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Recent Personal Loan questions

Im trying to get qualified for a personal loan; I am not a

Im trying to get qualified for a personal loan; I am not a W2 employee. I transfer money from my corporation to my personal bank account every week, The amount varies depending on how the business did that week. Will the bank deny me if I provide a K-1 statement as income verification? Will it be better if I get a 1099 instead? Does it make a difference? I have already provided my personsal bank statements but they want additional proof of income. Im just not sure what looks better in underwriter's point of view.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,888 satisfied customers
I have a client who had a large amount of money get

I have a client who had a large amount of money get deposited into his business account and immidiately get withdrawn. I was for personal use. I have the withdrawal of the money catagorized as a "pass though" other liability trust account so it doesn't show on his profit and loss but how do I catagorize the income of it?

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Mark Taylor

Certified Public Accountant

Masters

3,300 satisfied customers
Much credit card debt having trouble paying all the bills

much credit card debt having trouble paying all the bills every month would a personal loan be best? We have over 40,000 in credit card debt. Don't really wanna file bankruptcy.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,148 satisfied customers
I want to open up a restaurant that's already operating. I

I want to open up a restaurant that's already operating. I want to go for a $25,000 dollar personal loan to put towards a down payment for the already operating restaurant that will roughly be $300,000. I will be putting money down to receive the original $25,000. The original $25,000 should that be a personal or business loan because what will my second loan be classified as?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,888 satisfied customers
I have a question regarding personal vs business loan, If a

I have a question regarding personal vs business loanJA: The accountant will know how to help. Please tell me more, so we can help you best.Customer: If a person takes out a loan to start a business, is that considered a personal loan or a business loan?JA: Is there anything else the accountant should be aware of?Customer: I'm not sure.

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Mark Taylor

Certified Public Accountant

Masters

3,300 satisfied customers
Car loan - NO IDEA who to send this to :) this might be

Car loan - NO IDEA who to send this to :) this might be close???How is this possible? I apply for a theoretical car loan from a private party (not sure who i'll buy from yet or what) and they say they need the pink slip and everything which means I can't do the deal on the spot. Interest like 7%-23% for SECURED loan.Then I say what about a personal loan? UNSECURED and the rates are 6.5%-19.9% for 36 months max vs. 48 for the Secured loan. Why is unsecured lower??Also he got squirrely.... 'what's the personal loan for? Is it for the car? What would I tell my boss?" as if there's something elicit going on. If I want to use my personal loan for anything I want that's legal, I can..right?? Confusing....

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PDtax

Owner

Master's Degree

7,438 satisfied customers
If someone uses a line of credit tied to their investments

If someone uses a line of credit tied to their investments to pay off a home mortgage is the interest on the credit line tax deductible?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,480 satisfied customers
I have 4 high interest rate credit cards with a total

I have 4 high interest rate credit cards with a total balance of $12,556. I am disabled but have passive income of about 90k but have to prepare for VERY high medical costs coming up. I am thinking about a personal loan to pay off the cards but I have car lease with a year left with a balance of $3500 and I want to know if I should put the lease balance into the 60 month personal loan with a 7.5% interest rate. It will cut my total payments on the cards and car from about 600 to 320 a month but extend the payment on the car...I pay about 331 a month currently on the card minimums..

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PDtax

Owner

Master's Degree

7,438 satisfied customers
How much interest and penalty to pay will the irs charge me

how much interest and penalty to pay will the irs charge me for setting a payment plan of 44 months to pay off $17000 in taxes?

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PDtax

Owner

Master's Degree

7,438 satisfied customers
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