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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.

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