Finance Guide Center - Loans Knowledge Base

Loans Knowledge Base

loans.....? I got someone to cosign for my autoloan but will they be able to if they have a few loans already taken out?

How do student loans affect a mortgage applicaton? I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?

What kind of loan can I get to consolidate private student loans? I have $100,000 in private student loans from two lenders. The interest rate is over 10%. Is there a way to get another loan to pay this off at a lower interest rate? What kind of debt consolidation program should I consult? Most student loan companies only deal with Federal loans it seems. I keep seeing ads for mortgage loans with low monthly payments-- is there something similar I could get for a personal loan? THANKS!

How do student loans work? Once I start paying them back, do I have to pay back consistently? Like if I have $1000 now gathered from working as a student for 2 years, can I use that to pay some of the loan back? Or, is it that once I start paying back loans, I can't stop, and I must consistently pay them back every month? Also, do student loans have minimum sums we are allowed to pay every month? Like can it be that i'm only allowed to pay if i'm paying in a minimum sum of $800 or $1000? P.S. this is not for me, so its not like I can look over a contract or anything like that.

Student loans not in repayment or in deferral included in a mortgage loan application as an expense? Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?

What can u tell me about business loans to start up a new business? In the process of opening a new business. How do business loans work - I know I need a business plan etc before I can apply for a loan, but what's some other info? What's the interest rate range, what's the range of how many yrs u can have the loan, range of amnt they can loan, will they include the first yrs lease amnt in the loan if needed...etc, etc? We have good credit.

Is it better to pay off student loans quickly? I'm graduating this June and I'm going to have about 30,000 canadian in student loans. I want to pay off my loans as quickly as I can even if it means sharing a room with someone. I'm planning to take at least 50% of my pay check to go into loans. So maybe around 900 a month, which allows me to pay off my loans in about 3 years. I'm normally a saver anyway and I can live cheaply. I would have just enough money left over for rent and living expenses. My rent would only be about 400 dollars. Plus, I have savings right now that would work as my emergency fund. Do you guys think that it's a good idea and is it worth it financially? My thought is that it would save me on interest even though it would be hard for a few years, but I will be much better off in the long run. Any suggestions?

What types of loans are out thier for first time home owenrs with good credit? What types of loans are out thier for first time home owenrs with good credit? The place that I want to buy is about $185 can I still get a zero down loan? If not what is the next best thing?

How do they process your student loans when you almost at your borrowing limit? I have around $4500.00 left in student loans, and I have two semester left of college. In the fall, I am taking 15 hours, but in the spring I am only taking six. Will they offer the remaining of my loans for the fall semester, and I can use my pell grant for the spring or will they split the remaining loans between the two semesters?

How do construction loans work? My husband and I are working with a builder of a subdivision we are planning on building in. We chose a home from the options this builder has for the sub. To get started on the house, we need to give him $5,000 down. However we do not have the funds saved so we are able to do a construction loan. I've heard so many things about construction loans and how the fees are horrible. Yet, its been so hard for me to find any information. Would the fees be that steep, even though we only need $5000 down? Is there any specific banks/companies out there that make this process easier that anyone would recommend? Any help or information would be greatly appreciated. Thank You!

difference amortized housing loans and refinancing of arrears housing loans, what is the principles behind? my housing loans is for 30 year amortized monthly. arrear for several months and want to restructure loan. what is the best options. Difference between amortized housing loans and re-financing of default housing loans?

How many US auto loans and home mortgages financed by banks are out there? I'm trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It's for a school project.

What happens to 401k loans when you change jobs? If I am planning to leave my job in the near future and I have 30k in my 401k and approx. 12k in loans, how will the loans be repaid? Do I pay the taxes at year end? Also what if I decided to cash out the rest?

How do I consolidate student loans from different lenders? I have three loans from three different lenders. Who would buy up all three of my loans and give me a decent interest rate? I have good credit.

How many times can you defer your student loans with the federal government? I just completed graduate school a few months ago and I consolidated my student loans from undergrad and grad school and it is time to start repayment on my student loans. How many times can you defer your student loans..I consolidated them with the extended payment plan which is 30 years?

What are the best ways to get student loans with a decent interest rate? I have been in community college for the first 2 years of my schooling so I have not had to take out any student loans yet. I have been applying for loans for this next semester and I have been getting really high interest rates. Some are over 15% which I feel is riduculous. I am 21 years old with good credit and I have used my parents as co-borrowers when applying. They do not have great credit and my dad makes too much money for me to get any government help, but they don't pay for anything. Where should I go for lower interest rate on loans? Also, what is a good amount to take out if I decide not to work next semester? Thanks! My parents are married so any information I use goes for both parents.

Can student loan interest be used as a tax deduction if the loans are in deferment/forbearance? I know that student loan interest can be deducted. My student loans are all either in deferment or forbearance. I'm accruing interest on some of them, but I haven't actually paid any interest yet. Can I deduct the interest that accrued? Thanks!

About graduate student loans, is it possible to deduct paid interest from taxes paid later when at work? If both spouses have asked for loans , does it make any difference to make a deduction if one or both are working after they graduate ?

How can I go about paying loans that have been in default for 2 years? I really want to work on paying off my school loans but don't know where to start. I've been in default for a couple years due to my immaturity and now am trying to improve my credit. I've raised my credit score 43 pts in 4 months just by having one credit card and paying it off on time. What do I need to do to get the ball rolling and start paying on my loans? I could pay maybe 100 dollars a month right now.

How to get rid of student loans before they really start accumulating? I am a college sophomore attending a state school but even so I have already accumulated thousands in student loan debt. I worked 60+ hours a week last summer and that money won't even last to cover half this year's rent and utilities! I am trying to cut back spending but really all I buy are groceries and the occasional movie ticket. I don't even have any transportation costs because the bus is free for students. I have been unable to find part-time work that fits around my schedule because I need to take a lot of credits or I'm not going to graduate in time which would mean taking out even more loans. I applied for every scholarship I could get a hold of but didn't get a penny, and my financial aid is absolutely pathetic because my family is in that awful limbo where their tax returns show too much income to get decent aid but too little to actually contribute anything. I am 19 years old, and I am scared out of my mind that I am digging a hole I'm never going to get out of. HELP!!

What kind of loans are there for home improvement? I'm planning to have a pool built but need to know what kind of loans there are.

What kind of student loans are there besides stafford? already receive stafford loans, but I know that some people take out tens of thousands of dollars worth of other loans for school. Im probably going to need around 20,000 beyond the stafford loans altogether. Also, my parents have no money and I think they have bad credit, so will that affect me? What are some good loans out there?

Is it possible to transfer student loans to a different school? I've become rather upset at the school I am currently at. I am looking to change schools very soon if possible. Does anyone know if student loans to another school as long as the new school is accredited? Or do I have to reapply for loans?Can you even transfer to another school that isn't accredited but is the same course material? I love mistyping. That should have asked whether anyone knows whether the loans can be transfered.

Is it possible to consolidate student loans that come from different banks? And how would I do that? I have undergrad student loans from one bank that I consolidated, and then graduate student loans from another bank. I am graduating in August and at that point I would like to have them all consolidated so I am not paying 3 different people each month.

How is it possible to deduct more than just interest on student loans? I have 160k students Sallie Mae loans. I know I can deduct the interest, but how could one deduct the entire paid off loans? Could one do it through an LLC as an education expense, or perhaps pay cash for a piece of property, then take a loan against the property to pay off the loan? How could I possibly deduct the entire loan?

Are there any student loans that include the cost of paying off a car? I need to buy a new car, but I'm also planning on going to law school in Sep of 09. I'm planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?

Question about Tax Returns. Can I use my Student Loans for a Tax Credit. How does that work? In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.

Is it illegal to earn interest on unsubsidized loans? I'm a student and I get many offers from the government and private companies for subsidized and unsubsidized loans. For those who don't know, unsubsidized loans are loans where the interest is paid by the government or private company until 6 months after I graduate or become less than a full time student. So it could theoretically be a free loan assuming I repay the principle within those 6 months, therefore avoiding interest. My question is can I take out these loans and put the principle in high yielding CDs or savings accounts until it is time to pay them back? This way I make money on the interest from the loans, build credit, and won't have to pay interest. It seems like the government and private companies probably would not want me to do this as I am profitiing from a service that they are hoping to eventually profit from. That's why I ask if it is illegal in some way. Thanks.

What are the best kinds of student loans to get? I have 0 debt right now and just graduated from an undergrad institution. Now I am going to grad school that will take 2-3 years. I will have to get loans, but what kind of loans should I get?

Do i have to have good credit for federal loans and private loans for school? I am applying for financial aid to pay for school, but I might need loans to help me besides the grants. Do I need good credit for me to get any type of loan to help pay school?

How does a foreigners get loans for a business? I have heard that foreign people get loans a lot easier for businesses. Are they government grants? Where do you go to apply for these? They are specifically for foreigners trying to invest in America.

What are some student loan consolidation companies for me to try? I have student loans I need to consolidate? My student loans are through Sallie Mae and they charge 100 dollars to get a forbearance on the loans so I need to consolidate with a different company.

What are the best student loans to get prior to joining the Peace Corps? I am going to begin college soon & I will be financing it through student loans. I am attending college with plans of joining the Peace Corps. Any help on this subject would be great.

Can someone explain to me how student loans work? I don't know anything about loans and I need some help. I want to go to make-up designory school in New York. It cost about $15,000. I'm most likely living on my own. Can I get money to help with housing cost and with school? The loan that the school has is Sallie Mae. CAn anyone give me some info on it? Also, I have no credit so can I still get a loan? How much do they give you adn how much do you have to pay each month? On the website it says something about repayment loans up to 15 years, does this mean you have to pay the loan off within 15 years? What happens if you don't? What happens if you don't have a credit worthy cosigner? Do they have to be living with you? Thanks for any help you can give me! What does: intrest only payments mean? defeered payments mean? disburstment date mean?

How to get a real loan to pay off payday loans? These payday loans are causing us to not be able to pay our everyday bills such as power, water, rent, car payment, etc. They are taking the fees/payment out of our checking account every week. We filed for bankruptcy over 5 years ago. These payday loans keep getting us further and further in debt. What can we do?

Whats the difference between these loans? I have heard of simple interest and fully amortized loans. What do they mean, and how do they differ to me as a lender specifically?

Student loans: Is there another loan like the Federal Stafford Loan that doesnt require a credit check? I would like to know if there are loans that are like the Federal Stafford Loan? (NO credit check) One that also works with private schools?

What is the amount of loans an undergrad student is eligible for compared to a Grad student? I want to do a full-time MBA, but I need more money than the $6000 stipend offered. I presently get $10,500 in government loans. Will this amount go up or down if I pursue an MBA right out of college? I will have all tuition paid for.

can you get graduate student loans with home foreclosure on your credit report? I know that you can get federal student subsidized and nonsubsidized loan, but these non-credit based loans only goes up to $20,000. The school I want to go to cost $60K. Are there any other types of loans out there available to grad students with bad credit? My FICO score now is 445.

What is the average amount of time it takes to pay back college loans? I was living in a fantasy land when I thought those stupid little booklets that Student Loan Finance Corporation sent out for a payment plan, was all I had to pay. I never realized how many bloody years it actually took, until I called those creatures today. So, I'm wondering what is the average amount of time it takes for people to pay back their student loans? and why can you pay back a car loan for 20 grand in five years, but a college loans for the same amount takes 18 or something equally as insane? Thank you.

How do I go about finding clients for mortage loans? I'm a freelance mortage loan officer for Freedom Mortage. My success lies square with my finding my own clients to refinance, purchase or invest. We offer debt conslidation and cash back. I am able to do loans any where nation wide. I've been cold calling but no one calls back. HELP!

How does the interest on education loans accrue? I am talking about private loans. Say I am getting a $20,000 unverified private loan with an interest rate of prime(7.75). What will this loan be in 1 year with no payments? I am struggling with exactly how to figure this out. I am looking at putting my federal loans in a high yield savings account as being a nurse they will be paid after a while of working. I know this question is kind of scattered, but so is my head right now.

I want to consolidate my student loans that are taken over by a creditor and start making payments? I had two student loans each about 2,500 dollars each. I have been out of work for 5 years raising my duaghter and haven't been able to afford any kind of payments on the loans. Since then a creditor has taken over. I now owe 8,000 to them. Is there any student loan companies that will take it over and I can make payments to them at a low interest rate. I am now working and would like to start paying on my loans. Thanks

How do non-qualifying home loans work and how can I find them? What are the pro's and con's associated with non-qualifying loans?

What do you call it in accounting when a shareholder loans the Corporation money? I own a Corporation, being the sole shareholder. I have loaned the Corporation money. What is this called in accounting when I do the books? I know a shareholder loan is when the Corporation loans money to the shareholder. I think, possibly it is capital or equity, but I could be wrong. And does anyone know what ledger number it is given. I believe it goes in the 3000's. Are there any accountants or bookkeepers out there that can shed some light on this?

How do I get enough money in student loans to cover my mortgage payment while I am in school? I am trying to find alternative student loans to finish my college education. I am receiving enough money in stafford loans to cover my tuition, however I need more to cover my mortgage payment so I can continue school full time for 1 year. Every company I talk to says I can only borrow 60% of the tuition costs for other expenses. I need much more than that. Anyone have any other ideas?

How to reduce payments on student loans and tuition? My nephew cannot take out any federal loans and has used a lot of private loans to pay for school. He is out of school and cant afford the monthly payments the loans have given him. Also he did not pay for his last semester in Grad school and now they have sent his loan to a debt collector. Those payments are also expensive. What are some different ways to reduce this debt?

What is a good company to consolidate private student loans with? I would like to consolidate my private student loans but don't want to be subject to the pitfalls of those attractive offers like "Consolidate now and get a check fo $1000.00." I read the fine print of all the mail offers I receive but I don't trust any of them enough to persue them. I have about 40k to consolidate and will be returning to school in January to add a few more thousand. Has anyone already consolidated and had a good experience? I would be moving from Sallie Mae as my servicer. Please note, these are for private loans, not federal. Thanks in advance! I would prefer not to consolidate with Sallie Mae. I had a rather awful experience with them recently and partly look to reconsolidate so that they are no longer my loan servicer .

How can I get around my husbands student loans? Ok heres the thing, I want to go to college. I had a child in highschool so never applied then. I married & now that the kids are older (12, 10, 9) I want to go back to school. Every time I apply for aid I get turned down because of outstanding student loans. I have called them and they are my husbands not mine. They told me that I married him, hence I also married the outstanding loan. I know we are married but its not my fault he never paid the loan back once he was out of school. Its a 40,000.00 dollar loan and its just not in the butget right now to make 250.00 monthly pmts, which is what they want. All we can afford is about 50.00 a month, which will take a lifetime to pay back to 0.00. Is there any way aroun his student loan besides divorce?

What is the best company to consolidate my student loans through? I am finishing up my bachelors degree and will then pursue my MBA. But I am figuring I will have 30,000 in student loans total after I finish up my bachelors. What Id like to know is what company is the best to consolidate through and how much money can I save? Also, If I have the money I can pay the loans off even before the 20 years correct? I mean I could pay them off asap right? Thanks

What is the best way to go about college loans? I have at least 3 more years which will need additional funding besides my own income, are college loans a good option? Can I pay off my loans within 5-10 years?

What is the best rate to cosolidate the student loans? I graduated in May and still in 6 months grace period for my student loan. I would like to know what is the best rate (APR) to consolidate all my student loans.

What company is the best lender for private educational loans? I may have to take out a private loan to cover additional expenses. I will have enough for tuition, but not necessarily room and board. Any suggestions for a decent, well known lender of educational loans?

Is interest paid on student loans tax deductible? I have about $120K in student loans right now that I am paying off. I paid about $7500 in interest in 2006 on those loans. My loan provider sends me a form stating this for tax purposes. Is it tax deductible?

loans????? any student loans that arent from fafsa since i missed the deadline (tonight)??

Loans????? I am looking to get like a $2000 loan to pay off a credit card bill but I have no idea how they work or if such a little loan is possible. How do you go about getting a loan and how exactly to they work? Does getting a loan give you bad credit?

Loans...........................???????????? can i take out a £200,000 loan, for a business venture, at age 18 with £10,000 savings already in my bank?

Loans???????????????? Can you pull a loan from land that you own???

loans......................................................................? Ive recently turned 18, im trying to get a loan for a car why wont noone accept em and does anybody know who would be the best people to try in england?

Loans..........??????????? can i take out a 100k loan at the age of 18? i live in the UK

Amcapital loans ALERT!!!!!? COMMONWEALTH OF MASSACHUSETTS OFFICE OF CONSUMER AFFAIRS AND BUSINESS REGULATION 10 Park Plaza - Suite 5170, Boston MA 02116 (617) 973-8700 FAX (617) 973-8799 TTY/TDD (617) 973-8790 www.mass.gov/consumer DEVAL L. PATRICK GOVERNOR TIMOTHY P. MURRAY LIEUTENANT GOVERNOR DANIEL C. CRANE DIRECTOR FOR IMMEDIATE RELEASE: April 19, 2007 CONTACT: Kimberly Haberlin (617) 973-8767 (617) 947-8942 Consumer Affairs Issues Consumer Alert on Advance-Fee Loan Scam And Pay Day Loans BOSTON - The Office of Consumer Affairs and the Division of Banks today issued a consumer alert warning consumers about a potential advance-fee loan scam and an illegal pay day loan operation recently advertised in the Boston Metro. ADVANCE-FEE LOAN SCAM Advance-fee loan scams generally involve the promise of easy credit regardless of credit history. Upon completion of a loan application, the entity requires a consumer to wire a percentage of the loan amount, various fees, or payment of insurance in order to secure the loan. Upon collection of the fee, the loan is never delivered. Amcorp Capital is operating a website at www.amcorpcapital.com. The only contact information provided on the web site is a toll free telephone number and an email address. The web site also lists a business address of One Boston Place, Boston, Massachusetts. Amcorp Capital claims to offer mortgage loans, education loans, personal loans, and automobile loans. This entity is not licensed by the Division of Banks and calls to the company have not been returned. An investigation by the Division of Banks has determined that no such business is located at the One Boston Place address. Moreover, the Amcorp Capital’s web site was apparently created on April 11, 2007. Similar to other advance-fee loan scams, the website promotes the availability of easy credit regardless of credit history. Based upon discussions with consumers, Amcorp apparently requires, upon completion of a loan application, that a percentage of the loan be paid up front directly via wire transfer. The Office of Consumer Affairs and Division of Banks strongly urges consumers not to do business with this entity. “This has all the earmarks of an advance-fee loan scam,” noted Director of Consumer Affairs Daniel C. Crane. “Consumers should know that no legitimate lender would require an upfront payment to secure a loan. Consumers should also be extremely cautious when dealing with companies that you do not know. All efforts should be made to safeguard your personal information such as bank account, credit card, or social security numbers. For more information on advance loan scams please see information from the Federal Trade Commission available at http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm. ILLEGAL PAY DAY LENDER Director Crane also announced that Commissioner of Banks Steven L. Antonakes had sent a letter to the Boston Metro requesting that the publication cease accepting print advertisements from pay day lenders. Commissioner Antonakes sent a similar letter to the Boston Metro in February 2005 and the newspaper, until recently, had not run advertisements for pay day lenders. “Pay day loans carry exorbitant interest rates and can quickly lead consumers into escalating debt,” said Director Crane. “There is also a high risk of identity theft as this company’s advertisement provides virtually no identifying information.” Commissioner Antonakes added, “There are no payday lenders licensed or based in Massachusetts. Under the state’s small loan law, annual interest rates on these loans are capped at 23% and fees are limited to $20. Pay day lenders typically charge annual percentage rates averaging 300 percent and fees averaging $30.” Pay day loans are short term, small sum, high rate, unsecured personal loans that use consumer checking accounts (either post-dated checks or electronic access) to secure repayment of the amount borrowed. Repayment of the full amount and lender fees are typically due within 14 days or with the borrower's next paycheck. Partial payments are rarely allowed so if a borrower can't repay the full amount within the required timeframe, the loan is usually rolled over for additional periods of time and additional fees. If you believe you have been a victim of this advance-fee loan scam or pay day loan operation, call the Division of Banks’ Consumer Assistance Unit at 1-800-495-BANK (2265). DON'T FALL FOR THIS COMPANY!!!

Personal loans.............? I am Mr. Lomax Milton a private lender. I give out both private and commercial loans to both individuals and corporate business organisations at a low interest rate.Under my loan process, repayment can be made either monthly or yearly. I give out loan for: Free mortgage/loan assessment. Home Purchase Loans.. Refinance Loans.. Fixed Rates.. Adjustable Rates.. Land Development Loans.. Residential Investment Loans.. Multi-unit Loans.. Personal loans... Business loans... Auto loans... Contact lomaxmilton_loan_investment@yahoo.com

No docs loan/stated income home loans? I need some help with no docs/stated income home loans. My husband and I are in the process of getting pre-approved for a home loan. I was assigned a loan officer that asked for all documents, W-2, pay stub, bank statements, 401K. I provided him with all documents. He told me he will be using a stated loan because the fact the my husband pays child support will disqualified us. My husband credit is in the upper 700's close to 800 for the highest and mine low 700 lowest 706. Now here come the question is this loan officer trying to take advantage of us? If we provided proof of income don't we should be doing a full loan documentation? Oh and he is using my credit score vice my husband and he stated the reason child support again, we were approved already for a mortgage but the loan officer was not honest and we backed out of the deal and child supports was never an issue. I live in the San Diego, CA area. Can I make this loan officer use my husband score and full loan doc? Thx

Quicken Loans? I've been dealing with Quicken Loans, pre-approval, "locked" in rate, etc. They sent me the final details and all of a sudden my loan changed from a 30 year fixed to a 30 year "interest only" loan. They did not tell me it was going from a normal loan to an interest only loan. I also caught her in a lie. She stated she was Eastern Time and saying up "just as late" as me to work on this loan. Then, she left a message saying "Well, you're a few hours ahead of my time zone". She also joked with me on the phone on how they have other people vote for the Quicken Loans person who has been answering questions on this site. It makes them look like people "approved" of the question when it's just there other buddies at there company voting on the answers. This just baits new people into their loans. Please stay away from this company. I guess I am just wondering if anyone has had the same experiences I had. I don't want a response from the fake quicken loan lackeys.

Loan officers will be held responsible for Stated Loans gone bad? This question is posed to mortgage industry professionals (consumers can chime in also). There is a new required document for stated loans coming to the industry. It is a Predisclosure Questionaire form that must be signed by the originator and borrower that basically says: *The income you are stating is what you trully make *You understand the terms of the loan and your broker explianed to you thoroughly (and so on). This form will then be used after the loan closes for the Lender to call the Borrower and verify the info they initially gave. If the loan goes EPD the borrower will be called again and the questionaire will be re-evaluated. If anything is false the LOAN OFFICER will be buying back the loan. Whether you've stated $1 more than what they make or more, it is still that. Stated. A statement, no matter wage earner or self employed. Otherwise you would have taken them full document so please do not get up on your high horse. Has anyone else heard this?

STUDENT LOANS: Consolidating Fed. Loans with Sallie Mae Loans? I am currently paying too much for student loans! I just graduated college about a year ago and consolidated my federal student loans (subsudized and unsubsidized) with Brazos (referred by AES). What I would like to do is consolidate my fed. student loans with my student loan I received from Sallie Mae so that I only have one payment to make per month. Does anybody know of any companies that consolidate not only my Stafford loans but also my private loans? Even better would be a lower rate than I am paying now, but any advice will help!

Anyone Been Scammed by First Point Loans? On December 1, 2007 I was contacted by Owen Adams from First Point Loans. He left me a voice mail stating I had been approved for a loan by one of their lenders. I don't even remember appling for a loan with this company! I called him back that Monday and he proceeded to tell me that I had been approved by a private lender for a secured loan in the amount of $5000.00. The only condition was due to my past credit history I would have to send the $900.00 via Money Gram and once that had taken place, the money would be wired to my bank account within 24 hours. So, since I am a single mother struggling to get by and it is the Christmas season, I went against my better judgement and sent him the money on 12/5/07 in the amount of $900.00 plus $14.16 for hanlding fees that I was told would be given back to me w/ my loan. The next day, the money wasn't in my account. After numerous attempts, I finally got through to Mr. Owen Adams and he said that there had been a problem w/ the lender. The lender needed an additional $900.00 in order for my loan to be sent to me. This amount was to insure the loan. So, on 12/5/07 I sent them another Money Gram in the amount of $900.00 plus $14.16 for handling fees. Again, I was told that my money would be deposited into my account w/n 24 hours of the transaction. Well, two days past and still no money in my account. So once again, I tried to contact Mr. Owen Adams and he proceeded to tell me that the lender had backed out of the loan and their company was going to take out a class-action lawsuit against them. When I asked who the lender was, he said that he couldn't tell me due to privacy reasons. He said that my file was being transferred over to his supervisor, James Green and that he was the "one who could get things done and get me my loan". Well, I spoke w/ Mr. Green, after numerous attempts, and he said "GOOD NEWS" a new lender had accepted my loan in the new amount of $7000.00. All I would have to come up with would be $1,800.00. I told him that I had already sent his company $1,800.00 and could not send anymore and that I just wanted my money back. He assured me that he would get to the bottom of things b/c once a lender agrees they can't back out of a loan. He called me back and said that he "personally" spoke with the lender and that they would give me the $7000.00 loan w/n 24 hours if I sent them $800.00 plus $14.16 (handling fees). I told him that this was starting to sound very funny b/c if I had all of this money to send them then I wouldn't need a loan to start with. He once again assured me that my money would be in my account w/n 24 hours of the transaction of me sending the money gram. So, borrowed $800.00 from a friend and sent in another $800.00 on 12/12/07. This time the money gram was sent to a different person; from the last two. The first two I had to send to Jenessesa Cowan in Boykim, Alberta Canada. The last one was sent to Melissa Rutty in Winham, Ontario Canada. After I sent the last money gram in the amount of $800.00 plus the handling fees I called Mr. Green back just like the two times before w/ the reference numbers. He said again that I would have my money by the time my bank opened on the next day; which would have been 8:30 am 12/13/07. I asked him again, was he sure about this and that it really sounded like a scam and that if it was I would pursue every avenue to the fullest extent. He said no, that's not how our company works. On 12/13/07 @ 8:30 I called my bank and nothing was in there. I tried all day to reach Mr. Green and never got an answer. I finally got through to him that afternoon and he once again had an explination. He said that he would get with the accounting department and to call him back in 20 minutes. I called him back and he said that he had been on the phone w/ his accounting dept. and he had fussed them out b/c of the service I had been receiving. The new delima was there was some type of TAX I was suppose to pay b/c the funds were coming from Canada. I said that NO ONE had told me anything about paying any type of taxes and that I just either wanted my loan or my money back. He said to get my money back that would take two weeks plus going through another department. He asked me to call him back in 20 minutes and he would see what he coudl work out. So, I called him back again in 20 minutes. He said that his company had agreed to pay the taxes for me but they would not be able to pay it until their next pay cycle and that was on Friday, December 14, 2007. So, he said to call him that Friday around 12:00 and he would let me know what was going on but he assured me that the funds would be in my account no later than Friday night at midnight. Well, I called him first thing Friday morning and all I got was his voicemail. I left a message but never received a return call. I contiued to call him and still all I got was his voicemail until Friday afternoon at about 3:30pm. When I called that time, I received a new message stating: "Universal account had been placed on hold please contact customer service" then the message stopped and the call was ended. It didn't give a number to call for customer service. I have been trying to call all weekend and all day today. I contacted the Money Gram office on Friday afternoon and all they could tell me was that the money had been picked up but they could not give me any additional information unless I had a attorney to get the records for me. They did give me a number to report them to the government fraud agency. I gave this company all of the money I had, so now I am going to lose my car, my house, and I don't have any money for food, gas, much less Christmas. I will get even with this company. And on top of that, I have had two more companies call me w/n the last two days with the same type offers. Please if anyone has anymore information please pass it on. It is up to us to stop these people b/c they are preying on people w/ poor credit, trying to get ahead, and people who don't have alot of money to start with. Sincerely, Erika

Tenant Loans - Can anyone help? I recently applied for a £5000 loan with Tenant Loans (also known as Advantage Loans), they guarantee you a loan, even with very bad credit for an interest rate of only 15.2%!! This is a load of C***P! they make you pay a £49.95 fee upfront to guarantee you the loan, what they dont tell you is that, you probably wont get a loan for the amount you require and the APR is anything above 40%, and you also require a guarantor to back up your application! I rang back straight away to say I did not have anyone to be my guarantor, to which they replied to ask my neighbours!!! the cheek of it! The loan was not even for the amount a required, it was £3000 and the APR was not 15.2% is was 44.9%! If anyone comes across this company do NOT fall for the lies they tell you, you can however claim the money back, which I have checked on another review website, but have not as yet tried! If anyone else has come across this CONpany can you give me any advice on how to get my money back!! Thanks

student loans affecting my credit score? Hey, I am a freshman/sophomore in college paying for it all on my own...which is why I am just about 17,000 dollars in student loan debt as of right now. I have the following loans Federal Stafford Loan 2,625 Federal Stafford UnSubsidized loan 4,000 Federal Stafford Loan 2,625 Sallie Mae Tuition Answer loan 7,500 My question is...while these are all deferred while I am in school, do they affect my credit score at all? I need to make sure my credit stays good so that I can continue to finance my education becuase the financial aid system is a joke. If having these debts sitting on my credit is damaging, then I am in jepordy of not being able to complete my college education...somone please let me know. my biggest concern is that I need to be able to get the tuition answer loan again in the future. Thank You.

Personal Flexible Loans and Personal Revolving Loans? Personal Revolving Loans and Personal Loans? I'm trying to apply for a personal loan so I can make a residence change. I've never had a loan besides a student loan and I have an account with bank of america. I was wondering what the difference between their personal revolving loans and their personal loans were. Also, do I have to have a cosigner and any other information you could provide would be great. Thanks!

Student loans, grants, etc. Please help!? I just got my award info from my school. Here it is: Financial Aid Award Fund Status Amount Fdrl Direct Subsidized Loan Offered $5,500.00 Fdrl Direct Unsubsidized Loan Offered $5,000.00 Ohio Instructional Grant Accepted $1,290.00 Ohio Leader Scholarship Accepted $6,230.00 Ohio Resident Scholarship Accepted $4,850.00 Federal Pell Grant Accepted $4,050.00 Federal Perkins Loan Offered $2,500.00 Fed. Supp. Ed. Opp. Grant Accepted $1,000.00 Total $30,420.00 My question is, what's the difference between the unsubsidized and subsidized loans? What about the grant? What is so good about the Federal Perkins Loan? Should I take the loans that they are offering, or go through Sallie Mae (I already have several loans with them)? Thanks alot for answering. prtybrwnskin, i'm married and legally on my own. I'm in school and work, so I only make so much. I guess the government finally decided I was worth something. :)

Student loans...advice needed....my husband has great lakes student loans...what are his options? Hi...my husband has $80 000 of student loans with great lakes. He thinks he had federal student loans originally and he consolidated them with great lakes but he is totally useless when it comes to finances so i am trying to find out some information. Are his loans still considered federal loans or as he consolidated are they now private? Should he/can he reconsolidate his student loans with another company? Are great lakes a good company? Does he have any other options to lower his monthly payments? Any advice would be welcomed. I have never had a student loan so I don't know the territory!

Loans versus pulling money out of a Roth IRA or 529 for College? I have two children, 9 and 11, whom I am planning to put through college. I am debating whether to put money into a 529 investment fund or putting it into a Roth IRA and pulling out the money needed to pay for their college when the time comes. What I would rather do is pay for most of their college expenses by having them get student loans. I would be able to keep my money in a compounding interest account and make money against the interest rate of the student loan. I could then pay their loans off over five years after they graduate. This would not only net me more interest earned, but would also establish their credit for when they need to acquire more serious loans such as a new car loan or mortgage. One of the reasons that I am leary of putting money into 529 (which I know would work better than a Roth IRA) is that they will tally that in when putting together a student loan package. As far as I know, retirement accounts cannot be touched.

what are the best private loans? I asked about private loans and I have so many option that I am confused. What loans can I get quickly that doesn't require my college to approve. I went to http://www.finaid.org/loans/privatestudentloans.phtml It tells about loans when you stroll down the bottom of the page. Can you me what they mean by "Loans which do not require school certification include" ??? I filled out the loan Career Training Loan last week and they said the loan was approved. They said I will receive a package through mail in a few days and my school will have to fill it out. Does anybody know if being on academic probation will prevent me from getting this loan? Am I already approve or is it up to my school even if it is a private loan? I am searching for a loan that doesn't have to be approved by my school. Websites are helpful. Thanks.

VA loans! Very confused? My husband seperated for the military in 07. This is the first time we are buying a home. We found one we really wanted. And I called the bank to schdule a date to see if we are approved. We have great credit. And she said that that bank only does State VA loans and we should call the county and see which one we qualify for. I don't know the county number. Where can i find that? Also what is the difference between state and Federal VA loans. And does anyone know the interest percent on VA loans. Someone told me that regular loans are better and save you money in the long run. Is this true? Also I heard that with a VA loan you don't have to put any money down but you have to pay some sort of Fee. I really want this house and I don't know how to find all this info. And i want to make sure i am chosing the right type of loan. Any one please help. Any Info on va loans would be awesome. Thanks

house and personal loans? Currently I have a house loan and a few other debits personal loan, tool card, computer loan and a credit card and I would like to roll them all into one or two loans, either one house loan or a house loan and personal loan. Would anyone have any idea to which would be the best way to work this? My debits beside my house loan are around $15000. The reason I am doing this is they are costing too much money and have now realized that I should have saved for these items not just get a loan.

Stafford, Perkins loans, Banks, Interest rates?!!! HELP!!!!!? I got my award letter from the Uni. I applied to. I really just wanted grants,and scholarships but they gave me a Federal Sub. Stafford loan to,and my reaction was W.T.F.! I'll looked everywhere to find out what I'm getting myself into if I accept the loan and to make a long story short it's like I'm reading a foreign langauge. Someone Please explain to me in layman's terms what are the pros and cons of a Stafford and Perkins loan,and out of these list of banks which lender is good. AMS (A Sallie Mae Company) BancorpSouth Bank of America Cadence Bank Capital One Student Loans Chase Citibank Citizens Bank of Philadelphia Edamerica Education Services Foundation Sallie Mae Education Trust Student Loan Xpress The Student Loan People Wells Fargo The Stanford loan is for $5,500.00 although since I'll transfering as a junior(went to a comm. college first and got a AA degree) I know I'm going to eventually need atlease 2 or 3 more semesters of loans.

Private Student Loans?!? Pls. Help? I am currently attending a 4 year program for a BS in IT. I have Pell grants and federal stafford loans but I am starting to aquire costs for pc software fees, new computers, parts and so on. Really, my 2 current loans don't even cover the cost of my tuition - I still have to come out-of-pocket each month $335. With the cost of tuition and all these extra fees, I am really drowning. I'm think of looking into a private loan. Currently my pell grant and stafford loans get sent straight to the school. Do private student loans work like this as well? Do they send the school the money? Will I ever see a portion to cover some of these fees? I don't want to take a loan out if all of the money is going to somewhere else, and I don't get any to help out. that would suck big time. If anyone has ever went through private loans, please help answer my questions. Thanks ♥

loans for newcomers? Hi, I'm a newcomer, moved into melb from overseas 2 mths ago. working as a network engg for the past 1 mth as an IT contractor in an ongoing contract. get paid around 1200 a week. I'm having so much trouble with getting a loan or a credit card because i don't have over 2 or 3 months in my job. does anyone know if there is any hope at all. My wife and daughter are overseas, and if i want to get them over, we all have PR's, i was told thats not possible because the loan has to be used only for me. can't i use it for my own family? then what is the purpose of a loan? i just don't get it. and apart from those 6 reasons that they list, can't people just get loans based on their eligibility and have the freedom to do what they want with it, because they are paying back, and have the capacity to pay back? I'm desperate to get my family over. can someone please advise. i tried all these payday loans and lenders. none help. I guess the answer pretty much shows i have no option unless i work for atleast 6 months. So are there no options for contractors? with over. 1.9 million independent contractors in australia, are there no options at all for them? if i mention a purpose and use the money for something else, is there a way that can lead me into trouble? PR is a permanent resident. I have the right to live and work in australia. I am a skilled migrant. won't the banks take a cheque for the loan amount as security, so in that case, if i default or run away, a police case can be filed against me, and i'm apprehendable by law. surely that should account for some form of security. if i had a permanent job, there is the 3 month probation that i have to get over before i can get any credit. what guarantee is there that i won't be fired or quite after the 4th month? sounds a bit silly that the focus is more on pre defined criteria than a case by case and accurate assessment.

Malaysia Government Student Loans (ptptn)? Is PTPTN the only student loan available from the government? Also, my friend qualified for almost $10,000.00 USD student loan from the Malaysian Government. I thought the government only loans out to students who come from lower to average income families? And regarding repayment of these loans: Is it true you can't leave the country until the entire amount is paid for? If my friend who comes from a wealthy family took out a government student loan and is still repaying it, does that mean my friend might be lying to me about coming from a wealthy family? My friend said she refused to have her parents to pay for her university education, so she took a government loan. If you are wealthy, wouldn't you take a loan from the bank instead? I thought all government student loans are for lower to average income families? My friend's parents are wealthy, so how was this possible?

Are education loans effected by our economy problems as well as home loans and car loans? I go to school online and I use education loans to pay for my education for the most part. Reporters talk about home forclosures due to loans and vehicle reposessions all the time, but I do not hear anything about education loans. Are education loans also affected by our slowing economy? I am worried if when I graduate, will I be able to afford the loans I took out for my education.

Do any of the federal financial aid loans pay off prior collegiate balances? I want to get back into school, but before I can do that, I need to pay off my past balance of $10,000. I already tried to apply for the Stafford loan, but I was told that it cant be applied to prior balances. I am trying to avoid gettin a personal loan from a bank because I have horrible credit. Is there any federal loan that will cover this? These are the loans I have heard about: - Auxiliary Loan Assistance for Students (ALAS) - Stafford Student Loan, formerly know as the Guaranteed Student Loan (GSL) - Parents Loans for Undergraduate Students (PLUS). Must be incurred for the use of the individual contracting for the program (not others such as relatives) - Consolidated Loan Program. Only covers the member's education expenses - Federally Insured Student Loans (FISL) - Perkins Loan, formerly known as the National Direct Student Loan (NDSL) - Supplemental Loans for Students (SLS)

Prosper Loans? Has anyone every heard of Prosper Loans? They are a people to people loan with a much higher interest rate, the max is a 3-year loan. I have tried loans from other sources and been unsuccessful. I thinking about applying for a Prosper Loan and make settlement offers to my 3-high balance credit card before I have to go to court on these. I have been making payments but I never see the balance go down but instead go up. At times, I cannot even make the minimum payment due pay. I would be committed to paying back this loan in 3-year and be free of these hanging over my head. It may be more each month but I am willing to do so. I do not use credit cards any more. My new thing is if I don't have cash to pay for something I want, then I don't buy it. I had to learn my lesson about credit card debt by myself and if I knew then what I know now I would have never gotten any type of credit card. I have never been late on my mortgage or equity. I welcome any thoughts on this idea.

Quicken Loans transfer my mortgage to their "parter" Countrywide Home Loans? I recently closed purchasing a house and used Quicken Loans for my mortgage. My first payment was 1/1/2008. A few days ago I got a letter in the mail stating my loan have been transfered to Countrywide Home loans. What the crap? One thing my loan originator tol me was Quicken has an exclusive benefit of being able to reapply after being at a rate for 6 month in your loan if the rates should decrease. With no costs involved. Now that sounded to good to be true. Is this a ploy they routinely do to stop people from using this or other benefits. I should have went with my local bank since they offered the same rate and term. Also quicken was very HIGH PRESSURE. wanting me to electronically sign right away and giving me payment quotes when i wanted rate information, closing cost and points. It was pulling teeth to get them to just tell me what i asked and when i said nevermind then they gave me the info. of course he had to go to his manager to remove the 1 point my local bank wasnt chargin

VA home loans. Help very confused? My husband seperated for the military in 07. This is the first time we are buying a home. We found one we really wanted. And I called the bank to schdule a date to see if we are approved. We have great credit. And she said that that bank only does State VA loans and we should call the county and see which one we qualify for. I don't know the county number. Where can i find that? Also what is the difference between state and Federal VA loans. And does anyone know the interest percent on VA loans. Someone told me that regular loans are better and save you money in the long run. Is this true? Also I heard that with a VA loan you don't have to put any money down but you have to pay some sort of Fee. I really want this house and I don't know how to find all this info. And i want to make sure i am chosing the right type of loan. Any one please help. Any Info on va loans would be awesome. Thanks

Question about personal loans from BOA..please suggest...? My boyfriend and I want to take out a $3,000 loan for a down payment and first months rent on a rental home. I have a few questions: 1. Do you have to belong to the bank you get the loan from? 2. If one of use has better credit than the other, is it better to do two separte loans or do one loan together. 3. How long does a loan take to come through? 4. Are there penalities if you pay the loan off faster than scheduled? 5. What about Bank of America: are they good? Wachovia? 6. What is the difference between a secured personal loan and unsecured personal loan?

Student Loans-Private Signature.? Private Student Loans, in particular, the Signature Student loans serviced by Sallie Mae. I am well aware of the nature of Sallie Mae. They are the classic "have your cake and eat it too", and subsidized loan sharks. However, are there deferments due to unemployment, low income etc? Or, do they just hassle and threaten you for a good while, then write them off? Bear in mind, I'm talking about someone who has no assets. i.e. home, boats, late model cars, motorcycles or the like. Someone whose income is variable, nothing to a something from week to week. These loans intitiated from around 6 to 8 years ago, and where in deferment while in school, yet they list them as bad accounts on a credit report, unlike Stafford loans, which are listed in good standing. Private student loans are in a grey area, which the lender can play by whatever rules they wish, they are getting paid no matter what.

In Consumer Loans, what is the difference between a 90% Share Loan & Signature Loan? I'm new to this whole loan thing. My husband and I are up to our ears in debt. We don't own a home. We are on our local Credit Union's site and trying to figure out what kind of loan we will be able to get. Under Consumer Loans there are 2 types. A Share Loan which the APR ranges from 12.25%-18%, and a 90% Share Loan which has a rate of 3.25%. What is the difference, I am so confused. 12.25%-18% doesn't really seem like it would save us THAT much money. Thanks!

consolidating student loans? Help? My husband is going to school and has 5 differnt student loans out. Here is the break down! Balance: $2,625.00 6.8% fixed and Subsidized Balance: 1,500.00 6.8% fixed and subsidized Balance: $4,000.00 Unsubsidized $116.43 accured interest from borrower Balance:$1,334.00 Unsubsidized $1.24 accured interest from borrower Balance $17,500.00 14.25% Variable 1,598.01 accured interest from borrower. My hubby dont have to pay till 2010 when he graduates, but can we consolidate the loans NOW? Or do you have to wait certain amount of time? Also, if we can consolidate the loans would it be better to consolidate all 5 loans? OR Pay off all the subsidized loans and consolidate the UNsubsidezed loans? We are gonna start paying on the loans. Does anyone have any adivice on how i should pay and which ones? We are clueless Thanks, And im sorry to have to ask this question again!!

Paying off loans.. is confusingg? OK, I'm stupid at money, and I realize the banks have this warped system of how interest is applied to a loan. It seems all the interest is paid in the beginning of the loan, then by the time you have enough money to pay off the loan, there is no reason to since you are then only paying principal. OK so my question is, how is this legal? It seems totally fucked. The real reason I'm asking for help is, I have 2 loans: a school loan and a house mortgage. The school loan is 7.0% interest, and the house is only 5.25%. BUTTT... the school loan is halfway paid, and the mortgage is new, so I'm paying a much larger proportion of interest on the house payment. So, I have extra money now, which do I pay toward first?

Student Loans? FASFA? Personal Loans? Which do I choose? I need to take out a loan to help pay for school and my apartment. What are the different types of loans I can take out, and what are the benefits and drawbacks of each? Why would someone choose FASFA over a personal loan, or vice versa. How do I go about obtaining a loan for these reasons? What are important things to know about taking out student loans? Thanks for the help!!!

open end loan versus close end loans? Based on my understanding mortgages are closed end loans, and line of credit or personal loans are open end loans. My question is, why don't banks or institutions allow you to borrow a 200K or what ever loan to buy a home, where the home in its purest essence is practically the collateral of the loan versus getting a closed end loan (mortgage) where amortizing are taken into account and practically the first 5 to 7 years the person borrowing to buy a home is just paying interest and the result is that practically you are buying one house for yourself and another for the bank so to speak?

Student Loans, where can I get a good third party loan, not from school? Ok so my school offered me two crap loans that would be put in my fathers' name and i want the loans in my name and i want good loans not 7 to 8% loans that they offered and the thing about it is i have need! a lot and for some stupid reason they dont see it, im going to appeal my case and i will win but i still want to know if anyone knows any third party companies that offer good student loans with decent interest rates

Are private student loans a good idea for my situation? Hey guys, . I filed my FAFSA and I am ineligible for any federal loans, so I would have to take out private student loans. I have a co-signer with pretty good credit (credit score over 700) and, here's the kicker, I actually do have the money to pay it, but it's in in the stock market (it would be at a higher interest rate though). However, I was thinking of taking out a student loan since you can make small payments over a long period of time. Nevertheless, it seems like many people regret taking out these loans in the first place. So, a few questions: 1. Is it a good idea to take out a student loan? 2. Which lender do you recommend (so far I"m looking at Sallie Mae, Citibank and Access)? 3. Is there an option for automatic bill payment with these student loan lenders and would this prevent me from having the interest rate increase? 4. About what interest rates can I expect for a private student loan? Thanks so much for all your help.

Who invented payday advance loans??? The loans people get before there paydate and are supposed to be used for emergencies only, are used for long periods of time(more then a year). Sometimes people default on these loans becuase they get to many, maybe around 3 or 4 the problem is that based on there pay the loans are issued. People's paychecks are altered even bank statements or they go to 3 or 4 different payday places and apply, get the loan and since the system that is used will report but not until later that day, and some companies do not report the issuence of a loan at all. Eventually they dfualt then poeple are sued 3 times the amount of the loan, wages are garnished and a report is sent to the credit agencies. Mainly its to much work on a $300 dollar loan and its frustrating when we have to call for collections, people get upset all of the time, but you took out the loan you where not forced now pay it!!

Does private Loans need to be approved by schools? I am on academic probates and no longer eligible for federal loans or grants. I am looking into private loans. Does anyone know the requirement of a private loan? My school said I had to take two semesters of classes before I am eligible for loans again. I need to know which loans I can apply for that doesn't require approval by my college. I am currently looking for a job so that doesn't help me with a loan. I appreciate your help.

Personal Revolving Loans and Personal Loans? I'm trying to apply for a personal loan so I can make a residence change. I've never had a loan besides a student loan and I have an account with bank of america. I was wondering what the difference between their personal revolving loans and their personal loans were. Also, do I have to have a cosigner and any other information you could provide would be great. Thanks! I don't really have a lot of credit as I just got an A/X blue card and a Bank of America Visa card with a $3,000 limits but under my parents account. They have A1 credit. Both of these cards have my actual name on them though.

Types Of Student Loans? I am very confused on the student loan thing. I could NEVER afford to pay just straight up for college (i'm going to a technical one, starting in august). But I dont even know how I could afford to pack back loans either. My mother has pretty bad credit so I dont even know how I would get a loan. Why isnt it my credit and not hers? It's not like I'm 16. If I got a part time job do you think I would be able to get a loan on my own. I'm getting worried that I'll never be able to start college becuase I will not be able to afford it. Are there different types of loans? Or like would it be easier for her to get a student loan for me then say a pesonal loan? Like could there be hope? I dont want to give up hope yet.