Today we want to talk loans, because you may not know much about certain types of loans. There are many different types, from auto loans, to mortgages, to education loans and private money loans. Because there are so many reasons for us to take out loans today, you want to be prepared for everything involved with the process. When you know your needs, you will be able to talk to your bank about loans and which one fits your needs. As you obviously know, you won’t be able to retain a mortgage for a school payment, so there are some things that you should know about each one, which is why it helps to talk to your bank.


In many cases, you will be required to have decent credit to secure a loan, because you are essentially proving to the bank that you will be responsible with the money. You want to show that you have good history of repaying certain aspects of your life and will continue to do so in the future. This means that you should always be knowledgeable about your credit history and try to build up your score as much as you can.

The Ins and Outs of Specific Loans

You may have heard of a popular types of loan: the hard money loan. Hard money loans have a very quick turnaround, which is why they are appreciated by many. They offer higher interest rates and lower loan to value ratios. These interest rates can start at 15%, 18% or more, which is one of the downsides to these loans. Most hard loans are protected so that banks know that they are not losing out on money. The investor will usually require a 30-50% equity. Banks prefer that those taking out business loans particularly take precautions before they do so. This is why they want to see you be in business for 2 years, have at least $250,000 of annual revenue, and have good personal and business credit.


If you are looking to secure private money loans, there are options out there for you, you just have to look and be skillful about it. Choose the loan that works for you.