Can I take loan from a person?

An indian can only accept loan from a Non-resident Indians(NRIs) or a person of Indian origin and not from other Non-residents. The period of this type of loan is also restricted to not more than three years. The fourth restriction is an Indian resident can only give loans to a Non-resident Indian (NRI) relative.

Why is someone lending to me on my behalf?

Lending to someone else on your behalf If you are unable to get finance, it is because the finance company has decided that you are too high a risk for them to loan money to.

What can you do with a personal loan?

But a personal loan can be used for just about anything. Some lenders want to know what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can do what you want with it. But what does that mean for you? With a mortgage, your home is the collateral.

What happens if you cosign a loan for someone else?

When you cosign a loan, you promise to pay off somebody else’s debt if the borrower stops making payments for any reason. This is a generous act, as it can help a friend or family member get approved for a loan that they otherwise wouldn’t qualify for. But it’s also risky to guarantee a loan for somebody else,…

What do you need to know before taking out a loan?

Here are six essential things to know before you take out a loan 1. Why you need the money (and if there’s a better option) 2. All of your loan options, including where to get the loan 3. How much you can afford to borrow (and pay back) 4. Your credit score (and credit history) 5. The exact terms of the loan, including the APR and all (hidden) fees

What should I do if someone asks for a loan?

The person asking should be in a stable financial situation if you’re thinking of helping them to get a loan. If you do choose to take out a loan and then give the money to someone else, you should set up an agreement between you both that they will pay money into your account on certain dates.

Lending to someone else on your behalf If you are unable to get finance, it is because the finance company has decided that you are too high a risk for them to loan money to.

Is it OK to loan a friend money?

If the loan isn’t extremely urgent (e.g. a hospital emergency), it might give the borrower time to find other funding sources. Not that you don’t want to help your friend immediately, but to avoid loaning a friend or family member money is generally advised.

Can a person take a loan out for someone else?

When you apply for the loan, the lender is likely to ask you what you’ll use the money for. You must be truthful about this, because if you say you plan to use it for yourself – for example, to pay for home improvements – and then lend all the cash to someone else, this could be classed as fraud.