What are Personal Loans?
What are personal loans?
Personal loans are loans which are given without any specific purpose in mind. In simpler terms, unlike a car loan or a home loan, a personal loan can be put to any use by the beneficiary according to his/her discretion. Personal loans can be used for a wide variety of purposes, and there is no restriction or compliance with specific conditions in its usage. This makes the loan very convenient for a borrower. The loan can be repaid like all other loans through the equated monthly instalment (EMI) process where a fixed amount is paid each month. The distinguishing features of personal loans are as follows:
- They are provided without any specific purpose in mind.
- They are usually unsecured loans.
- They come at a higher rate of interest than other loans.
- They are for a relatively shorter duration, less than 5 years usually.
Advantages of a personal loan
- The biggest advantage of a Personal loan is that it is an all-purpose loan. So you can take a personal loan to take your family on a trip to Europe, or buy the latest Sony LCD TV, or even to pay off your credit card dues. Your bank doesn’t care as to how you use the loan amount sanctioned to you.
- It also takes the least amount of time and paperwork to be sanctioned as compared to other retail loans. So if you are in urgent need of funds, a personal loan is the way to go.
- And the icing on the cake is that unlike other loans, you don’t need to offer anything as security or collateral. You don’t even require a guarantor.
Taking a personal loan is the easy part of the transaction, but before doing so one needs to ask oneself whether the loan is actually required. One must not use money just because it is available. Also, banks make all efforts so that people take personal loans. The most common strategy used by them is to send a letter pre-sanctioning a loan. The person receiving the letter is happy that there is an amount ready and waiting for him/her to use it but he/she needs to see whether this loan can be repaid and also whether he/she actually needs the funds for some important purpose.
Caution
Go for a personal loan only when you are in urgent need of cash or in an emergency. Interest on personal loans can be as high as 16% to 25%, so don’t use them for indulging in luxuries.
Here the video related to personal loan
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Help answer the question about personal loan
Is a loss from a personal loan the same tax category as a loss from stock investments?
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
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that's not the way to go to finance your business – you'll be paying average int rates of 18% or higher probably and much higher if you're late with just a couple of payments. Why don't you try and get a business line of credit instead
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No, credit cards, car loans, etc. have no tax advantages whatsoever. When you pay off a school loan, there are some tax write-offs. so, it depends on the kind of personal loan…
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Yes, they'll see the other loans. Multiple applications for loans can affect your credit score, which will affect the rate of your loan, so if you need $100K, and they don't want to lend you more than $25K, you might consider putting up some collateral.
You should try to ask for the whole $100K from the lender you'd like to borrow from, and see what they need from you in order to lend you the whole amount. Also, banks generally have loan officers with different levels of lending authority; you might need to see the one that has the authority to lend $100K.
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Yes. Depending on what country. You'll have to research the brokers who handle out of country loans. There are actually quite a few of them.
What a load of rubbish this is. Why are the girls hiding their faces. The music is total crap as well. Mozart and Beethoven are turning in their graves. The girls sound like they’re having a nervous breakdown. What a waste of time this video is.
They do,I hope you enjoy the position of being over and grabbing your ankles though.
You don't mention what country you are in. Under US tax law. The borrower has NO tax related to a loan. The lender would include the interest portion of payments in their total income for tax purposes, and pay the same rate as normal income. In the case of a gift, the receiver has no tax. The giver can give up to $12,000 per year to each recipient with not tax results. Above that amount, a gift tax return must be filed, but up to $1 million can be given in a lifetime before taxes are actually paid.
Outside the UAE, authorities won't chase you but your bank/s might.
In the UAE, if your bank files a complaint then you'll probably be in trouble – a jail sentence is possible.
what the fuck is this shit suppose to be bout. there are some weird people out there
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