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?
Sr Financial & Tax Consultant
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.
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....
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..
I live paycheck to paycheck, on public assistance, with good
I live paycheck to paycheck, on public assistance, with good credit and some small savings, but have never been able to get ahead. I can't afford to drive, and live with my family. I do have stable employment, but little advanced education. I recently thought of a radical idea to get ahead, and would like your opinion.I considered taking out a small personal loan, which I could and would pay off in a year or two, and invest the amount in the markets. I know it would take some time for the return on the investment to overcome the interest payments on the loan. But my thinking is, I'm in my mid-30's, and I likely won't be able to make any real gain short of winning the lottery. If I invest smartly however, I could possibly by retirement at least make it into the next tax bracket. However investment requires a lot of initial capital, which I don't have and almost certainly won't in even the distant future. But if I can use the loan for entry, I would at least have something accruing while I'm living poor, and otherwise meagerly trying to get ahead.
Bachelor's Degree Equivalent