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?

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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 is a solution period! Credit scores or bad credit is not a factor for most cases, although there are hard money lenders that do look at a borrowers credit history and are credit driven but for the most part they are not credit based lenders.

Based upon their own lending criteria, HMLs lend money on a short-term basis 6 months to 1 year to borrowers who use it for a variety of profitable purposes. These may include the following real estate loan types: bridge, refinance, development, acquisition, rehab, etc. Since Hard Money is more expensive than traditional sources (14%+ interest rate and 2-10 points+ in origination fees), borrowers usually have a financial gain from using hard money, so the high interest or points usually is offset by the financial gain.The loan cost is not an issue when they may make $150k and pay $30,000 to use their money, would you use it if you could make $150k and pay $30k to use it…

What Type Of Terms Can You Get With Hard Money Loans

These types of loans will vary from private lender to lender. Upfront application fee, due diligence fee and commitment fee may be charged and vary from lender to lender again. Generally they will fund a loan for 50% LTV on raw land and up to 50-70% LTV on the finished product, at an interest rate of 14%+ (depending what area of the country you are in at times ) and for a period of six months to three years. They will also charge between 2-10 points as an origination fee, to be paid out of proceeds. Can be interest only or amortized.

Some lenders will fund interest, origination fees, rehab money, etc.; others will not. Ultimately, when selecting a HML, borrowers will need to understand how these options fit best into their plans.

What Makes Private Money A Great Financing Source And Option?

Your local banks, credit unions fill a definite need for low cost money. Borrowers would love to use them for all of their needs and real estate deals. However, there is a market out there that traditional lenders cannot loan money on. That is where private money comes in and why they exist. They fulfill a need that local banks cannot fill due to government regulations, stricter underwriting guidelines, lower risk profiles, longer funding timeline, etc.

Top 10 Reasons To Consider When Deciding About Hard Money Loans

1. SUPER FAST SPEED

Can close in 5 – 14 days after they get all necessary documentation, banks can take up to 45-60 days.

2. DOCUMENTATION REQUIREMENTS ARE EXTREMELY LOW

Require documentation but not nearly as much as traditional lenders, fund based on the value of the property only and not the borrower credit standing.

3. BAD CREDIT NOT AN ISSUE

Bankruptcy, foreclosure and a FICO scores under 490-600 are no problem. Traditional lenders almost always require a great credit history.

4. VERY FLEXIBILE

Flexibility with loan structuring..awesome! Terms, interest reserve, draw schedules, cash out, financing carry, etc

5. GAP/BRIDGE FINANCING

HMLs are usually very experienced real estate lenders who understand that projects do not always follow the given plan. If a gap in funding exists and the loan and supporting documentation make sense, HMLs will typically fund. Whereas, IL’s guidelines are typically not flexible and they turn down gap loan requests if borrowers get off schedule.

6. FOREIGN NATIONALS LOANS NO PROBLEM

Foreign nationals can get a loan with a hard money lender but will be difficult to get a loan with a traditional lender who have problems lending to nonus citizens.

7. WILL LEND ON HIGHER RISKY DEALS

Churches, non-profit are not a problem with hard money lenders, but are with traditional lenders who are concerned if they have to foreclose on a church loan, and the bad publicity they will receive.

8. PERSONAL GUARANTEES NOT REQUIRED

Loans based on the value of the property so personal guarantees are not necessary. Local banks always require personal guarantees.

9. FLEXIBLE LOAN TO VALUES (LTV)

They are more flexible then traditonal lenders being that they will decide what Loan-to-Values (LTVs) they will accept based on their affinity for the project, cross collateralization, possible equity participation, etc. Traditional lenders will turn down loans asap if ltv’s are to high high.

10. SUBORDINATE LIENS

Hard money lenders will lend on a 1st, 2nd, 3rd or lower position, as long as, the value of the property is there. Local banks may do a 2nd, and hardly ever a 3rd. Typically, Traditional lenders always want to be in 1st position.

What Should You Expect With A Hard Money Loan

If you have a fantastic deal with a super LTV and can’t go to a local bank because of bad credit, or need for funding in two weeks or faster. Now that you know and are informed about what is hard money and and value of concept of it you can send the loan to a private lender. You will pay more money for the loan bottom line then your local banker, but will be easier and quicker to close your deal.

Each deal is on case by case basis, unique; terms vary and each structure of a deal can be different. Lender criteria adjust based on the specifics of each deal, so borrowers will need to be flexible.

Here some things to keep in mind when applying for a hard money loan:

* Title insurance is a must
* All delinquent taxes, judgments, etc. and other liens on the property will typically be taken out of the proceeds unless specifically excluded.
* Insurance, typically, will add the lender as co-insured
* Fund control is always set up on construction, development and any loans which have budgets * Borrower will pay all closing costs, fees, etc. out of proceeds
* Many lenders require the property be put into a single asset LLC, which the loan is made to
* Borrower should be prepared to assign rents
* Interest, in most cases, at least partly will be reserved or prepaid
* Some HMLs require an upfront application fee, due diligence fee and commitment fee. Make sure you understand these fees and how they will be used and if they are refundable
* Almost all lenders require borrowers to have money in the deal. Additional collateral may be required by cross collateralize other properties to keep the LTV acceptable.

copyright@2008

Financial Loan Consultant… Hard Money – Hard To Place Loans Specialist

Do hard money commercial and residential loans nationwide, do alternative business financing for any type of business on a national level as well!

Specialize with restaurant owners whom are opening a restaurant and cannot get a loan because they are just opening up, my product was created to help you if you are opening a restaurant, and could get funded 48hrs after opening your restaurant.

Call now 24hrs voice mail at 718-512-8587

Visit hard money business loans section at Restaurant Funding

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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. Hopefully, you were somewhat successful. If you went to a bank for financing, they probably required that you make a down payment to the seller, probably about 20% of the purchase price.

Now, some investing “experts” suggest that you use credit cards or other sources for down payments and closing costs. We have even heard the suggestion that you borrow it from a friend or family member. They say that you have nothing to lose because you know that you will be able to repay all of the loans once you resell the property.

Well, first of all, the bank will want to know the source of your funds and it is illegal to make false statements on a loan or credit application.

The same is true for most high risk money lenders, but they consider things that the banks do not. If the amount that you need to borrow is less than 65% of the fair market value after repairs or upgrades are completed, they will finance 100% of the purchase price. They do not require a down payment. So, they can truly help you buy with no money down.

Another example: high risk loan lenders can help you buy when banks turn you down. Most banks avoid financing rehab projects completely, even when the investor has the money for down payments, closing costs and improvements. Banks usually deny loans for vacation property. They will refuse to fund building in areas without fire hydrants or those that are too close to flood plains. In some cases they will turn you down if your property is oceanfront or for any number of reasons that they consider risky.

They all have different considerations and, in the case of rehab projects, the time involved in getting a loan approved will sometimes mean that you lose your seller.

The bottom line is that high risk money lenders offer options when the banks have none. And they offer better options for certain investors. If you are planning a rehab project, they might be the right choice for you.

James has been in real estate for over 30 years and is an expert on residential and commercial hard money loans. He is a regular contributer to Hard Money Guide, a comprehensive resource for those looking to secure funding for real estate projects.

photo credit: TheTruthAbout…

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. Why? Because with online payday lenders, you not only have more options, you also have far fewer hassles. Simply visit you’re favorite search engine and do a quick search on guaranteed bad credit payday loans. You’ll be more than satisfied with what turns up.

Do Bad Credit Payday Cash Advances Cost More?

Generally speaking, yes. Bad credit cash advances cost a bit more in interest due to the lack of a credit check. Because the lender is foregoing the need of a credit check, he/she is making up for that “risk” with a slightly higher interest rate. Typical interest rates for these sort of loans range between 15% and a whopping 30%.

What Happens If I Don’t Pay It Back?

Since the process is normally automated, allowing the lender to withdraw the loan payment directly from your checking account the day the loan is due, the first thing that will happen is you’ll be charged an overdraft fee by your bank. If you fail to repay the bank, your accounts at that bank may be closed and you may get a permanent black mark on your record for the incident.

In addition to the banking problems, private payday loan lenders will also start attacking your credit score, causing it to drop even lower than it currently is. The lender will continue adding on interest and penalties to the loan until you pay it back; meaning the amount won’t ever stop climbing. If after months of non-payment, a lender may pass on the debt to a collection agency who may sue you in order to collect on the amount.

For more detailed information about bad credit payday cash advances, instant payday advances, and interest-free payday loans, try visiting http://www.EasyOnlinePaydayLoans.net, a highly popular website that teaches people about the benefits and pitfalls of payday loans.

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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.

Lenders will consider you a high risk if you have bad credit or if you have no collateral to offer them. Once they have deemed you a higher risk, the type of loan you can get changes as well as your interest rate and the amount of money you can borrow. One of the first places you would want to look into for a high risk personal loan would be your personal financial institution or your bank. Most lenders will take into consideration the fact that you had an unfortunate event that brought to the point of having bad credit. They may still offer you a loan, but interest rates will be much higher and the terms more strict.

You need to remember that lending money is a business, and as with any business, the business owner needs to assess his risk for a financial transaction. If you have bad credit, then you are a higher risk to the lender and the higher interest rates will reflect that risk.

Many people do not realize that this type of loan can be a fresh start for them. Sure, initially your payments will be high and your interest rate will be over-the-top, but if you maintain these high payments, you will be helping to repair your credit. The lender will most likely give you the option to refinance the loan down the road, giving you lower payments as well as lower interest rates, since you have a track record established of being a responsible borrower.

One good thing about these types of high risk personal loans is that just about anyone can get one. You do not need to own a home in order to qualify for this type of loan. You can check with your personal bank, private lenders as well as the Internet to see who can offer you the best options with this type of loan. These lenders will look at your credit history to determine how high of a risk you are. They will also ask for proof of employment in order to determine the amount of money you are capable of paying back each month. Just because you have bad credit does not mean you are banned from getting personal loans. You can use this loan to get you back on your feet as well as to improve your credit.

For more insights and additional information about getting a High Risk Personal Loan as well as getting a free no-obligation personal loan quote online, please visit our web site at http://www.personalloantips.com

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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. And some banks will charge current customers a lower interest rate than what they’d charge someone new. If your bank doesn’t offer the loan you need, flip through the yellow pages to find other local financial institutions that might have the product you desire.

ONLINE LENDERS

There are lots of online lenders who offer personal loans to new customers. Do an Internet search for “personal loan” or “personal loan lender,” and chances are you’ll come up with hundreds of possibilities. Just make sure you watch out for unscrupulous scammers! Online lenders should still provide you with excellent customer service, reasonable interest rates and reasonable fees.

ASK FRIENDS AND FAMILY

Odds are someone else you know has borrowed money with a personal loan at some point in time. Ask friends and family if they have a particularly good loan company to recommend. It’s also a good way to find out about any bad lenders, too, who jack up their rates or charge exorbitant fees. If you know someone who’s had a great experience with a Personal Loan lender, make sure to include their reference when you’re comparing loan companies. Here is a list of recommended Personal Loan Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.

After you find a few different Personal Loan lenders, make sure you compare all the basics like interest rates and fees before you pick one to ensure you get the best deal.

ABC Loan Guide, a loan information website, can give you information about Low Interest Payday Loans They can also help you find a lender with Bad Credit Personal Loans online.

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. They could be doctors, lawyers, accountants, wall street investors, and other professionals who invest extra funds to generate income by financing ventures of their choice.

One type of financing private lenders provides is personal loans. Personal loans may include auto loans, real estate purchase, education, medical, acquisition of a business, debt consolidation, vacation, furniture, starting or expanding an e- business, etc. Be aware of any upfront fees that may be required, but don’t pay until the loan has been funded. Maybe you could use an escrow company to hold your fees to ensure that the loan has been funded.

Don’t think that you’ll just waltz up to a private bad credit lender, sing a sad song about your troubles, and you automatically get the money. No. They’ll most likely want a clear plan on what you plan to do with the money and more importantly, how you plan to pay the money back. You may not need a full blown business plan, but having at least a break even analysis would help your case tremendously.

‘Legal Credit Manipulation’ free ecourse. Don’t be held hostage by private bad credit lenders for high interest rates. Learn the secrets to creating the credit you need, want and deserve. Click here at Free Bad Credit Repair.

Christopher Wright, Financial Cancer Specialist

http://Blog.GoodCreditApproval.com

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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.

Well, there are other types of assets you can own that can be used to obtain loan money quickly. You don’t have to be a homeowner and you don’t even have to own a car. There are methods for obtaining bad credit personal loans if you don’t have traditional collateral.

1) Someone Else’s Home or Car – if you don’t own either one, you can go to a family member or friend who does and ask them to borrow against their assets to give you a loan. Make sure you draw up a contract between you and them that states the amount loaned and your re-payment schedule.

2) Cash Advance – you already know that if you’ve got a credit card you can use it to get a cash advance. These are good for smaller amounts of cash. However, there is another way you can use your credit card to get a cash advance for much larger amounts of money.

3) Person to Person – do you know there are people online who are willing to give you money no matter what your credit history is? There are private loan networks where personal investors put money down on loans. They make money off of the interest payments. All you have to do is sign up and state your case as to why you need the money.

4) Insurance – if you have a certain type of insurance policy, you can use it to get money.

5) Shopping Cards – there are literally tons of store shopping cards that people use everyday to buy goods. You probably have one sitting in your wallet. There’s a unique way you can use these to obtain funds, but you have to be careful about how you do it.

6) SBA Loans – if you’re trying to start a business, this government agency is a great resource that can help you obtain the money you need.

7) No Risk Co-Signer – sometimes family and friends are willing to help you out as a co-signer on a loan. However, many don’t want to do this because they are afraid you won’t make payments on time and it will ruin their credit. But, if you approach them with an offer that is no risk to them, they’ll be more likely to help.

Retirement Plan – if you have a retirement plan with your employer, this is a great asset that can be used to loan money to yourself. Do not make the mistake of pulling money out early, because this will cause a penalty.There’s a better way.

9) Savings Account – savings accounts are often overlooked. Most people prefer checking accounts these days. However, having a simple savings account can be a valuable asset for you when you are strapped for cash. By the way, you don’t have to touch a cent of your savings.

10) Business Owner – if you own a business or you know someone who owns a business, there’s a way to use that business to provide a quick loan. Banks are more willing to loan to business owners. Literally, anyone can officially own a business by filling out some easy paperwork.

If you need money and are stuck with bad credit, there are several creative ways to get yourself some quick cash. You can learn more about the hidden methods for obtaining loan money discussed in this article by clicking the link below now:

http://hiddenloanmoney.blogspot.com

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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. Those earning 50 to 80 percent of area median income are tagged as low income earners. If you fall under these categories, a loan is available for such low income people.

Government and private lenders are main source of low income loans. Governments have launched various programs of loans for such people so that they can own a house or buy necessities of life. Note that governments have made it their duty to provide basic necessities to its people and therefore they are for low income people are being made affordable. You should first look for such governmental program for providing such loans. You can borrow money under them from private lenders. There are host of lenders you can locate on internet who are in the business of providing easy finance to low income people. Private lenders also provide these loans for any personal purpose.

One common feature of low income loans, either from government or private lenders, is that these loans are of low interest rate keeping typical week financial position of such borrowers. Clearly you can easily repay them.

Also note that every lender is willing to provide them to low income people at relaxed and flexible terms and conditions, making the loan well within reach of the borrowers. This also means that even if the borrower has bad credit, he or she can be approved these loans without putting any hurdle in the way.

Peter Taylor is a senior financial analyst at Loansx with an acumen for finance and insurance. In recent years he has taken up to provide independent financial advice through his informative articles.

To find Low Income Loans, Bad credit loans, Self employed loans, No equity loans, Debt consolidation loans visit http://www.loansx.co.uk/

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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.

Before dissecting private credit lenders we must understand why the standard bank will not loan to someone with “bad credit.” Traditionally, bad credit is acquired by not paying back loans on time or at all. But, low credit scores are also attributed to large student loan debt or other debt regardless of payment status.

This may seem unfair to consumers, but this is how the lending system works. Hence the introduction to the world of private bad credit lenders. Many of these lenders have systems in place to not only secure you a home, auto or personal loan, but to also make sure you pay them back!

Now, to the good stuff you’ve been waiting for; private bad lenders and their interest rates. Yes, the interest rates will be higher than if you had sparkling credit. But, that doesn’t give the the private lenders a right to jack your interest rate sky-high either! This is where consumer comparison shopping takes place.

A simple internet search will reveal many companies that cater to the “credit challenged.” But it is up to the consumer to understand the fine details before committing to the first private bad credit lender that will give you the loan you need.

As the consumer you must face your bad credit head-on. Accept that your credit is bad, needs improvement and that is all their is to it. No need to be ashamed or embarrassed. It is what it is. Take the time to research private bad credit lenders on many levels. The first being their interest rates, or course!

What Makes a Private Bad Credit Lender “Good”?

After confirming that their interest rate is a reasonable percentage above the standard there are other criteria to research as well.

Does the private lender have a selection of re-payment programs?
If an unexpected home or family situation occurs you will have peace of mind knowing that your lender is flexible and will not further drop your credit score.

By accepting a loan from a private credit lender, are you punished with a lower credit score?

Unknowingly to many a consumer, some of the these lenders have programs that actually hurt your credit score! Wow! Talk about a catch 22. These programs are not as prevalent as they once were and you are much more likely to not run into these programs as in years past.

All in all, private bad credit lenders have a lot of good about them. They offer higher interest rates, yes, but they also offer a loan. This is more than can be said about the bank around the corner. If you need a loan and are unable to secure one at a bank, do your research and apply with a private bad credit lender.

About the Author: Ann Born is a writer, researcher and website designer. She has managed Credit Repair sites that tackle the topic of Private Bad Credit Lenders at http://www.officialcreditrepairtips.com – for over 3 years and has written 100′s of articles. All rights are reserved. This article may not be reproduced in any way without including the Author’s Bio.