So, you’re credit score has seen better days. Or maybe you haven’t yet established one.
If you can’t get a traditional loan, you can still look for Hard Money Personal Loans. Even if you can get a traditional loan, it may make sense if you need money quickly.
What Are Hard Money Personal Loans?
Hard Money Personal Loans come from individual lenders. In some cases, such as with real estate or commercial loans, the loan is based on the value of the property securing it or the expected value after improvements rather than on your income or credit history.
So although the phrase “personal loan” usually means an unsecured loan or signature loan. this isn’t necessarily the case for hard money personal loans. In some cases, they will involve collateral, such as a title loan used for Auto repair financing.
In other cases, the lender is making their money by specializing in low credit score loans, such as personal loan with 520 credit score. They will lend to people that traditional lenders turn away and they charge extra interest to make it make sense on their end.
How Do I Find Hard Money Personal Loans?
It’s usually best to look for them through a clearinghouse, like TheGuaranteedLoans. We keep files on a variety of lenders and help consumers connect to them.
You fill out one form with us and we check our database to see if there is a good match for your needs. For example, if you are looking for a 400 credit score personal loan, we check to see what’s available.
When we find a match, we let the lender know about your application. Then they make the next move and contact you so the two of you can make the deal.
What Paperwork Is Involved?
Because they specialize in non-traditional loans, they keep the paperwork to a minimum. You do need to show that you are a legal adult and that you are a citizen of the US or a legal resident. In most cases, this is proven by sending a photo or fax image of your photo ID, such as:
- Driver’s license.
- State-issued ID card.
- Military ID card.
- Tribal ID card.
You also likely need some indication of your income, such a copy of a recent pay stub or a copy of a recent bank statement. If you are applying online, these need to be in a digital format, such as a PDF copy of your bank statement.
Apply Now For A Hard Money Personal Loan.
Take a few minutes to gather up your documents and maybe think about how you will upload them. Then, when you are ready, let TheGuaranteedLoans walk you through the initial stage of the online loan process.
If you ready to get started, just click the button below. The sooner you start, the quicker you can get the funds you need.