What happens if you fail to repay your educational loan?
Question by troubled: What happens if you fail to repay your educational loan?
What happens if a person fails to repay his educational loan? What are the consequences?
Best answer:
Answer by Common Sense
If it’s a Federal loan they can seize your tax refunds. Other lenders could sue you and get a court order to attach your wages.
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Categories: Loan Questions Tags: educational, fail, happens, loan, repay
Q&A: Can I get a payday advance with only a savings account?
Question by subtlebeauty: Can I get a payday advance with only a savings account?
I have a full-time job and I go to school full time, but since I bought my books I won’t have enough money to pay for my rent, and I heard that I could get a payday advance to my next payday, but I only have a savings account, will I still be able to get one?
Best answer:
Answer by licketyb00
Yes. They don’t usually ask whether it’s a checking or savings account. And you don’t have to tell them. You just have to provide a legit account. Their only concern is that if they have to go collect on the funds, that the account is open and has the funds in it. They will however want a bank statement though, to prove that it is valid. If you don’t receive them by mail, you can either print one out or go to your bank and have them do it but they might charge you a small fee for doing it. You may also be able to get one through your own bank since they do them now as well and usually for better rates. And you can do them online and the money is immediately available an goes directly into your account.
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Q&A: is there a difference between a cash advance credit card debt and a regular purchase debt?
Question by Nicolas R: is there a difference between a cash advance credit card debt and a regular purchase debt?
Like, if I owe a lot of money to 3 or 4 credit card companies (like 4k each) on cash advances I know the interest rates are higher by a lot but is there a difference if the debt was for regular purchases? will they come after me more than if they weren’t cash advances? Can I still file bankruptcy to get out of the debt?
Best answer:
Answer by Koku
Absolutely! Your cash advance debt is billed at a much higher rate, and your payments to each card will be applied to the lower debt rate.
Say, you cash advanced $ 1000 at 24.99% APR but had an existing balance of $ 3000 at 9.99% APR
When you get ready to pay the bill, and attempt to pay the total cash advance balance, you’ll be in for a rude awakening. The credit card will apply the $ 1000 (+ fees) to the lesser APR, and if you continue to take out cash advances, eventually all of your debt will consist of the cash advance rate.
Also, your cash advance fees are more than likely immediate– unlike carrying a traditional balance where you can avoid the finance charges if you pay before the bill date. Cash advances should be a very last ditch, emergency option. They will increase your debt tenfold if you’re unable to manage them.
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Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
Question by darrellbuckman: Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
I am needing a payday advance loan that I can apply for on-line, but I don’t have a bank account. Are there any services like that, that will loan me via Money Gram, or Western Union? I need the money by tomorrow evening, but I can’t go all the way to the actual location, the closest thing is a walmart or publix money services. Please help me!
Best answer:
Answer by gameboyxp20
No,
No Payday Loan companies will loan you money without a bank account. You can get a bank account for people with bad credit.
The only other option is a pawn shop. They will take an item worth let’s say $ 1,000 and give you a loan of say $ 250. If you payback in 30 days then you get your item back, if not, then they sell it. Things like Rings, TVs, Computers, etc. Call them and ask them what they want. Look it up online or in your local phone book.
You will need an ID and you will need to fill out paperwork in case it is found that your collateral is stolen, they can then turn you into the police. With certain pawn shops, you don’t need a checking account, just an ID and a piece of mail and an item of value as far as I know.
Good Luck.
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Q&A: Do cash advance websites pay you that day?
Question by Alexias: Do cash advance websites pay you that day?
So I need money for rent… Really bad! I applied online to a few Cash Advance places that say you will be paid that day or the next. Do they really pay you that fast? Because I’m kind of depending on it.
Best answer:
Answer by JLB
Usually it takes 24 hours for the money to be deposited. But be careful with cash advances-you can get caught in a debt trap with them. Try and pay it off with your next paycheck or even better, see if your landlord will take partial payment now and the remainder later. The interest on payday loans is so high (about 500%) so be careful.
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Categories: Loan Questions Tags: Advance, cash, websites
What do loan officers look for in your past bank statements?
Question by BGOQ: What do loan officers look for in your past bank statements?
As I’ve been doing homework on the loan process for a first-time mortgage, it struck me as peculiar that it is recommended (required?) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I’m not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortgage brokers? Always, thanks for your answers!
Best answer:
Answer by Mike M.
They look at the general activity, deposits, overdrafts, balance etc. It gives a rather good picture of how you handle personal finances. They also want to know where the down payment is coming from if it’s not in your account. I would take all statements from all accounts. You’re better off not trying to hide anything, they will find it. This is standard for mortgages whether a bank or broker. It’s only “invasion” of privacy if you don’t give prior permission. You can refuse to provide any info you want, but you may not get the mortgage.
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Categories: Loan Questions Tags: bank, loan, Look, Officer's, past, statements
Q&A: Can personal loan interest be tax deductible if you use the loan to buy property?
Question by gabyrig: Can personal loan interest be tax deductible if you use the loan to buy property?
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
Best answer:
Answer by bostonianinmo
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you’re buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it’s a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
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Categories: Loan Questions Tags: deductible, interest, loan, Personal, property
Can you please give me advice on Installment Loans?
Question: Can you please give me advice on Installment Loans?
I am looking for an installment loan.
Please give me your recommendation of where I should apply, and the process involved. How much should I ask for, how soon should it be paid back, etc. I have never had an installment loan, so this is all new to me.
Thanks so much!
Best answer:
Answer by Huntsman
1. You’ll need a stable job for 1 year
2. You will need a checking account – banks will ask
(stats show that people without checking accounts pay late or default more often)
3. For a personal loan (which are hard to get, you will need collateral)
4. You will need clean credit reports https://www.annualcreditreport.com/cra/index.jsp
5. You will need enough income to support the payments
6. You will need to tell the bank what the loan is for
Do not fall for online loan scams – super easy to operate. Go to a real bank.
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Categories: Loan Questions Tags: advice, give, Installment, loans, please
Is a loss from a personal loan the same tax category as a loss from stock investments?
Question by Jan R: Is a loss from a personal loan the same tax category as a loss from stock investments?
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $ 3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $ 3000 limit? Or is there a way I can claim that loss separately? Thanks!
Best answer:
Answer by v b
You cannot claim the loss separately.
You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he’d pay you back; show you tried to get repaid; why it’s worthless, etc).
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Categories: Loan Questions Tags: category, from, investments, loan, loss, Personal, Same, Stock