Taking out a personal loan is one way to access funds for a variety of purposes, from consolidating high-interest debt to financing a large purchase. However, one downside to personal loans is that the interest you pay is not tax deductible in most cases. When Personal Loan Interest Is Tax Deductible While personal loan interest … Read more
As a taxpayer, you are probably always looking for legitimate ways to reduce your tax liability and maximize your tax deductions. Claiming tax deductible interest on certain types of loans is one effective strategy to achieve this goal. Understanding what tax deductible interest is, the types of loans that qualify, deduction limits, and how to … Read more
Purchasing a car is a major expense, so most buyers need an auto loan to finance the purchase. But if you want to buy a used car with a salvage title, getting approved for financing may be tricky. Lenders view salvage title vehicles as risky investments, but some options exist if you know where to look. … Read more
Loan sharks are predatory lenders who offer high-interest loans without requiring credit checks. They often target financially vulnerable individuals who may not qualify for traditional loans. While borrowing from a loan shark may seem like the only option in desperate times, failing to repay them can ruin your life. Loan sharks operate outside the law and … Read more
Building a custom home in Texas? A construction to permanent loan allows you to finance the building process and lock in long-term fixed rates with one loan. Here’s what Texas home buyers should know about construction to permanent mortgages. What is a Construction to Permanent Loan? A construction to permanent loan combines the construction loan … Read more
If you feel like you can’t advance because of the private student loans you owe for your Bachelor’s or Master’s degree, you may be looking for student loan forgiveness programs. Unfortunately, borrowers of private student loans do not have access to the same advantages and repayment schedule choices as borrowers of federal student loans. Loans … Read more
When it comes to collecting from guarantors of business loans, the SBA has keen eyes and talons. I discovered this when a client asked me for advice regarding a company that had failed 12 years prior. However, the SBA had never sued him or placed a lien on his property. However, he claimed that each … Read more
Private loans seem like a logical next step if you still need money after using up all of your federal student loan amounts from your financial aid package. Although they can help you cover the cost of your education, private student loans frequently need a cosigner. 90% of new private student loans, according to data … Read more
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According to one report, more than $4 billion in student loans were refinanced in 2020. 1 To save money is the main motivation for why so many borrowers want to refinance. Refinancing at a lower rate if you have a loan with a high interest rate can result in cost savings over the course of … Read more