How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Finance question
Type Your Finance Question Here...
characters left:
Financial Professionals are Online Now

Personal Loan Questions

Individuals contemplating the aspects of personal loans may have had difficulties during the process. Uncertainties of the best approach to finding a personal loan or if a bank account is needed to secure a person loan often lead to questions like the ones answered below by Experts.

What forms are needed for an individual to see the interest that they have paid and where they can file their tax forms?

Interest payments on personal loans are not tax deductible. Unlike the interest payments on a mortgage or home equity loan which offer tax benefits personal loans do not. Any personal loans that an individual would make to a family member or friend to which that individual would receive the interest would need to be reported on the giver of the loan’s tax return as income.

What is the best approach in finding a personal loan?

Individuals having good credit and sufficient collateral should be able to obtain competitive rates for a person loan. You can begin shopping for a personal loan by contacting a few banks in your area. You can call upon them and ask to be directed to a loan specialist. They can lead you in the right direction. It would be a wise idea to know your credit score before making the calls or stopping in. You can also get some comparisons done online.

What steps can I take to have a personal loan exempt from someone's chapter 7 filing?

Case Details: The loan is 5 years old. The person I made the loan to is now in the process for filing Chapter 7 bankruptcy. 

The steps you need to take to have the personal loan excluded from their Chapter 7 bankruptcy will depend on if the personal loan is listed as a creditor in the filing. If the loan is listed as a creditor then you will receive a letter informing you of your right to not be included. You would then speak with the bankruptcy examiner and argue your case to not be included. If you were not included as a creditor then you could seek the money owed in other avenues such as small claims court.

What is the maximum interest rate that can be charged on a personal loan without violation of state usury laws?

Case Details: It's a friend-to-friend loan in California.

On a personal loan in California there is a maximum interest rate that can be charged while still being compliant under the state’s usury laws. Information gathered from the California Attorney General states that the interest rates not exceed 10% per year. The usury law refers to loans that are not for personal, family or household purposes. With these loans that are for home improvement or home purchase but not a personal, family or household purposes the rates vary between 5% or 10% over the amount charged by the Federal Reserve Bank of San Francisco on advance to member banks.

Can an individual without a bank account still get a personal loan?

Individuals that do not have a bank account are not necessarily turned down for personal loans. These individuals could still obtain a personal loan. The interest may however be higher. Some banks may still qualify an individual without a bank account for a personal loan depending on the credit and income of the individual it is not the usual but can occur. There are other avenues to obtain “personal loans” which include: title loans, credit card borrowing, borrowing from family members, or borrowing from pawn shops. Individuals without a bank account may find these avenues easier to obtain the personal loan.

Knowing the right facts and having a good understanding about personal loans can be beneficial when needing personal loan help. Experts can help answer what the best approach maybe to search for a personal loan or if an individual without a bank account can secure a personal loan. Get the answers fast and affordably by asking an Expert.

Ask a Finance question
Type Your Finance Question Here...
characters left:
Financial Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21119
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21119
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18366
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8472
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3827
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3383
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3291
    DVM, Emergency Veterinarian, BS (Physiology)
 
 
 

Recent Personal Loan Questions

  • after your 7 year black listing is over does that unpaid debt

    after your 7 year black listing is over does that unpaid debt stay on your file and does it affect your loaning capability in the future? if my black listing is up in 2 months and i dont pay the debt will financial institutions loan to me? or am i better to pay the debt off in full before the black listing is up?
  • i would like to get a personal loan for 7000.00 to pay off

    i would like to get a personal loan for 7000.00 to pay off my credit card i have a credit score of 665 would i qualify thx
  • Hi, Put simply, I am presently unemployed (receiving unemployment

    Hi,

    Put simply, I am presently unemployed (receiving unemployment compensation) and would like to apply for a personal loan. Unfortunately, I am unlikely to get approved for an unsecured loan since I am a recent graduate and do not have 2 years worth of employment history. Rather, I only have one. I also do not have a car that I can use as a collateral, as it is a 2006 model.

    However, I have a co-signer with excellent credit, high income, a newer car, a larger home, almost no dent, and several other assets. Thus, it was my intention to apply for a $15,000-$20,000 secured loan using him as my co-signer. I did not expect this to be an issue until I spoke with my bank (TD Bank). They said that they do not accept any of the aforementioned assets as collateral. Instead, aside from meeting the minimum credit score requirements, only a savings accounts or CD could be used as collateral for a secured loan. This is not an option which leads me to my question.

    Are there banks that would accept my co-signer's vehicle, home, or other assets as collateral for a secured loan? Again, his credit score is very good and mine is too as a matter of fact. For instance, my TransUnion credit score is at least 750 and I'd like it to stay up there. This is why I am seeking a personal loan. I would like to pay off the credit card debt I've accumulated while unemployed.

    Please let me know at your earliest convenience. A close friend of mine claims she got a student loan through PNC using her parents as co-signers and apparently they filed their application online (perhaps without using anything as collateral). I'm assuming they merely referenced her parents credit scores in making the approval decision but that's just a speculation.

    Please get back to me. I didn't anticipate having to pay more than $200 per month with a payment period of 48 or 60 months. Granted, I fully anticipate paying it off well prior to then but 60 months would yield lower monthly payments which is obviously preferable.
< Last | Next >