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No, you cannot pay back a loan with the same loan money.

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AnswerBot

5mo ago

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Related Questions

Who is loan shark loan?

if they give you money then you have to pay them back that is that question


What is money that you have to pay back called?

it is known as a loan.


If you withdraw from classes do you have to give the money back from your student loan?

Yes, it is a loan. You have to pay back a loan. Whether you went to class or dropped out, doesn't matter.A loan is just that, a loan.You were lent the money in good faith, if they ( banking institution ) thought you wouldn't pay the money back, they would not have given you the loan.If you do not pay it back, it will affect your credit rating for life.


Are there any drawbacks to getting a payday loan?

A payday loan is a very risky way to obtain extra money. When you get a loan, you obviously have to pay it back eventually, and by the time you pay it back you will end up wasting a lot of money on interest and possibly on late fees. If you don't have the money now to pay for what you need, what makes you think you will have enough money plus extra to pay back your loan later?


Need a loan but can not pay back?

If you need a loan but can't pay it back, you should not get a loan. You should rethink your 'need' and find another way to resolve it. If you borrow money that you can't pay back, that is a form of theft.


Do you have to pay back student loan if you withdraw passing?

Regardless of academic status, if someone gives you money in the form of a loan, you must pay them back.


If you have a loan who keeps the title?

The office who loaned you the money keeps the title until you pay the loan back in full. It's kept for security purposes. If you one day refuse to pay the loan back the office who loaned you the money can keep your car to satisfy the loan.


How soon would I have to pay back the money from a quickest payday loan?

You have to pay back the money between two to eleven years, depending on where you took the quick payday loan from and what company they work for and give to.


How do you express Gratitude for a loan of money from a special family member who really made a difference in your life by her loan of money?

Pay it back


What happens if i don't pay back a 401k loan?

If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.


When would you pay interest on a loan?

You would pay interest on a loan when you borrow money from a lender and agree to pay back the borrowed amount over time. The interest is the cost of borrowing the money and is typically calculated as a percentage of the loan amount.


Financially what is interest?

When you take a loan out from a bank, or wherever, they will expect you to pay interest. This means that you pay back what you took out on a loan, plus extra money. So for example, if you took a loan out for $500, and let's say you have to pay it back with 15% interest, you would pay back $575.