Personal Loans

Personal Loans questions and answers

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Q: Personal Loans?
I'm planning on moving soon due to a job change and I've been looking up personal loans to take out to cover the expenses until I get on my feet with my new job. I recently opened up a credit account, so I haven't had that long to build my credit to any substantial level. Does anyone have any advice on any personal loan no more than $10,000 that offers either a low APR or any agreeable deals? Many thanks- I appreciate it ladies & gents.

A: You might try prosper.com or a local credit union.

Q: How to get more and more credit cards and personal loans with bigger credit limits?
I am a trader of textiles,maintaining a good balance in my savings account and have a good credit history of more than one year. I am going to apply for a lot of credit cards as well as personal loans. What general precautions should be taken so that I may be able to get maximum number of credit cards and loans with good credit limits?

A: that's not the way to go to finance your business - you'll be paying average int rates of 18% or higher probably and much higher if you're late with just a couple of payments. Why don't you try and get a business line of credit instead

Q: What's the deal with personal loans from companies like Discover?
Over the past few years, I've received several offers from credit card companies, or companies like GE that are for personal consolidation loans. I have no experience with something like this, but it seems it would be easier than paying separate credit cards, etc. Can anyone tell me if these things have any hidden costs and if they are worth considering?

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Q: Where I can get best personal loans in India?
My name is Rajesh Soni. I need a personal loans in India. I have searched various websites that are providing personal loans but I am confuse where to borrow? Please help me.

A: There are lot and lots of website in india wh give personal loan. Banks like ICICI, HDFC, HSBC give personal loan. Also there are lenders like apna loan give loans. I hope http://loan-guides.net will help youin getting bad credit loan in India.

Q: Is the interest you pay on personal loans tax deductible?
We had two personal loans this year totaling around $8,000 with interst of about 800. Is this tax deductible?

A: No, credit cards, car loans, etc. have no tax advantages whatsoever. When you pay off a school loan, there are some tax write-offs. so, it depends on the kind of personal loan...

Q: Can Dubai authority go after me if I runaway with c. card and personal loans amounting to 300K dirhams?
I accumulated 17 credit cards and 5 personal loans, I went back to my country for my annual vacation, and never return because I'm afraid to go to jail. Please advise.

A: Outside the UAE, authorities won't chase you but your bank/s might. In the UAE, if your bank files a complaint then you'll probably be in trouble - a jail sentence is possible.

Q: Can you take out multiple personal loans?
Most personal loans are $25,000 at max. If you need $100,000 for let's say surgery, can you take out four loans from different companies or will the other lenders see you have more than one personal loan already out and deny your application? Serious and experienced answers only, please.

A: Yes, they'll see the other loans. Multiple applications for loans can affect your credit score, which will affect the rate of your loan, so if you need $100K, and they don't want to lend you more than $25K, you might consider putting up some collateral. You should try to ask for the whole $100K from the lender you'd like to borrow from, and see what they need from you in order to lend you the whole amount. Also, banks generally have loan officers with different levels of lending authority; you might need to see the one that has the authority to lend $100K.

Q: Personal Loans for People with Bad Credit in Australia?
Are there companies out there who help people who have had bad credit in the past get personal loans in Australia? Such as Ex-Bankrupts and/or paid and unpaid defaults?

A: There are more that a few lenders who specialize in credit cards for people with bad credit. You just have to look a little harder than most people have to. And getting a card after you've had a few problems doesn't necessarily mean that you have a higher than normal rate. Like I said, you'll just have to compare between credit lines, yearly fees, and interest percentages. Just make sure you do your homework BEFORE you commit, and you'll be fine. You can find some offers for credit cards, both secured and unsecured here: http://www.axalda.info/bad-credit-cards.html

Q: What are the tax liabilities for personal loans and gifting of money?
If someone were to grant a large personal loan to someone else (100K or larger) what are the tax liabilities or responsibilities of the lender and the borrower - if any?

A: You don't mention what country you are in. Under US tax law. The borrower has NO tax related to a loan. The lender would include the interest portion of payments in their total income for tax purposes, and pay the same rate as normal income. In the case of a gift, the receiver has no tax. The giver can give up to $12,000 per year to each recipient with not tax results. Above that amount, a gift tax return must be filed, but up to $1 million can be given in a lifetime before taxes are actually paid.

Q: Does anyone know if Chase offers personal loans?
I would to know if Chase offers secured personal loans. I currently have a CD account with chase and would like ot use that as collateral for the loan.

A: They do,I hope you enjoy the position of being over and grabbing your ankles though.

Q: How do personal loans work?
I'm looking to get a personal loan but I'm not sure how they work. I have some credit I need to pay off and a birthday for my daughter. Anyone know anything about personal loans - what I would need and what not? I have to pay back to money either way, Its not that I wont have the money - I just want it (need it) now.

A: its soo easy, you can fill out application on the internet i suggest commonwealth bank, you need a job, income proof of your income birth cert/ passport you need to have an account with that bank you tell them how much you want to borrow and how long you want the repayments to take i borrowed $10.000 to pay back over 6 years $115 every fortnight and because it is a variable loan i can change the amount i pay and how often.

Q: Do you lose money by consolidating personal loans?
If you have three personal loans on a variable rate that have been taken out at different stages over the last few years and then apply for a new personal loan, also on a variable rate, to consolidate the payments do you lose money? My main concern is do you end up paying more money back to the bank in terms of interest? Any other pros and cons people can think of?

A: hi there.. if you are having three different personal loans and paying same variable interest rate for all three then,you are not paying anything extra.how ever if you are to consolidate all three into one then there might be some consolidation fees ,early loan account closure fee and other bank fees may arise.i would leave it as it is if i was u. hope answer was helpful.

Q: Which is the best Philippine bank for personal loans?
I am a private-sector employee and urgently need to apply for a personal loan. Can someone compare HSBC, Citifinancial, BDO and other Philippine banks side by side? Which one has the lowest rates? Which one has the fastest processing? Which one is the most consumer-friendly? Thanks.

A: Hello Simone, How are you? Am just coming from the bank where i went to make the payment for the activation of your loan, but the bank did not agree to the payment. He said that if the loan agent wants to help the client to payment for the activation of his or her client should atleast pay half of the activation fee. In a situation like this i really need your cooperation, As we promised, i mean i and my wife,we will still help you. All i want you do now try and do your best and i will do mine. I await your urgent reply. Mr, Kelvin.

Q: bad credit personal loans with a cosginer?
I need to borrow 15,000 unsecured personal loan. I have a credit score of 530, I have a cosigner who owns home, auto outright. Credit score is one of unique in these times it is over 700. What are my chances of getting the loan, and any suggestions on where I should apply.

A: You should try a credit union rather than a bank, they are slightly less restrictive in their less guidelines.