money loans

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Hard money loans are loan arrangements that involve backing the amount of the loan with real estate that is owned by the borrower. With a hard money loan, the lender does not take into consideration the current creditworthy status of the borrower. As long as the property that is used to secure the loan is enough to cover the balance and any rates of interest involved in the transaction, the lender is assured of being able to recoup any losses incurred by the default.

The hard money loan is not an uncommon phenomenon. Companies may choose to utilize this type of loan format in order to secure needed capital in a short period of time. Since all that is required is proof of ownership of the property that is used as collateral, the turnaround time on obtaining this type of loan is very short. At times, a hard money loan may be used as a stop gap measure to fund necessary projects while a long-term loan arrangement is worked out.

Individuals may also qualify for a hard money loan. Often, banks do not engage in these types of loans, but private lenders and loan companies do often extend this option. For persons who have gone through a recent crisis with their credit, but do still hold title to property, this form of asset-based financing may be the ideal solution to obtaining loans and rebuilding a good credit history at the same time.

There are a couple of drawbacks to the average hard money loan. First, the interest rate associated with these types of loans is typically higher than a bank loan that is extended on the basis of a good credit history. This means the borrower will pay more in finance charges over the life of the loan. Second, since the hard money loan may be received from a private lender, there is not always the same degree of consumer protection extended to the borrower. For example, the lender may include a clause within the loan agreement that limits the grace period for each payment, and may also have the right to seize the property if even one payment is received past the grace period.

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  To find out more about unsecured loans and the personal loan application process read our guide to unsecured personal loans.

  Secured loans are available for many different purposes including debt consolidation. The amount available usually ranges from £5,000 - £50,000 although some lenders will consider loans up to £100,000. Read our secured (homeowner) loan guide for more…

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Payday Loans Don't Pay
f you're lucky, you might not be familiar with the term "payday loan". A payday loan is supplied by a third-party lender and it is supposed to help consumers get out of last-minute financial jams by offering a cash advance on an upcoming paycheck. While getting out of a tough spot is certainly a good thing, the interest charged by payday lenders typically surpasses 100%, which could make a tough spot even tougher. So, are payday loans a great service for those who need them, or are they an example of loan shark companies preying on people's desperation? Read on to find out.

Why wait for payday?
A payday loan works like this: You're short on cash and can't wait until your next paycheck comes around, so you head off to your local payday lender (some of whom are even online these days), and ask to set up a payday loan - usually somewhere between $50 and $1,000, although the higher limits are usually harder to qualify for. You write a post-dated check for that amount plus the fees you now owe to the lender. You get your money right then and there and, when payday rolls around, the lender will cash your check and collect its profit.

Typically, people who use payday loans find themselves in situations where they are presented with few other financial alternatives. In their eyes, a payday loan is a way of staying afloat for a short period of time without having to ask for handouts. People with low credit or no credit are ideal customers for payday lenders. (To learn more, see The Importance Of Your Credit Rating.)

One Step Forward, Two Steps Back
In most cases, a payday loan is not an attractive option for short-term financial problems. Exorbitant interest charges, sub-par lender reliability, small loan size, future dependency and the possible negative effects that borrowing from these lenders can have on your credit rating are all valid reasons to avoid a payday loan if at all possible. (For related reading, see Are You Living Too Close To The Edge?)

The amount of interest charged by payday lenders is no joke. Annualized interest of between 200% and 500% are the industry standard. For example, the following chart shows annual interest charges from an $18 fee (essentially the interest) charged on a borrowed sum of $100 from various loan lengths. Payday lenders are often able to get around usury laws - government limits on the amount of interest a lender can charge - by calling their interest charges "service fees", which aren't subject to the same regulations as interest fees are in many places. (To learn more about loan interest and how to calculate it

Digging Out Of Personal Debt

Consumer debt is on the rise in more than just a few countries around the world. According to numbers released in March 2006 by the U.S. Federal Reserve Board, household debt has topped the $2-trillion mark in the U.S. - and that doesn't include mortgage debt. Consumer debt is a common topic of discussion and analysis, but it should not be considered a way of life. How can consumers get their debts under control? For an ever-growing number of them, the answer is debt consolidation. In this article, we show how consolidation can help - and why it often fails.

The Ideal Process
Debt consolidation basically involves taking all of your debts and moving them to a single source. This often includes personal loans, home-equity loans, car payments, credit card balances and mortgage debt. Most brick-and-mortar lending institutions offer a variety of debt consolidation options. Online vendors also provide a vast selection of programs and a convenient medium for comparing them against each other. When it is done properly, debt consolidation results in a lower interest payment, a lower monthly debt payment and an increased amount of discretionary income each month.

Ideally, the lower payment and reduced interest provided by debt consolidation free up enough income to enable you to live within your means. Once you can afford to make the monthly payment on your loan, you can begin to get out from under your debts by making extra payments in order to retire your loan as quickly as possible.

The Reality of Debt Consolidation
While there are a number of financially savvy individuals who use debt consolidation as a tool to manage their finances, this is not typically the case. For most consumers, the need to engage in debt consolidation is a sign that they have been doing a poor job of managing their money. If they weren't, it isn't likely that they would be so deeply in debt in the first place.

Further cementing this argument is the fact that, immediately after consolidating, many of these individuals are no longer feeling pressured by their inability to pay their debts, so they go on a spending spree. Their previously maxed-out credit cards now have zero balances and, often, these consumers can't resist the urge to shop.

In short order, many people who consolidate their debt go on to rack up so much additional debt on their credit cards that all of their newfound money is once again needed to make credit card payments. In other words, instead of using debt consolidation to reduce indebtedness, consumers are simply using it to dig themselves a deeper hole. (To read more, check out Home-Equity Loans: The Costs and The Home-Equity Loan: What It Is And How It Works.)

Change Your Behavior
Debt consolidation is the first step toward getting your bills under control, but changing your behavior is an equally critical part of the equation. In order for debt consolidation to have a meaningful and lasting impact on your financial situation, you need to break the debt cycle. Simply put, that means that you need to stop spending money that you haven't earned yet.



One of the easiest ways to minimize your spending is the elimination of your credit cards. Credit card abuse is one of the leading causes of consumer indebtedness. Another easy step is to put a moratorium on new loans. Your debt consolidation loan was taken in order to get your debts under control. Taking out additional loans is counterproductive. Keep in mind that "loans" include any scenario where you are racking up bills that require repayment at some point in the future. This includes the purchase of new automobiles and the purchase of items that offer no payment and no interest for a predetermined amount of time. (For more tips, see Take Control Of Your Credit Cards, Understanding Credit Card Interest and Credit, Debit And Charge: Sizing Up The Cards In Your Wallet.)

Conclusion
Ongoing debt minimization is critical to the long-term success of debt consolidation. Financial experts often note that your outstanding debts, including credit cards and mortgage payments, should not amount to more than 36% of your gross monthly income. That 36% figure is often referred to as a debt-to-income ratio. The ratio is calculated by dividing the amount of money you spend each month to service your debts by the amount of your income. When they do the math, people are often surprised to discover that their debt-to-income ratios are significantly higher than the recommended amount. Determining your debt-to-income ratio provides an excellent reminder that you aren't supposed to live paycheck to paycheck, spending every single dollar that you bring in each month.

If you find yourself in financial trouble, use debt consolidation as a tool to get your finances back on track, and then use good spending habits to keep your bankbook in the black.

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The #1 Michigan Hard Money Loan Lender Michigan Ave. building highlighting our direct hard money financing offer YES, we finance hard money deals in Michigan. Apply Online for an instant Michigan hard money decision! Here are some Michigan specific hard money financing facts: To date, now in 2008, over 250 conventional mortgage lenders have closed their doors due to reduced liquidity. This has reduced borrowing opportunities for MI borrowers considerably. LVHardMoney stands firm in our liquidity and our continued lending abilities. We continue to offer Michigan hardmoney loans. We directly provide hard money loans to purchase and renovate properties throughout Michigan, as well as refi's, purchases and other property types. We require minimal documentation and we can finance up to 100% of your deal! This includes purchase, renovations and closing costs up to 60% of the after repaired value. We are reliable, fast, convenient and simple to work with. - We have no minimum loan size and can usually fund up to $100M. - Interest Rate of 10-14% are typical for MI properties - No prepayment penalty is an option - Interest only payments if requested - One to Five points is typical however a minimum of $5000 in total fees applies - We can loan up to 70% of the Appraised value or the after repaired value for rehab hard money loans Apply Online for an instant Michigan hard money decision! We serve all of the main metropolitan cities in Michigan, including: Detroit, Grand Rapids, Warren, Flint, Sterling Heights, Lansing, Ann Arbor, Livonia, Dearborn, Clinton, Westland, Farmington Hills, Troy, Southfield, Kalamazoo, Canton, Waterford, Wyoming, Rochester Hills, Pontiac, Taylor, Shelby, West Bloomfield Township, St. Clair Shores, Saginaw, Royal Oak, Dearborn Heights, Battle Creek, Redford, Roseville, Novi, East Lansing, Kentwood, Portage, Bloomfield Township, Midland, Muskegon, Lincoln Park, Bay City, Jackson, Holland, Eastpointe, Port Huron, Madison Heights, Burton, Southgate, Inkster, Garden City, Garden City, Oak Park, Allen Park and many of the smaller towns as well in MI.