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What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
How do you write a receipt for a loan?
To write a receipt for a loan, include the date of the transaction, the names of the borrower and lender, the loan amount, and the repayment terms. Clearly state that the amount is received as a loan and specify any interest rate if applicable. It's also helpful to include a description of the purpose of the loan and a signature line for both parties. Finally, provide a copy to the borrower for their records.
If you had your tax refund put on your emerald card how come I won't get the rebate on the card as well?
You will, assuming you didn't have any fees deducted from your refund or had a rapid refund loan.
How much does it cost to get your things out of the repossion inventory?
The cost to retrieve items from repossession inventory varies widely depending on factors such as the type of item, the lender's policies, and any associated fees. Typically, you may need to pay off the outstanding loan balance, along with any repossession fees, storage fees, and late payment penalties. It’s best to contact the repossession agency or lender directly for an accurate estimate of the total costs involved.
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
What are the principal fees associated with this loan?
The main fees for this loan include origination fees, interest charges, and possibly late payment fees.
Can I apply for a personal check loan?
Yes, you can apply for a personal check loan, which is a type of loan where you write a check to the lender for the amount you want to borrow, plus any fees, and they give you the cash.
What is really meant by net of fees?
If you're asking in regard to a loan, then net of fees refers to the amount of the loan after fees are deducted. Example: If you are approved for a $100K mortgage and the fees associated with the loan (appraisal, title insurance, etc.) totaled $5K, then you would receive $95K "net of fees".
What are the total fees and charges associated with obtaining a personal loan?
The total fees and charges associated with obtaining a personal loan include interest rates, origination fees, late payment fees, and prepayment penalties. It is important to carefully review and understand all the fees before agreeing to a personal loan.
What legal action can be taken with a defaulted payday loan?
The lender can sue for the amount of the loan (including interest and late fees), and any legal fees (such as court filing fees and attorney's fees). They COULD garnish wages and repo any collateral used to "get" the loan.
What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
What are the interest and fees associated with loans?
Interest is the cost of borrowing money, usually expressed as a percentage of the loan amount. Fees are additional charges that lenders may impose for processing the loan, such as origination fees or late payment fees.
Are loan fees consistent among all lenders?
Loan fees are not consistent among all lenders. Different lenders may charge different fees for loans based on their policies and the type of loan being offered. It is important for borrowers to compare fees from multiple lenders to find the best deal.
What is charges such as collecting loan fees and the interest the customer pays on the loan?
servicing fee
Are there any penalties or additional fees to refinance a reverse mortgage loan?
Yes, there are fees to refinance a reverse mortgage. There are always fees or interest rates when getting any type of loan including refinancing your home.
Are there fees associated with payday loans?
Yes there are fees associated with a payday loan. Many times these fees are astronomically high. Essentially what you are doing is taking out a short term loan with very high interest rates.
What loan fees are charged by One Hour Cash Advance?
One Hour cash Advance charge various fees. This is dependent on how much the loan is and how long it would take to pay back the loan. There is also a fee for getting the loan quickly.
