New answers tagged loans
-2
votes
A loan company wants to loan me money & wants to deposit $400 in my account for verification. Scam or legit?
A legitimate financial institution would have reason to deposit (and then withdrae) two small amounts totaling less than $/€/£ 1 in order to be sure they have the correct account to make deposits to ...
11
votes
A loan company wants to loan me money & wants to deposit $400 in my account for verification. Scam or legit?
It is a SCAM!!. A legitimate loan company would never request that you deposit money into your account or send them money as an account verification procedure for obtaining a loan.
This is a way ...
- 119
83
votes
A loan company wants to loan me money & wants to deposit $400 in my account for verification. Scam or legit?
Sometimes a legitimate financial company wants to test that the bank information is correct and that you can see the account. They make two small transactions that equal $1.00. They then ask you the ...
- 143k
2
votes
Accepted
Does a bank have to confirm that I do NOT have a loan application in process?
This is in fact a bizarre request. I've been in a similar situation on multiple occasions, and have never encountered such a request. What the second bank have usually requested from me in this ...
- 178k
3
votes
Kiwi Lad In Need
Anything which offers you a large amount of money in a few hours, no skill required, is going to be either dangerous, unpleasant, expensive, scam, illegal, or some combination of the above. The only ...
- 49.1k
1
vote
Kiwi Lad In Need
I'd advise against borrowing if you can avoid it, especially if you have no income with which to pay it back. I also don't think it's realistic to raise the money in a few hours. Hate to be blunt, ...
- 2,099
0
votes
Fair interest rate on $2k personal loan to a friend
If you give money as a loan to a friend, as a rule of thumb you will lose your money, or your friend, or both.
So either accept losing a friend by creating a contract that forces the friend to pay the ...
- 23.4k
-1
votes
Best shot for small business loan given limited history, credit, etc
When starting a business, you may have to resort to getting a personal loan, or a HELOC, since the business itself has little or no equity to borrow against, and may not be interesting/convincing ...
- 49.1k
4
votes
Fair interest rate on $2k personal loan to a friend
Frame challenge.
If you "lend" money to friends or family, consider it as lost, with a very small chance that by pure luck they will pay you back.
If they ask you rather than a bank it's ...
- 3,992
2
votes
Fair interest rate on $2k personal loan to a friend
As noted by others, interest reflects the opportunity cost of investing/spending the money somewhere else. This applies to you but also to the LENDEE.
Why is this important? If you charge your friend ...
- 457
3
votes
Fair interest rate on $2k personal loan to a friend
he promised that he would pay it back in a month
The interest rate is inconsequential compared to the risk of never seeing the original $2,000 ever again. You're not a bank and high-risk, negative ...
- 8,513
4
votes
Fair interest rate on $2k personal loan to a friend
What is your relation to this friend?
That, more than financial mathematics, should inform your decision. The closer friends are, the more interactions with them in general are less formal and more of ...
- 2,342
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