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

Unfortunately, most money lenders will rely on your credit history.  Therefore, when you have bad credit, it may seem almost impossible to get the finances you need in the form of a loan. This can be hard for you, especially if loans are an integral part of your financial growth.  However, there are a variety of bad credit commercial hard money loans lenders that you can consider to provide you with finances.

last updated Monday, July 8, 2024
#Commercial Hard Money Lenders #Cash Advance

John Burson     Subscribe
3 Types of Bad Credit Commercial Hard Money Lenders


Cash Advance

These commercial hard money loans are standard, also known as check advance loans, payday loans, deferred deposit loans, or post-dated check loans. 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 repaying 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 loan 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 don’t have a perfect credit score to obtain finances from banks and other conventional lenders, you can head to a pawn shop with valuable items to act as collateral. Most pawn shops often issue loans amounting to less than 5,000 USD. However, these commercial hard money loan 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 called title pawns or pink slip loans. These loans are short-term loans that use your vehicle's title as collateral. Sometimes, these commercial hard money loan 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 ranging from 12 to 36 months. If you are a van or truck owner and have a form of income, you can apply for an auto title loan.

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