this long to finally get in touch with our attorneys and also the mortgage lenders attorneys.
Asked by My2Boyz - Tue Mar 10 10:25:56 2009 - - 2 Answers - 0 Comments

A. no not always. If the lender and the trustee believe that you cannot honor the payment plan then they will take the home out of the bankruptcy filing by a motion from the lenders attorney and foreclose on your home. The worst thing is that he lost his job so how can you even pay the trustee the required payments unless you were on a short schedule and modify it to the full 5 years
Answered by golferwhoworks - Tue Mar 10 10:36:21 2009