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Money is a hot topic issue. When you say you need money, people are either quick to tell you how to save money or they try to one-up you on how they need mone more. There are times you legitimately need money right away, this can be achieved with a loan.
There are different types of loans you can apply for, and for different reasons. Loans are one way to get out of debt but that should really be the last resort. There are other ways you can get out of debt but we are discussing needing money fast and legal ways to do so.
As a blogger or online influencer, I've considered self-employed. There are self-employed loans that you can apply for. The money from this loan could be used to help set up your business. Perhaps you need equipment, or a down payment on a building if you have a brick and mortar business. A self-employed loan can help you get your business started and off the ground without getting yourself into debt. Another type of loan you can get is called a hard money loan.
What exactly is a hard money loan?
A Hard Equity/Hard Money loan is a specific type of financing in which a borrower receives funds based mainly on the value/equity of the real estate. Loan applicants typically have bad credit or no credit history, do not meet conventional financing guidelines, are under time restraints to close a transaction, arrears on the existing mortgage or bankruptcy and foreclosure proceedings are occurring, or difficult or no income verification.
Hard Equity/Hard Money loans are often issues as temporary loans until the applicant can restore credit and/or their current financial situation. Interest rates on Hard Equity/Hard Money loans are higher than for conventional loans. Loan amounts for Hard Equity/Hard Money loans typically are calculated on a maximum of 65% of the current market value of the property or of the purchase price.
If you need a loan make sure you do your homework on the legal details.
You need to look at the fine print. We are all guilty of not always reading the fine print and that can come back and hurt us sometimes. Here are few things to consider but not all of them of course:
- When will you receive your money?
- What is the interest?
- What is the payment schedule to repay the money?
- What happens if you miss a payment?
- Where do you send a payment to?
There are a lot of things to consider when taking out any kind of loan, but it's a great thing to have if you really need one. Have you ever had to take out a loan?