Loans

Across North America, hundreds of rent to own furniture stores have been popping up over the past few years. In big and small cities alike, people can find stores such as Easy Home, Aarons, and many others. At a first glance, these stores seem great, as they help those who are unable to obtain alternative financing to furnish their homes. Best yet, theres no credit checks, and almost everyone is approved.

A quick look at Easy Home’s website reveals that you can get a computer for as low as $14 per week, a fridge for $18 per week, a new sofa set for $16 per week. This all seems pretty good doesn’t it… wrong. If you look at the total cost of the furnishings that you would purchase at these rent to home stores, its ridiculous… and I would say borders on scamming their customers.

If you have a look at an Easy Home flyer, you’re informed that the weekly rental rates are based upon an interest rate of 29.9%, which seems fair given the high risk nature of the business. However what they don’t tell you is the base rates that they’re using to calculate the 29% interest. The Flyer specifically states 29.9% interest APR based upon “product cost.” However no where are you able to find out this “Product Cost.” If you go into an Easy Home store and ask about a product cost, the employees will beat around bush without ever telling you an accurate product cost (other than a weekly rate).

For example, currently advertised on the Easy Home website is an Acer netback for $14 per week. Doesn’t seem bad… however when you multiply that by the 104 weeks of payments, it is equal to $1456. Now how much does this netback cost in Future Shop or Best Buy… it costs $199. Thats right, you’re paying 700% for this computer, meaning that their base price is something like $1200 before the interest. Other products show similar ridiculous markups.

How do they get away with this? Well basically they prey on the desperation of others and their inability to perform basic math. Is it legal? Thats where there may be an issue. In Canada, it is illegal to charge anyone more than 60% per annum interest. What Easy Home is doing is very similar to the Payday loan stores. By charging ridiculous high fees (in this case, crazy product costs) they’re able to get away with saying that their interest rate is legal.

What do you think? Easy Home or a Ripoff?

photo credit: KOMUnews

What are hard money lenders?

Private investors whom lend their money out high rates that local banks won’t do.

Hard money loans are easier to get and funded very fast at lighting speed. It is referred to especially with real estate investors as asset based lending. The collateral on the loan becomes the real estate. They are far from conventional loans, since the underwriting guidelines that private money go by are far different from your local banks.

For those seeking emergency funding sources, or that have situations that are time sensitive and need to close quickly in days not weeks for their money, hard money (more…)

photo credit: Racchio

Today’s high risk money lenders are mostly private lenders and small companies that specialize in making loans that the banks avoid. Some people call them hard money lenders, but regardless of the name that you use, you will find that there are many advantages to this unconventional source of financing, particularly if you are a real estate investor or rehabber. There are always profitable opportunities in the real estate market, but in order to take advantage of them, you must have a good source of funding. Let’s look at a few examples.

High risk loan lenders can help you buy property with “no money down”. You may have read a book or watched a video about buying property with no money down. You may have even tried a few deals. (more…)

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Being in need of a loan and having bad credit is quite a horrid combination. Luckily though, there is a way for you to still get the loan you need without your bad credit standing in the way. How? By going to private payday loan lenders whom specialize in bad credit quick cash loans.

Where Can I Find These Private Payday Loan Lenders?

You won’t likely be able to find bad credit quick cash loan lenders in your local area. Fortunately for you though, that is a positive rather than a negative. (more…)

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People with bad credit may find that they need to get a high risk personal loan at one time or another in order to help them make ends meet. Sometimes a personal loan is needed to help catch up on bills or to help pay current bills. You may also need a personal loan to help you in the event of an unexpected emergency. Such emergencies may consist of a medical emergency where you become ill and are unable to work, or perhaps there was an accident which limits you from work as well. No matter what the reason is, the fact is you still need a personal loan and given your credit history, it will end up being a high risk personal loan. There are a few options for you to choose from when getting such a loan. (more…)

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If you need some cash for a personal reason–such as medical bills or debt consolidation–you may be considering a Personal Loan. And they’re a good idea, since there are no restrictions on how you can use the money (unlike a car or mortgage). Although interest rates are higher than that of a Home Equity Loan or Home Equity Line of Credit, Personal Loans are available to anyone–even those who don’t own their home. To find a Personal Loan lender, try:

LOCAL BANKS

One of the best places to start is with your local bank or credit union, especially if you’re already a customer. A good banking history will make you a premium customer, making it more likely that you’ll get approved for the loan. (more…)

photo credit: TheTruthAbout…

It’s no surprise that many individuals seeking personal loans to start a business or for personal needs sometimes have trouble getting such financing – And for a good reason. They often overlook one great source of personal loans – namely Private Lenders.

Private lenders are generally thought of as any person or entity that’s willing to lend funds that is not a bank or any other financial institution that accepts deposits. The list of sources could be any individual or group of individuals who use the excess funds they have available to make a wide variety of loans based upon their own preferences. (more…)

photo credit: Digging For Fire

When you need money and a regular bank loan is not an option because you’ve got bad credit, you need to find a reputable source where you can receive a personal loan to take care of your current cash crunch. The good news is that there are several hidden sources of loan money right under your fingertips that you probably never knew existed.

Usually when you borrow money from a bank or other lending institution, they will often ask you to put up some type of collateral (something of value that you own), like a home or car. These are called assets. These assets give the banks insurance that you’ll pay back the loan, and if you don’t, they will move to take the money from your home or vehicle. (more…)

photo credit: TheAlieness GiselaGiardino²³

If you do not earn enough to support some big expenses that does not meant you should remain deprived for ever. You can take a low income loan to meet all expenses that are necessary for a purpose. So if you dream of buying a home, a car, going to a holiday tour, want to pay off old debts or for any purpose you can borrow required money through these meant especially for low income people.

First off all you should note that generally those people who earn half of what other individuals of the area are earning are labeled as very low income people. (more…)

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If your credit is less than what the banks and standard lenders deem “acceptable,” turning to private bad credit lenders is not something to be ashamed of. These lenders are out there to help people who have black and red marks on their credit reports. In fact these private bad lenders might even be called “good private bad credit lenders.”

Now, at first these lenders may seem a God-sent to those of us unable to convince the banks that “we really will pay them back!”. However, not all private bad credit lenders are created equal. (more…)