Dalvin Brown

speaker

364 appearances 7 recordings 1 series first heard May 2024 last heard Nov 2024

Dalvin Brown’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Loans From Relatives Can Get Awkward. There’s an App for That. · 21 May 2024 podcast

Or Uncle Joe doesn't want to call you to ask you to repay the loan if you have it. voice-verified

Uncle Joe doesn't want to have to play debt collector at the family picnic. voice-verified

It causes problems for both people who are in a situation where they need money, but lenders also have a lot to be concerned about as well. voice-verified

know you have all this potential mess with the family if you go this way why not just apply for a loan from a bank bank loans often come with stricter eligibility requirements they charge higher interest rates and have longer processing times for people asking a relative or a friend for a loan can be quicker more flexible and especially if they have a less than ideal credit score voice-verified

Also, personal loans from family or friends might come with a lower interest rate, making them a more attractive option if you're financially responsible. voice-verified

The IRS has specific rules regarding loans from relatives. voice-verified

If a loan is for $10,000 or more, the lender should charge a minimum interest rate somewhere around 5% to avoid it being considered a gift. voice-verified

And this also ensures that the loan is treated as a legitimate transaction, which may come up when you're filing your taxes. voice-verified

This normally would come up during an audit. voice-verified

The IRS can determine if interest was charged by examining both the loan agreement and any associated financial records. voice-verified

And again, both the lender and the borrower should document the terms of the loan, including the interest rate, and keep detailed records of any payments that are being made and received. voice-verified

So I was able to find a couple of apps and websites that can really smoothen this process out. voice-verified

So online tools like Zerdu, Pidgin, and Nama streamlined the loan process by providing clear, standardized agreements and automating payment schedules. voice-verified

They have features like reminders for upcoming payments. voice-verified

So you'll get an email saying, hey, you have a payment that's due in five days. voice-verified

They will track your loan balances, and some will even facilitate digital transfers for you. voice-verified

Others, you'll have to Venmo your uncle outside of the app, but then go back and report it to the app. voice-verified

But some of this reduces misunderstandings and ensures that both parties are on the same page, which can help preserve communication. voice-verified

your personal relationships. voice-verified

And some of these tools also charge lower fees than traditional banks or making the process less expensive for both parties involved. voice-verified

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