All Questions
Tagged with loans united-states
32
questions
23
votes
4
answers
5k
views
Would it be advantageous for me to pay off these two credit cards and cancel them with a 401k loan?
I'm considering taking a loan on my 401k in order to pay off and close 2 credit cards. I have approximately 30 years until I consider retiring. The amount of the loan will be $1700 which is less ...
user27010
10
votes
1
answer
2k
views
What tools are there to investigate why my FICO score would have dropped significantly?
Please assume the basics have been considered, such as:
Credit utilization could have went up
Hard inquiries
Closed an account
Opened a new credit card
Paying off a loan
None of the above occurred ...
- 847
3
votes
4
answers
1k
views
60-Day "Borrowing" From an IRA
In brief, I am projecting out a budget for a personal construction project I am having done, and the numbers are very tight. I have some buffer built in, but if I exceed the buffer amount and my cash ...
- 3,571
1
vote
2
answers
5k
views
How do you declare an interest free loan?
In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan.
Respecting the wisdom of the people who said that, I'm unclear ...
- 33.8k
26
votes
6
answers
7k
views
Does borrowing from my 401(k) make sense in my specific circumstance?
I know the standard answer and understand that I will be losing out on that compound interest, but I am young and only need to borrow a few thousand. here are some more details:
Need to borrow $6500 ...
- 433
23
votes
7
answers
8k
views
Would it make sense to take a loan from a relative to pay off student loans?
Together my wife and I have about $80,000 in student loans. My mother in law is in the process of selling her house. We proposed the idea of borrowing ~$50000 from her, once she sells, so that we ...
- 333
19
votes
6
answers
4k
views
What should I do with my credit card debt?
I have almost $20,000 in credit card debt and, though I have stopped accumulating it for quite a while now, I'm trying to figure out the best way forward. Can someone please offer advice based on this ...
- 255
10
votes
1
answer
3k
views
Are student loans tax deductible in US?
If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes?
Is there any education related tax credit that can be applied for payments ...
- 1,663
9
votes
2
answers
72k
views
I plan on receiving a $200,000 personal loan via wire transfer. Do I have to report this to the IRS?
After researching online, I found many websites that said wire transfers are not reported to the IRS, but others said that they were reported. I just want to make sure that I do not have to pay taxes ...
- 193
8
votes
2
answers
7k
views
Is there a most efficient way to pay off multiple loans with the same interest rate?
My Situation:
About $36k USD in graduate student loans.
There are 4 different federal loans in play, each with a fixed rate of 6.8%.
$12k w/ ~$1.2k in unpaid interest
$10k w/ ~$1k in unpaid ...
- 357
7
votes
3
answers
34k
views
How to deal with my job change & 401k loan that I can't fully pay back?
It's been 60 days since I changed my job and I have an outstanding 401(k) loan of $30K(+30k non loan amount). I have only $20K to pay and my 401k plan won't accept the partial amount.
I still didn't ...
- 209
6
votes
2
answers
1k
views
Should I seek loan forgiveness, or paying off my loan quicker?
A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
- 4,374
5
votes
3
answers
798
views
Is it worth it to take a car loan to improve credit ratings?
I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now.
So, would it be better to take a ...
- 262
4
votes
3
answers
9k
views
How old do I have to be to take a loan, and how should I go about the process?
I'm currently 16 and have been invited to attend a National Youth Conference for National Security in Washington DC this upcoming fall. I just moved in with my mom and this trip isn't exactly ideal ...
- 41
60
votes
9
answers
18k
views
Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?
I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
user44315