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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

Why are there so many payday lenders?

This is a growing industry, due to the high fees charged and the large profits to be made. The unsecured payday loan can be referred to as a high risk loan, due to the lenient credit checking and lack of security and thus the high rates. But even with a high NSF rate , payday loan providers are still making large profits.

Can I get a loan if I don't have a bank account?

No. Even if you qualify for a loan by means of age or employment or income, the bank will ask you to first open a bank account before you are granted a loan. so, in order to get a loan you need a bank account.

What journal entries do you make for your construction loan?

My account balance in Construction LOC is $154833.00; what is the journal entry to record the $154833 in Construction in Progress Account?

roger_randolph@yahoo.com

Distinguish between debt forgiveness and debt retirement?

Debt retirement refers to the paying off of a debt in order to avoid future interest payments, this can only be done if the current funds available are able to clear the outstanding balance of the debt.

Debt forgiveness on the other hand can be considered to be an amnesty by lending institution for countries who are heavily indebted, this is usually done to help alleviate the debt burden faced by such countries.

Therefore the difference between debt retirement and debt forgiveness is that one is paid off by the country who is able to pay off the debt and the other is an amnesty given to remove the debt for countries who cannot afford to pay it off.

What insurance is need for your RV loan?

Most loan companies will require that you have liability, collision, and comprehensive coverage. That covers you hitting someone else, someone hitting you, and loss due to fire, theft, storm damage, etc.

What do you do if you have to pay your mortgage late?

A few days should be fine and many mortgage companies provide a grace period if someone needs a few extra days. Calling them will help and show your good intentions.

How can you get a student loan if you have bad credit no cosigner?

Apply for a low limit credit card - $100.00. Use it sparingly and make regular payments for 3 months, pay it off in the 4th month and repeat the cycle for 12 to 18 months. This will establish you as capable of making monthly payments on time and of paying off a debt to a $0 balance. Never be late with a payment.

If a couple with excellent credit and no debt wants to sell their condo and buy a house is it possible to get a mortgage right now if one person started freelancing just over a year ago?

The only person who can answer your question is your mortgage lender.

If you are debt free, and if the equity in your condominium will give you enough cash for a qualifying down payment, and the house you want to buy requires a mortgage that you can afford, you may be able to obtain a mortgage.

Can you use as collateral for a personal loan a 25 percent share in an inherited piece of property that is currently for sale?

You could try using bridging finance as a temporary option, as this can be used to bridge whilst properties are sold, they would need full details of ownership and the co signees may also have to agree as it would be a charge on the property so be prepared for a few grand solicitors bills to get that equity limitation sorted out

Does cosigning for a rental property affect your purchasing power?

It may not affect your own purchasing power at first. However, if for some reason the primary on the lease fails to pay or damages the rental property and leaves then you will be fully responsible for the rent and the cost of the damages. That will affect your own credit rating. That will affect your purchasing power. You should make certain that you can absorb those costs before you co-sign.

What Types of loans are in mutual savings bank?

  1. Personal Loans
  2. Car/Automobile Loans
  3. Home/Mortgage Loans
  4. Loan against gold
  5. Loan against Securities (shares, mutual funds etc)
  6. Home Renovation Loans
  7. Education Loans
  8. Industrial Loans
  9. etc

Is a good faith estimate required for a home equity loan?

Yes! Home loans of all types require full disclosure under Real Estate Settlement Procedures Act, (known as "RESPA"). This includes Home Equity Loans.

(See related link below for more information.)

How can you get a pre-owned car loan with bad credit and current car loan?

Yes you can, depends on how much negative equity you have on your current loan, you can re-apply for a bigger loan to cover that one. Generally speaking it is not a good idea, because it will be harder the next time. There is a local Toronto bad credit loan provider called auto credit financial, you can google them.

When can a student loan be collected from tax refunds?

The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past--due child support, Federal agency non--tax debts, or state income tax obligations.

For additional information, FMS can be reached at 800--304--3107.

Go to the IRS gov website and use the search box for Topic 203

How long should you wait to pay off your auto loan to positvely affect your credit score?

The sooner you pay it off, the better.

Credit agencies rate you based on the amount of debt you can handle, among other things. This mainly pertains to revolving credit, i.e. credit cards, however.

The sooner you can get debt into your name and then rid of it may extend the amount of credit a creditor will lend you in the future. This is just a possibility, as all three 3 major credit bureaus are different.

Will paying extra on mortgage principal lower monthly payment?

Generally no. If you pay extra on the principal you will pay off the loan earlier, but your monthly payment will stay the same. If you want to lower the payment, you will need to refinance.

But paying extra will help you payoff your loan faster and can save significantly on the interest paid. For example, a 300,000 loan at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. A significant savings to you.