There is no guarantee that your money will be repaid unless the loan is secured with adequate collateral. If you cannot afford to lend the money you should reconsider the loan or ask for greater security from the borrower.
Your credit card debt is considered bad if you have a low credit score. It occurs when you default on monthly minimum payment due and the debt starts to grow. With low credit score, you become a loan risk as the chance of your repaying your debt becomes lean. In such cases conventional money lending institutes tend to shy away. That’s the time to look for free debt consolidation help offered online by debt consolidation companies. A debt consolidation company will go through your bills, assets and structure a program through which you can get rid of your debt.
You see, there has been a “breath test” (i.e. fog a mirror, get a loan) for a few years. And this, coupled with a mandatory “Bad Loan Default” buy-back against the Industry, is going to make a mess for a while of the Lending and Money Industry.
You may seek the assistance of a broker who has contacts with many potential lenders to find the right lender. If you can convey your needs to the broker, he/she will successfully find out the best possible lender for you.
Hard money is awesome. They are like banks but their terms and rates are very different. If you are not familiar, find and read a good article on hard money lenders they may be able to help you.
They are taking their security based upon the assets, not necessarily based upon the borrowers. That’s where they get the terminology “hard” because they are lending money, based upon the hard assets.
Many would be sellers have a high amount of competition from banks with REO’s. Many of the banks with an abundance of REO’s are dumping them into the market at well below market value, creating even more problems for people trying to sell their occupied home.
In modern times the pawnshop is a convenient alternative to loans from banks. Because property is collateral for the short-term loan, no credit check is required. A price is set along with a rate of interest to be paid on the loan. If the borrower defaults on the loan there is no strike against his credit score. The property that was used as collateral then covers the loan.
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