At present, there are many individuals who are faced with urgent situations, where they require cash. If the amount were not affordable, they would have to seek help from lenders. Given that, there are many reliable and private parties to seek help from. However, given the lengthy procedures that are followed to approve a loan, individuals search for other options. This is where ‘hard money’ is a promising option even though there are several drawbacks. You might be in a situation where you should pay the hospital bill for an urgent surgery. However, you don’t have sufficient funds to proceed with the operation, which needs to be done sooner.
Or, you might have to pay your child’s school fees, which you aren’t able to fulfill. These emergency situations require quick funding and cannot be obtained from banks, lending institutions, etc. For that matter, hard moneylenders are a highly sorted option in time sensitive dilemmas and situations. On the other hand, there are majorities who aren’t familiar with these services and others doubting it. Here are some reasons for considering this funding source:
• Speedy procedure
Unlike banking institutions a private moneylender could lend the money faster. That is, other licensed and legitimized institutions take more than a month to process the request. However, with the private parties, you could get the documentation arrange and obtain the funds between day to 2 weeks.
• No credit history required
Banks and other legal lending institutions require personal accounts and banking histories. Therefore, if you’ve had a bad credit history, the request for a loan would be declined. However, another reason for selecting this option is that poor credit scores and histories aren’t taken into account.
• Open to any individual
Unlike applying for a loan from a legal moneylender in Singapore, you do not have to be concerned about your job title. They only consider the value of the property that is given as collateral against the lent amount. For that matter, any individual who has a capability to pay could reach these individuals.
• Flexible terms
On the other hand, anther reason for opting for hard money is that, the terms of most lenders are flexible. It could be related to the amount borrowed, repayment schemes, etc. Therefore, individuals who struggle to pay back or require unexpected additional funds could choose this option.
There are many dire life situations that individuals go through, which require funds. For that matter, they look for various parties to lend money from. However, the protocols, the interests, documentations, etc. only adds to the matter. Therefore, individuals are more likely inclined to private funding sources such as hard money. Hence, consider the aforementioned reasons when you’re in need of quick cash.