Category Archives: Loan

Does anyone know anything about bad credit loans?

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Question by Naitto: Does anyone know anything about bad credit loans?
A friend of mine is trying to get a loan but his credit might not be to good. I know there’s a bunch of scams out there so I’m not really sure where to look anymore. I know some banks offer them but do you have to have an account with their company? I also know you can go online but that of course is where you get scammed. Does anyone have any experience here?

Best answer:

Answer by My Take on It
With bad credit, you are not going to get a loan. Period.

The only thing your friend *might* qualify for if he has a job is a payday loan. And those are a huge spiral downward anyways!

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Using a Financial calculator, How do I find the initial loan value?

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Question by TeChen H: Using a Financial calculator, How do I find the initial loan value?
I have a Financial calculator
I know Monthly Payment
I know Interest Rate
I know Term (eg. 30yr)
I would like to find out How Much did I borrowed in the beginning?

How do you input all those value onto a Financial calculator?
Please provide steps, thanks

Best answer:

Answer by Rev Bob Swindal
If it is an HP12c type financial calculator,
Enter the periodic payment as PMT
Enter the annual interest as i (or monthly interest i/12)
Enter the term in years as n (or term in months as n*12)
Hit the PV (present value) key

Worked example:
i = 5.5% per annum
n = 30 years
PMT = $ 500/month or $ 6000/year
PV = $ 87202.47

Hope this helps.

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does anyone have any resorces on low or bad credit home loans?

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Question by …: does anyone have any resorces on low or bad credit home loans?
I am trying to find a home loan but i dont have good credit my score is pretty low and i dont have much of a down payment does anyone know of any place i could look to mabey get a home loan in florida? I am new to the whole process and dont know what to look for a lot of places say bad credit is ok but you have to have at least a 600 credit score?? I dont know where to look anymore.

Thanks for the help.

Best answer:

Answer by steve g
You may qualify for an FHA loan. The down payment is low and the credit scores aren’t as important.

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Is there a type of debt consolidation for payday loans?

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Question by zozosammy: Is there a type of debt consolidation for payday loans?
I’ve met with a lawyer to start to file for bankruptcy. The two main components of my debt are a car repo, which for some reason I still owe around $ 6000, and some payday loans, which I owe around $ 3000. I’m trying to find a way around bankruptcy, if any, does anyone have any ideas?

Best answer:

Answer by oilman11977
Bankruptcy should always be a last resort. Have you tried to make payment arrangements with the creditors. (payments you intend to keep) They will usually be anxious to receive monthly payments, because if you go bankrupt they may get nothing.

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Q&A: Is there an online calculator that will determine loan balance remaining after each random-amount payment?

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Question by Louisiana Man: Is there an online calculator that will determine loan balance remaining after each random-amount payment?
I am owner financing a real estate sale for 15 years at a fixed interest rate with a required minimum monthly payment of $ 1,400. The buyer wants to occasionally make larger monthly payments (of variable amounts) and pay it off sooner. Is there an online calculator that will determine balance remaining after each random-amount payment?

Best answer:

Answer by s_uperdave
yes. but if you do ot know what exart you will be putting it is hard to find it out. but I do have one on my website. www.superdavemortgage.com

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Q&A: Use student loans or obtain home equity line?

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Question by Kristy: Use student loans or obtain home equity line?
My employer pays for my tuition, but I am still eligible to take out student loans. I am debating if I should continue to use student loan money to “fix-up” my house, or just take out a home equity line. I know if I take out a loans, and if I stay in school I can keep the loans deferred and just pay when I can, but a home equity loan would require immediate payments. Also, if I hit a rough patch I can request a forbearance request. Any thoughts??

Best answer:

Answer by v b
So, you are going to lie on your loan applications that you need the money for tuition when you aren’t actually paying tuition.

Since your employer will only reimburse you if you pass the courses, this may actually be allowed. However, if you do get reimbursed, you can’t deduct any interest on your taxes and you would be a fool to not pay off the loan immediately.

Stick to the home equity line of credit or no loans at all.

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what is a loan calculator?

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Question by c p 9: what is a loan calculator?
While looking at the internet i saw the word loan calculator .what it is? what is it use for?

Best answer:

Answer by kang1972ad
A loan calculator is a calculator that work out how much you have to pay every month for the entire term of the loan.

Some loan calculator also provide you with a breakdown of how much goes to pay off the bank intererest and how much goes to pay the principal amount.

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where can I find a commercial amortization loan Calculator?

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Question by Hunter: where can I find a commercial amortization loan Calculator?
I.e..loan of $ 11,000,000 rate of 5.5% amortized for 25 years with fixed principal payments plus interest

Best answer:

Answer by Glen O
Assuming you have Microsoft Excel on your computer then you can get free amortization tables that others have posted on the download section.

Microsoft.com
Go to Downloads and Trials on the tab list at the top, then click on Office Templates, and search for amortization. There are several and they will handle this for you and you can save the template and make use of it anytime.

If you dont have Excel or just dont want to do that for some reason, then advertising sites like bankrate.com have calculators including amortization tables on there sites you can use for free.

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Q&A: Refinancing vs Home equity Loans once you take the house of the market?

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Question by Kelly: Refinancing vs Home equity Loans once you take the house of the market?
Taking the house off the market we are not eligible to refinance because of the rules by the government How can we do a home equity loan and where can I find the current fixed rates? Thank you

Best answer:

Answer by sbinlb
Just because your house was for sale and now it’s not, has no impact on whether you can refinance or not.
You have to have 80% equity to be eligible for a home equity loan.

What do you think? Answer below!