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Loans

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.

13,117 Questions

Is a charge off on a car loan a judgment against you?

No, a charge-off on a car loan is not a judgment against you. A charge-off occurs when the lender considers the loan uncollectible after a period of non-payment, typically after 180 days. This status is reported to credit bureaus and can significantly impact your credit score. However, a judgment is a legal ruling from a court, often resulting from the lender taking legal action to recover the debt.

Does the lender have any legal obligation to inform the co signer of late payments and how delinquent can it get before they try to get the co-signer to make payments in lieu of the primary?

Lenders are generally not legally obligated to inform a co-signer of late payments unless the loan agreement specifically stipulates such notification. However, many lenders may choose to notify co-signers as a courtesy, especially when the primary borrower fails to make payments. The timeline for when a lender might seek payment from the co-signer varies, but typically, they may begin to contact the co-signer after a few missed payments, often around 30 to 90 days delinquent, depending on the lender’s policies.

Does sjvc have financial aid?

Yes, San Joaquin Valley College (SJVC) offers financial aid to eligible students. This includes federal and state grants, scholarships, and loan programs. Students can apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA) and may also explore institutional scholarships provided by the college. It's advisable for students to contact the financial aid office for specific guidance and options available to them.

Is Pickett and Hatcher Educational Loan a private student loan?

Yes, the Pickett and Hatcher Educational Loan is considered a private student loan. It is typically offered by a specific organization or institution and not backed by the federal government. Borrowers may need to meet certain criteria and creditworthiness to qualify for this type of loan.

What portion of a loan is covered by pmi?

Private Mortgage Insurance (PMI) typically covers the lender's risk in case the borrower defaults on a loan, specifically when the down payment is less than 20% of the home's purchase price. PMI usually protects the lender for a portion of the loan amount, often between 20% to 30%, depending on the specific policy and loan terms. It serves as a safeguard for lenders, allowing borrowers with smaller down payments to qualify for loans. However, it does not protect the borrower and is an additional cost added to the monthly mortgage payment.

Can a creditor take you to court for an unpaid loan?

Yes, a creditor can take you to court for an unpaid loan. If you fail to make payments, the creditor may file a lawsuit to recover the owed amount. If the court rules in favor of the creditor, they may obtain a judgment that allows them to garnish wages, seize assets, or place liens on property to collect the debt. However, it's important to know your rights and options for dealing with debt issues.

What is A borrower in a mortgage transaction called?

In a mortgage transaction, a borrower is commonly referred to as the "mortgagor." This individual or entity takes out a loan to purchase property and pledges the property as collateral for the loan. The lender, in this case, is known as the "mortgagee." The mortgagor is responsible for repaying the loan according to the agreed-upon terms.

Are banks responsible for foreclosed homes responsible for any fixes prior to selling to buyers?

Yes, banks are generally responsible for maintaining foreclosed homes until they are sold. This includes ensuring the property is secure and addressing any significant health or safety issues. However, the extent of repairs or fixes required can vary by state laws and the condition of the property. Buyers should conduct their own inspections to assess any necessary repairs before purchasing.

What are opinions on excelsior loan guild?

Opinions on Excelsior Loan Guild vary, with supporters praising its innovative approach to lending and its focus on community engagement. Critics, however, may express concerns about high-interest rates or the potential for borrowers to fall into debt cycles. Overall, the guild is seen as a valuable resource for individuals seeking alternative financing options, though it is essential for potential borrowers to carefully assess their financial situations and the terms offered.

WHAT IS mortgage assets?

Mortgage assets refer to financial instruments that are backed by mortgage loans. These assets typically include mortgage-backed securities (MBS), which are created by pooling various mortgage loans and selling shares to investors. The income generated from the mortgage payments by borrowers is then distributed to the investors. Essentially, mortgage assets represent an investment in real estate debt, offering potential returns based on the performance of the underlying loans.

What institutions charge the highest interest rates on loans?

Typically, payday lenders and title loan companies charge the highest interest rates on loans. These institutions often target individuals with poor credit or those in urgent need of cash, leading to exorbitant fees and annual percentage rates (APRs) that can exceed 300%. Additionally, some subprime lenders may also impose high-interest rates on personal loans for those with limited credit history or poor credit scores. It's important for borrowers to carefully consider the terms before engaging with such lenders.

What would the monthly payments be for a 225000 business loan?

To determine the monthly payments for a $225,000 business loan, you'll need to know the interest rate and the loan term (in years). For example, at a 5% interest rate over 10 years, the monthly payment would be approximately $2,375. You can use an online loan calculator or the formula for an amortizing loan to find the exact payment based on your specific terms.

Can a co-borrower sell a home if primary borrower is deceased?

Yes, a co-borrower can sell a home if the primary borrower is deceased, provided they are listed on the mortgage and have legal ownership of the property. The co-borrower will need to ensure that the estate of the deceased borrower is settled and that they have the authority to sell the home, which may involve presenting the death certificate and any relevant estate documentation. It's advisable to consult with a real estate attorney to navigate any legal complexities that may arise during the sale.

What is overnight physical payoff address for dealer paying off retail auto loan for customer?

The overnight physical payoff address for a dealer paying off a retail auto loan typically refers to the location where the loan payoff check should be sent to satisfy the outstanding balance. This address is usually provided by the lending institution and can often be found on the loan statement or the lender's website. It's important for the dealer to verify the correct address and ensure that the payment is sent via a secure method to avoid any delays or issues with the loan payoff.

Because diversification is a desirable strategy for avoiding risk it never makes sense for a bank to specialize in making specific types of loans and acirc and 128 and 157 is this statement true false?

The statement is false. While diversification is a key strategy for managing risk, there are instances where specialization can be beneficial for banks. Specializing in specific types of loans can allow banks to develop expertise, improve underwriting processes, and enhance profitability in particular markets. Therefore, a balanced approach that combines both specialization and diversification may often be the most effective strategy for banks.

Can you use the funds in your irrevocable trust to pay off your first mortgage?

Generally, funds in an irrevocable trust cannot be used to pay off a mortgage unless the trust document specifically allows for such distributions. The trustee must adhere to the terms set forth in the trust, which typically restricts access to the trust assets for the benefit of the grantor. If the trust permits, the trustee can manage the funds to pay off the mortgage, but this often requires careful consideration of the trust's purpose and the beneficiaries' interests. Always consult a legal professional for advice tailored to your specific situation.

What are borrower-spenders?

Borrower-spenders are individuals or entities that take on debt to finance their consumption or spending rather than saving or investing. They typically use loans, credit cards, or other forms of credit to purchase goods and services, often without a clear plan for repayment. This behavior can lead to financial instability if borrowers accumulate more debt than they can manage. Borrower-spenders are often characterized by a tendency to prioritize immediate gratification over long-term financial health.

What is a hotel worker on payday?

A hotel worker on payday is typically someone who receives their wages for the hours worked during the pay period, which may include base salary, overtime, and tips, depending on their role. This occasion often brings a sense of relief and anticipation, as employees may budget for personal expenses or save for future needs. Additionally, some may celebrate the day with colleagues, fostering camaraderie among staff. Overall, payday serves as a significant moment in a hotel worker's financial routine.

Which amortization method should be used for intangibles that are amortized?

The straight-line amortization method is typically used for intangible assets that are amortized, as it allocates an equal expense amount over the asset's useful life. This method simplifies accounting and provides a consistent expense recognition pattern. However, if the intangible asset has a variable pattern of economic benefits, the units-of-production method could also be considered. Ultimately, the choice of method should align with the asset's usage and economic benefits.

What is the interist rates on refinacing a car loan?

Interest rates on refinancing a car loan can vary widely based on factors such as your credit score, the loan term, and the lender. As of 2023, rates typically range from around 3% to 10% or more. Borrowers with higher credit scores generally qualify for lower rates. It's advisable to shop around and compare offers from different lenders to find the best refinancing option.

How much can a payday lender charge in interset?

Payday lenders can charge varying interest rates, often expressed as a percentage of the loan amount. Typically, these rates can range from 300% to 500% annually, depending on the state regulations and the lender's policies. Some states have caps on fees and interest rates, while others allow lenders to charge high rates without limits. It's essential for borrowers to understand the specific laws in their state regarding payday lending practices.

Can anyone help me with a loan I have asked friend and family and tried loan companies in really desperate I am in full time employment and can afford 300 a month to pay back. I need around 2500?

If you're seeking a loan, consider exploring peer-to-peer lending platforms or credit unions, which often offer more favorable terms than traditional banks. You might also look into personal loans from online lenders that cater to those with varying credit profiles. Additionally, ensure your credit report is in order, as this can impact your loan options. Remember to carefully review the terms and interest rates before committing to any loan.

How do you pass JV for term loan taken by bank and direct payment to be made by bank to creditors?

To pass a journal voucher (JV) for a term loan taken from a bank, you would debit the bank account to reflect the increase in cash and credit the loan liability account to show the obligation to repay the bank. For the direct payment made by the bank to creditors, you would debit the creditor's account to reduce the liability and credit the bank account to reflect the outflow of cash. Ensure that all entries are supported by appropriate documentation, such as loan agreements and payment authorizations.

What are two types of loans in college?

Two common types of loans for college students are federal student loans and private student loans. Federal student loans are funded by the government, typically offering lower interest rates and more flexible repayment options, such as income-driven repayment plans. In contrast, private student loans are offered by banks or financial institutions and often come with variable interest rates and less favorable repayment terms. It's important for students to understand the differences and implications of each type before borrowing.

When referring to srudent loans what is a grace period?

A grace period for student loans is a specified time frame after graduation, leaving school, or dropping below half-time enrollment during which borrowers are not required to make payments on their loans. This period typically lasts for six months for federal student loans, allowing graduates to find employment and establish their finances before repayment begins. Interest may or may not accrue during this time, depending on the type of loan.

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