Have a Bad Credit Score? 3 Types of Bad Credit Commercial Hard Money Lenders

Cash Advance

Also known as check advance loans, payday loans, deferred deposit loans, or post-dated check loans, these commercial hard money loans are common, and you will most likely have heard about them on the internet, radio, television, and sometimes in your mail. Usually, you’ll only need to have a job to qualify for such loans. The process involves taking a short-term advance and then repay with interest. However, although the process seems simple, you should borrow responsibly by checking the amount you’ll receive on your next paycheck and how much you can responsibly pay for the loan while sticking to your budget. Although some commercial hard money loans lenders can allow you to renew or re-purchase your loan, it’s not recommended because it can lead to cycles of loans which can eventually become expensive.

Pawn Shops

When you need quick cash, and you don’t have a perfect credit score to obtain finances from banks and other conventional lenders, then you can head to a pawn shop with personal items that are of value to act as collateral. Most pawn shops often issue loans amounting to less than 5,000 USD. However, these commercial hard money loans lenders are flexible and won’t require you to have a job or a perfect credit score to provide you with funds.

Car Title Financiers

Car title loans are also commonly referred to as title pawn or pink slip loans. These loans are short term loans that use the title of your vehicle as collateral. Sometimes these commercial hard money loans lenders will finance you even when you don’t have a clear title as long as you have equity in your car. These commercial hard money loans can give you more money and better repayment terms which often ranges from 12 to 36 months. In case you are a van or truck owner, and you have a form of income, then you can apply for an auto title loan.