BAD CREDIT HELP – Instant bad credit loan

Question by Jan R: 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 00 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 00 limit? Or is there a way I can claim that loss separately? Thanks!

Best answer:

Answer by v b
You cannot claim the loss separately.

You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he’d pay you back; show you tried to get repaid; why it’s worthless, etc).

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Question by videogamer1979: Does a student loan and a bank loan affect your credit the same way?
I have one credit card ( revolving credit ) and I have one student loan ( fixed monthly payments ). I want to keep one revolving account and one fixed account. Would a bank loan that pays off the student loan look better as a fixed loan? I guess my question is: Do they both count as fixed loans or is the bank loan a more “authentic” fixed loan?

Best answer:

Answer by CreditAlignment.com
doesnt matter….they’re both ‘installment’ loans on your credit report. i wouldnt take a bank loan because MOST LIKELY the interest isnt tax deductible like the student loan.

i would advise to have 2-3 credits…2 installment loans….can be student loan, auto loan or other loan…and a MORTGAGE!
make sure you keep low balances are on revolving accounts…and you should be go to go.

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