Hard Money Personal Loans Online

A hard money lender is an institution or individual who provides loans to individuals with poor credit. In the criminal world, you could call a hard money lender a loan shark. However, there are legitimate hard money lenders out there you can go to. Acquiring hard money personal loans online is going to be difficult to impossible. Most lenders who are willing to loan money to someone with bad credit will ask for a form of collateral, like the title to a vehicle or a home. If you do not have collateral, the best way you can go for an online loan with no credit check is a payday loan.

A payday loan is also called a cash advance loan. You can get these loans online by submitting an application through the Internet. However many companies will require you to fax proof of your identification, income and bank account. Once these things are verified and approved, the money will be sent electronically to your checking account, usually within 24 hours. There are limits as to how much you can borrow through a payday loan company, especially if you are a new customer. You should know this type of loan is considered short-term because of the massive interest rates.

There has been a great deal of controversy over payday loans, cash advance loans and title loans. A title loan is one in which your car title guarantees the loan and the value of your car determines the maximum amount you can borrow. It is easier to get a payday loan online than a title loan, for a title loan you will usually need to visit a lending company in person. On any of these loans, interest can be as much as or even exceed 300 percent. And the longer you keep the loan open, the more interest you are going to pay.

For these types of hard money personal loans online, the payment will be automatically taken out of your bank account on a specified date each month or whenever you set it up with the loan officer. If you are only borrowing a small amount for an emergency you might want to repay the loan when you get your next paycheck to avoid large fees. It is extremely important that the money is in the bank when the payment is coming out or you will pay fees to the loan company as well as NSF fees to your bank or credit union.

If this is not what you are looking for and still want to search for hard money personal loans online, you will most likely have to search for hard money lenders instead then apply with them in person or sometimes over the phone. Other than payday loan companies and title loan companies there are very few lenders who are going to give you a loan via an online application. With poor credit and no collateral, you can forget about a bank or credit union granting you a loan.

Because of the exorbitant interest rates hard money personal loans online should be avoided if possible. If you can get the money some other way, such as a personal private loan from a friend or relative. However, if this is not possible then a hard money loan from a payday loan or title loan company may be your only option. Shop around for different payday loan companies and find out where you will get the best customer service and the lowest rates. When applying online it is likely you will want, and need to speak to a representative from the company over the telephone.