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I have had an interest only unsecured loan with PNC since 1999. I have paid only the interest in those years. I am 77 years old and was wondering if there was any chance of a reduced payoff.

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2 Answers

Where to get unsecured business loans in India?


There are various public and private sector banks that offer unsecured business loans in India. However, there are different interest rates depending on the loans undertaken. SME owners look for short term loan that can help in managing their inventory, also it doesn't have any security. Lenders while lending the loan look for previous credit rating of the buyers and other aspects to ensure that business has favourable return in the given period of time.

These loans are available in categories like- Personal Loans, Credit Cards, Payday Loans and Corporate Bonds. One of the best places to get unsecured business loans in India is at Capital Float. This online financial institute helps buyers to get unsecured loans without facing any difficulty. With easy documentation and form filling, makes it hassle free process.

May 15, 2017 | Computers & Internet

1 Answer

Which is the Best Bank or NBFC for Unsecured Personal Loans in Mumbai?


An unsecured loan is the type of loan when an applicant gets a loan approval without any collateral deposit with the lender. It is a good option to apply for an unsecured loan because you don't have to provide any security and approval process of Unsecured loans are also quite easy

A personal loan is typical example of unsecured loans. Nowadays several NBFCs providing Personal loan in mumbai at low interest rate.

Jan 13, 2017 | The Computers & Internet

4 Answers

What Are The Interest Rates And Terms For An Unsecured Term Loan?


The interest rates are higher for unsecured loans as compared to other loans because the lender does not ask for any kind of collateral. The interest rates would range from 17-22%. Unsecured loan is usually taken in the form of a term loan and the term ranges from 1-3 years.

Nov 01, 2016 | The Computers & Internet

5 Answers

What Are The Interest Rates I Can Get On Business Loan?


With so many different business loans now available, it is now much easier for an individual to get a business loan as per his/her specific requirement. The interest charged on business loans in India ranges between 8% and 18%.Make sure that you fulfill the pre-conditions of the bank before you apply for the loan to get the best deal.

When you apply for a business loan, the bank will go through the financial history of your business, your credit score, age, turnover, loan amount, tenure, etc. On the basis of these, they will let you know whether or not you qualify for the loan and at what rate the loan will be offered if you do qualify. So, it is better to shop around for a while to search for the best interest rate.
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For competitive business loan interest rate, you can rely on CreditNation. The online platform works with many of the biggest of lenders in the country to help you find the best deal on a business loan.

May 30, 2016 | The Computers & Internet

1 Answer

How much is intereston 1 varable 2 fixed rate


interest is interest
fixed is calculated yearly on the principle and is paid 365 days time
variable changes and is calculated daily ( 1/365 part of the interest rate ) and added to the remaining principle monthly
so if you have a loan of $1000.00 on fixed interest of 10% , regardless of how much you have repaid in a 12 month period , it is 10% of the principle loaned
with a variable interest the interest rate could be 10% today, 15% in 2 months time or 6% later on
it is variable
to add to that it is calculated on a daily basis (1/365 of 10%) and added to the principle left after receiving a payment on the loan
so for a $1000.00 the interest is added to that principle at the end of the month if there is no loan repayment or is added to the principle balance after a payment
the difference is that a variable interest rate loan will allow you to save money if you pay off well before the period of the loan but will add almost 2 to 3 times the loan if you pay the absolute minimum for the period of the loan
a fixed rate is where you know exactly the total interest to be paid at the end of term

May 09, 2016 | Computers & Internet

2 Answers

What Is An Unsecured Business Loan?


There is no requirement for the borrower to provide any collateral for an unsecured business loan. Generally, this means the amount you can borrow is less and the interest rates charged is typically higher.

Feb 03, 2016 | The Computers & Internet

2 Answers

My son has a student loan but I pay the loan can I claim the interest


Topic 456 - Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. It is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.
You claim this deduction as an adjustment to income, so you do not need to itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions.
You can claim the deduction if all of the following apply:
  • You paid interest on a qualified student loan in tax year 2015
  • You are legally obligated to pay interest on a qualified student loan
  • Your filing status is not married filing separately
  • Your MAGI is less than a specified amount which is set annually, and
  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
A qualified student loan is a loan you took out solely to pay qualified higher education expenses. See Publication 970, Tax Benefits for Education, and the Form 1040 Instructions (PDF) to determine if your expenses qualify.
If you file a Form 2555 (PDF), Foreign Earned Income, Form 2555-EZ (PDF), Foreign Earned Income Exclusion, or Form 4563 (PDF), Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to Worksheet 4-1, Student Loan Interest Deduction Worksheet in Publication 970, instead of the worksheet in the Form 1040 Instructions.
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you paid the student loan interest.
For more information about the student loan interest deduction and how your MAGI affects the deduction amount, refer to Publication 970.
More Tax Topic Categories

Page Last Reviewed or Updated: December 30, 2015

Jan 26, 2016 | The Computers & Internet

7 Answers

Why do new car loans generally have lower interest rates than used car loans?


You often noticed the car that is old is charged more interest rates as compare to the new one. Here is the main reason old car has less liability rather than a new brand for the dealership. This is the main reason to get paid high interest rates for old car.
There are also different categories for getting car loans,1-2 years old cars have to pay less interest and 2-3 more and so on.
But you can find lowest and cheapest car loans by online search for the online loans lenders.

Aug 13, 2013 | Finance

2 Answers

What special about Unsecured Loans provided at FundFactor? Unsecured Loans http://www.fundfactor.com/unsecured-loans.html Do you have a vision to take your business to newer heights? Is lack of funds is...


stay away from unsecured loans
These are normally bad in a way
Interest rates can change
Having a lawyer read the terms can tell you more before you get stung

Jul 21, 2011 | Computers & Internet

2 Answers

If money is not an economic resource, why is interest paid and received for its use? What considerations account for the fact that interest rates differ greatly on various types of loans? Use those...


Inflation is a major factor determining the level of interest rates. The longer the duration of the loan, the greater the risk that inflation can accelerate, reducing the purchasing power of the loan repayment. So, rates generally are higher on long-term loans than on short-term no fax installment loans, because people who lend for longer periods have to be compensated for the risk that inflation might accelerate during the longer periods.

Mar 08, 2011 | Health & Beauty

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