If you have a bad credit rating it may seem as if you have very few options left to borrow capital. You could ask a friend or colleague but chances are that if it is a huge amount, no one will even consider doing the transaction. Fortunately, there is something called hard money personal loan. What's that? It's a personal loan that is usually given by private investors that will take one of your assets as the collateral for the loan. This collateral may be a residence, a car or a business.
Lenders that issue hard money loans rarely look at your credit history. They are only interested in the potential income that can come from the purchase you will make. Although the rates of these types of financial transaction are higher then your run-of-the-mill loans, it is still a better option then borrowing from some dubious sources with high interests such as loan sharks. Wouldn't you agree?
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A hard money loan can usually be taken for up to 70% of the value of the collateral that you have provided. It is usually used as a last resort for people facing financial distress and since the government have no part whatsoever in this, the transactions are made easily and quickly.
With these type of personal loans, you can quickly obtain the capital you need for any reason. It is important to watch out for scam artists or predators that are looking for uninformed people who will jump at the chance for a hard money personal loan even with their high interest rates. Ask a friend, financial planner or solicitor about the deal if you are unsure.
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