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  1. Car Loan (Mistake)

    General Personal Finance Talk
    Hi, I made a terrible mistake, I decided to take out a car loan for my now ex boyfriend. It is a mistake because it is a big loan, for a luxury car. Now that we are over, I would like to cut all ties but I cannot afford this loan payment monthly. I have perfect credit and have worked very hard...
  2. Is paying back loan a sign of good credits?

    General Personal Finance Talk
    Hi All. I have always been debt-free with a decent job. I see people taking loans for all kinds of reasons: cars, houses, education, marriage, etc. .. They say paying back loans on a regular basis adds positively to your credit history. Does it? Please clarify that to me. Why would I have to...
  3. Car Loan - Bad Credit + High Income + 0 debt

    General Personal Finance Talk
    Hi, Long time since I posted on here. Please move this post if it's in the wrong category. I am trying to get a $25k (taxes included) car with $0-$5k down (I *can* put up to 5k down but I would *prefer* to put as little down as possible and invest it instead). I have bad credit (only have a...
  4. Private lender inquiries

    General Personal Finance Talk
    I would like to find out if any of you ever had to deal with Millburn Lending Group for a personal loan? They have accepted my request and because I have no collateral, they are suggesting I buy an insurance from their company to insure my loan and then I can receive financing from them. I do...
  5. Student loan in USD: To go into forbearance or not?

    General Personal Finance Talk
    Ok, so I work here in Canada and I've got a $21,000 USD student loan in the states with 4% annual interest rate that accrues daily. The exchange rate with the USD and the CAD is KILLING ME. Do I: A) Accept a 12 month forebearance, hoping that the CAD will get stronger relative to the USD...
  6. Parents Moving into Son's New House - Most Tax-Efficient Way to Give Money to Son?

    Hello, My wife and I plan on moving into my son's house once he purchases a new one. I suspect we are not the only ones going down this route as we get older and a bit more fragile. Thanks to the relatively "inexpensive" house prices in my son's locale and us merging our financial resources, it...
  7. Getting out of student loan debt. All options on the table

    General Personal Finance Talk
    I am sick and tired of paying for my college loans. At the current pace I will never be debt free. I work but wanted to find ways to earn a little extra money. All options are on the table. What do you recommend for me to earn a little extra? Here is what I've tried so far: - Signed up as...
  8. Can my corporation give someone a personal loan?

    I have a small business that's incorporated, with me as the only shareholder. I'm currently preparing to give a $20,000 loan to a person I know. Can my corporation legally give her the loan, or do I have to do it personally instead? I'm charging interest on the loan and will obviously claim...
  9. Are Peer Lenders In Canada Safe?

    General Personal Finance Talk
    I read an article about "peer-to-peer" lenders in Canada. It looks like there are currently 3 brokers in the space: Grouplend, CommunityLend, and Borrowell. Is this industry safe for me to borrow money? I've heard about LendingClub in the US, but am weary of what looks to be an unregulated...
  10. Use of Money Advice

    General Personal Finance Talk
    Good Afternoon! I am hoping to get some feedback from the group on how I should best utilize a chunk of money. I currently have an accumulated balance of about $25k sitting in a bank account (which I know is not a productive use for it!). My question is what would you do? I have a loan at 4%...
  11. Combine or separate 5 yr interest free loan?

    Real Estate
    I've thought about this a number of times and can't wrap my head around which way is the best. Whenever my husband is transferred, we get an interest free loan of $25K for five years. It must be used towards real estate, so we have the option of either having two loans (our mortgage plus the...
  12. If I take on lots of OSAP loans and then I die, who pays the loans?

    General Personal Finance Talk
    If I take on OSAP loans and then I die or for some reason can't work, what happens to my loans? I've looked on the OSAP website, but it doesn't say. Will me parents have to pay it back for me? Will it be forgiven? What happens? Thanks :)
  13. TDS Ratio calculation for credit cards

    General Personal Finance Talk
    I am considering to apply for a loan and for most articles I've read, this is an important 'index' to qualify for one. I've looked into my credit report online and found out I'm doing well on my FICO score (~700) so I think the biggest factor for me to qualify would be my TDS ratio. So I was...