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Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.

Asked in Loans, Credit Reports

How long does information stay on your credit report?

Under the Fair Credit Reporting Act information can be included in your credit reports for seven years. But there are exceptions to this rule: Information about criminal convictions may be reported without any time limitation. Bankruptcy information may be reported for 10 years. Information reported in response to an application for a job with a salary of more than $75,000 has no time limit. Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit. Information...
Asked in Loans, Credit Reports, Improving Your Credit Rating

How can you repair your credit after a car repossession?

I have declared bankruptcy which included a vehicle re-possession and thank God, I now have great credit again! So good in fact, that I have three credit cards! This process will take at least ten years, but if you are in real trouble and have no other way out, it does work. Your first step is to acquire a secured credit card. Depending on how damaged your credit is will determine how much you have to pay and how much you will...
Asked in Loans, Mortgages, Home Equity and Refinancing, Estates, Money Management

Can the executor assume the mortgage of the deceased?

The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage. ...
Asked in Business & Finance, Loans, Definitions, Planet Mars

What is the meaning of 'Have you ever been bonded'?

The concept of employee bonding is really an insurance matter relating to the employer’s efforts to protect itself against wrongful acts by its employees. In industries where employees have direct access to money or to property, the employer will often be keen to protect itself against the impact of employee theft. Also, certain businesses will be required by their customers to provide proof that they are bonded. For instance, customers of commercial cleaning companies might demand...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How can you pay off your student loan if you live overseas?

Hey, Why dont you go for FAFSA assistance.. they provide good guidance in regards to federal student loan and are legit as well. One of my friend studying at applied for loan through their online process and was able to pay it off on time due to the proper guidance they provided him... you can read this out as well for more help. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Scholarships, Money Management

If you have little or no credit history can you get a student loan without a co-signer?

* There really is no private lender that will approve you without credit history or a co-signer. The only sure thing is to get a credit card and use it responsibly for a year or two. That is, until the government cleans up it's federal aid system so it works for everyone. * It depends that how good you are in your education how efficient enough you can proof your self to get a loan of any type. Federal students loan...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How long before outstanding student loans are forgiven?

It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature. If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment. 25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plans Thanks Casey...
Asked in Loans, Mortgages, Money Management

What is a reverse mortgage and how does a reverse mortgage work?

Designed for seniors, a reverse mortgage is a loan that allows the homeowner to convert some of the equity in their home into cash or monthly income, while retaining home ownership. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage provides unique benefits for its target market eg: someone over 62 who lives in his/her primary residence, who has substantial equity in his/her home, and who has little or no income....
Asked in Loans, Co-signing, Student Loans and Financial Aid, Money Management

Can co-signing a car loan affect your chance to get a student loan?

Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

If several loans are in default how can you find out who holds the loans and is there a phone number to call?

A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance. CALL THE DEPARTMENT OF EDUCATIONS LOAN FINDER LINE. THE NUMBER IS 800 621 3115 If they are federal student loans, you can also check the National Student Loan Database ( which is the government's central database of student aid. If you have private student loans, there is no central place that tracks these. Best idea is to check your...
Asked in Loans, Student Loans and Financial Aid, Money Management

Are there income limitations for Stafford Loans?

There are no income limits for unsubsidized Stafford loans. Subsidized Stafford loans are awarded based on need. There are two types of Stafford Loans Stafford (Subsidized) - The interest portion of the loan is borne by the federal government. You can apply provided you spent at least half the time in school. Stafford (Unsubsidized) - Interest portion is to be paid even if the student is enrolled in the school. Offered to those with maximum borrowing capacity. ...
Asked in Loans, Student Loans and Financial Aid, Money Management

Can student loans be used for things such as an apartment or a car if it is necessary to complete the education?

Your student loans are yours. You have to repay them later, so you do what you want to with them now. Yes, they are supposed to be for help in your education, but I am raising two kids and going to school only with my student loans. The only demand by the lenders is to payoff your loans on time, otherwise you can do anything with your loan as you want. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Credit Reports, Money Management, Credit

Do student loans show up on your credit report?

yes, the private or federally guaranteed student loans will show up on your credit report. If you are delinquent or in default on your loans, you can get help with consolidating the loans at The loans will show up on your credit report, even if they are still designated as deferred. You will not owe anything until roughly 6 months after you graduate, and the loan status will change to active once repayment begins. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

How can you protect yourself from wage garnishment for a student loan already paid off?

Provide proof you already paid the loan in full. That means front/back copy of canceled check or paid in full letter from the loan holder. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

If you have frightening credit can you still qualify for a student loan?

Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to clear this up pretty quickly, so you may continue your schooling. Finally, most private student loans are credit-based so for those, you will at the very least need a...
Asked in Loans, Co-signing, Mortgages

Can a cosigner have their name taken off a debt?

The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money! It is rare, and would be exceptional, for a...
Asked in Personal Finance, Loans, Personal and Payday Loans, Money Management

Can you extend your payday loan?

Yes, depending on which state you live in. For most states, payday lenders have put into place mechanisms to extend loans up to the maximum number of times the state allows. When extending a payday loan, keep in mind that you will pay an extension fee (which will be the same as the origination/application fee) that you paid when getting the payday loan in the first place. ...
Asked in Personal Finance, Debt and Bankruptcy, Loans, Co-signing, Bankruptcy Law, Money Management

Can you cosign a car loan if you filed for bankruptcy?

If you can find a lender who will accept your signature, sure. Unlikely.
Asked in Loans, Mortgages, Estates, Money Management

Are adult children liable for parents mortgage debt?

No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

Can a bankruptcy be opened to include a student loan if the loan wasn't in default at that time?

It would be a waste of time and money. The higher education amendment act made student loans non dischargable in Banruptcy Court. You would have to prove a major financial hardship to have it considered. It's next to impossible. A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance....
Asked in Loans, Student Loans and Financial Aid, Education, Money Management

Who qualifies for student loans?

The Lending Tree site provides an excellent discussion of student loan qualification. The site is attached to this question as a related link. ...
Asked in Personal Finance, Loans, Student Loans and Financial Aid, Money Management

Can a car that you own be repossessed for college loan payments that you owe?

Any assets you own, including cars, can be seized if they win a judgment against you in court. Since they can garnish wages and offset tax returns without taking you to court, those are the most common methods of collecting. No, they cannot take your car for college loan payments. They can, however, potentially have money taken directly from your pay and/or garnish your tax refunds. Your best bet is to try and resolve your account with the loan company. If you...
Asked in Loans, Mortgages, Money Management

Can you apply for 2 mortgages based on one property?

Yes you may, as long as it does not exceed the value of the property. You can not obviously finance 200% of the value of your property with 2 separate loans but you can apply for a first lien mortage and a second lien mortgage, it's done very frequently with purchases to avoid PMI by splitting a 100% LTV loan into an 80% 1st loan and a 20% second mortgage. ...
Asked in Loans, Mortgages, Home Equity and Refinancing, Money Management

You have 50000 for down-payment and you want to borrow 250000 from bank.current mortgage interest rate is 6 percent . If you equal monthly payments for 15 years how much will monthly mortgage be?

An amortization table would give you the answer. If this is a real life situation and you are in the US you would be getting screwed at this rate of interest. ...