Business Blog for Small Business

Day Late and a Dollar Short

06/06/2013 23:25
Sometimes, life doesn't go as we planned. Making a few bad calls or decisions, getting really sick, or just losing your source of income can lead you down a rocky road of financial instability. When people you owe money to don't get paid things can get really scary. First it starts with phone calls, these are friendly at first but then the tone starts to change. They call every couple of days which slowly increase in frequency and severity. Your mail box gets bombarded with letters and past due notices which start as a nondescript white but change color as the bill goes longer without being paid. After a while, if the debt still isn't settled, you may want to consider applying for hard money lending.
A private hard money lender is a company or a conglomerate of companies that work alongside commercial retailers and home owners to help them pay their debt. When you need to have a lump some of money to pay for a real estate mortgage for commercial or residential use, they can offer the amount of money and discuss a plan to pay their money back. While hard money lending will help you quickly, you have to make sure you can afford to pay them back as well as your other bills. Some are amiable enough that a payment system can be set up if you have failed to do so with the retailer, however if this isn't adhered to, it may be difficult to afford every day needs.
If you're unable to pay your hard money lenders right away or every month though, they will set up a payment plan with you. Without being upfront about your income and budget, this can be a stressful and frightening time as every phone call could be from another person looking for money that you don't have. Fortunately, there's hope. 
Private money loans  are usually small amounts of money (not over $5,000) depending on your credit check.While it may be frustrating while applying for a loan. This helps keep the payments low and will help you keep a good credit score in the long run.
Money trouble can be some of the most stressful and trying issues that will come up in your adult life. It's not always an easy thing to manage when the unexpected happens. When the worst happens, it's important to keep calm and carry on with your normal life. Using hard money loans can help you stay afloat without going further into debt.