Hard Money Personal Loans ? Last Resort to Finance your Needs

Hard Money Personal Loans ? Last Resort to Finance your Needs

Are you finding it increasingly harder to avail a loan as lenders are turning down your loan application for host of reasons? For you the last resort is in hard money personal loans which are especially made to people who fail to locate a loan from elsewhere. You can put these loans to any personal purpose such as buying a car, debt consolidation or even purchasing some property.

Usually hard money personal loans are opted for only when banks or government refuses to lend you money. The reason for refusal may vary from borrower to borrower. But such borrowers are mostly having poor credit with very high risks for the lenders. This is where hard money lenders come into the scene. Clearly it is private lenders who offer these personal loans. You shall have to shop around extensively for such lenders.

Hard Money Personal loans are secured loans, given against the value of the property that the borrower pledges as collateral. The lender will approve only an amount that is up to 60-70 percent of the sale value of the property as collateral. Obviously you would be borrowing greater amounts under the loan.

But since usually lenders have high risks, so they charge interest at very high rate on hard money personal loans. One can say these are high cost loans for the borrowers. So you should be prepared to fork out high interest payments to the lender. The repayment duration ranges shorter. These loans are usually offered for 1-3 years. Such a short duration also is one reason for high rate of interest on the loan.

Your bad credit is seldom a hurdle in the way of hard money personal loans as these are considered as last resort for such borrowers. For fast and easy approval take the loan from an online lender after making a comparison of such lenders.