Bad credit lenders, aka hard money lenders, are found in every facet of the financial spectrum. They’re like fleas on a dog and wear many masks. They try to sell you quick fixes like immediate cash, new credit cards, debt consolidation, mortgage loans, rent-to-buy furniture outlets. So, why would any sane person subject themselves to doing business with such sordid characters? Well, when you need bad credit lenders you need them. And even though you know that it’s most likely not in your best interest, you do it anyway as a band-aid on your bleeding financial situation until better times pay you a visit.
One of the bad credit offenders that take your money, or what’s left of it, is the new credit card surprise. You receive in the mail or see online, an offer to get a new credit card from a lender you’ve never heard of. They will issue you a card with a $200 limit. Filling out the application you discover this company wants an upfront payment of $59 bucks plus another $20 processing fee. The trick is, they quickly have $79 dollars of your money, and the interest rate is 27 percent. If you charge up to the max of $200 bucks, make a couple payments then drop out, they could care less. They cancel the card and move on to another sucker. These credit card quickies never pass the smell test.
Another offender is the bad credit mortgage lender who’ll be quick to place a third mortgage on your property if you need cash. These people are vultures flying lazy circles over your house and are ready to accommodate most all your financial problems. At 14 percent interest and a maximum loan of $2,500 dollars, you’ll be in a boat without a paddle after they garnishee your wages and lien your property for non-payment because you had to personally guarantee the loan.
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