0
When I make a payment on my loan is that considered a Debit transaction?
Wiki User
∙ 8y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is using a debit card the same as securing a loan?
No. A debit card transaction removes money from your checking account. Securing a loan is more complicated, but requires far more paperwork and a payment plan.
Can you pay a payday loan with a credit card?
Only a few payday loan companies allow you to pay off your loan with a credit card. Most required payment of the loan with a debit card or check.
Can you pay off a payday loan with a debit card?
Yes. Debit card is just like paying with cash because your purchase or any payment you make is charge to your bank account. It is not through a credit account.
Can you get a loan with debit card?
A loan off of debit card like credit card cash advance? Yes
What payday loans will accept net spend card?
Most payday loan companies will not accept payment from a credit or debit card. They will require you to go to an ATM and withdraw cash in order to pay off the loan.
Is using a debit card the same as securing a loan?
No. A debit card transaction removes money from your checking account. Securing a loan is more complicated, but requires far more paperwork and a payment plan.
What is loans receivable?
The expected payment of a loan, it is an asset account. When you loan money you debit loans receivable and credit cash (both assets) When you receive the payment for the loan you debit cash and credit loans receivable.
How do you record in your accounting system the transaction of buying a car on credit?
Debit full price of car to Vehicles (fixed asset account) Debit Other Taxes expense for the registration fees Credit Loan Payable (liability account) for the total amount borrowed (not the total of the loan payments, just the principal) Credit Cash for any down payment
Can you pay a payday loan with a credit card?
Only a few payday loan companies allow you to pay off your loan with a credit card. Most required payment of the loan with a debit card or check.
What is the journal entry if an owner makes payments on a company loan and he will not be reimbursed by the company?
debit loan accountcredit owners equityDebit Loan Payable Debit Interest Expense Credit Paid in Capital
What does debit memo mean on a bank statement?
A Debit Memo refers to any transaction wherein the bank's account balance is reduced. This memo is applied on bank fees such as interest, loan payments, bounced checks, and transfer of funds.
Is a transaction code used for bank transactions?
Transaction codes are used by banks to determine what time if transaction has occurred at the bank. Everything from a code used for a deposit to a checking account to another different code used to make a loan payment.
Can you pay off a payday loan with a debit card?
Yes. Debit card is just like paying with cash because your purchase or any payment you make is charge to your bank account. It is not through a credit account.
Can you get a loan with debit card?
A loan off of debit card like credit card cash advance? Yes
What payday loans will accept net spend card?
Most payday loan companies will not accept payment from a credit or debit card. They will require you to go to an ATM and withdraw cash in order to pay off the loan.
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
When is an auto loan considered to be in default?
At the time any terms of the loan agreement are not met, (late or missed payment, lapse in insurance, etc.).
