If you have heard that having no credit or bad credit isn’t a problem, you have heard information that does a disservice. Why? Because bad or no credit will cause you problems, and it will cost you a lot of extra money. Every case is different, and there can be any number of reasons why your credit is bad. If you aren’t sure why, let’s look at some warning signs that you have little or no credit rating to rely upon, or that the rating you have will be negatively affected.
• You pay higher interest rates than advertised when you are able to borrow money
• You only pay the minimums on your credit cards, and never pay down the principal balance
• You are unable to get a contract for a mobile phone
• You see major increases in insurance premiums for your car or home
• You have a history of late payments on mortgages, utilities, or other regular monthly payments
If any of these items apply to you, there are ways to obtain financing that may not rely totally on your credit rating. It’s important to understand that commercial banks and Investors use credit ratings as a primary qualifier for loan validations. The first step is to understand what your credit rating may be, and what is affecting it. There are three credit reporting agencies, and you can obtain your credit report for free. Credit scores are also available for free from selected sites. If you have never determined your current credit score, you may be unaware of credit issues or even incorrect information that will affect you.
If you have little or poor credit and need financing, one way is to use a hard money Investor like AHL Hard Money Loans. AHL Hard Money has investors who are looking for parties like you to invest money. The key is that you have equity in your home or a commercial property. This is what is used to secure the loan. Commercial banks are more interested in your credit score and will often ignore the fact that you hold an equity position. AHL and our investors, on the other hand, see this as an advantage.
Another advantage of using AHL Hard Money Loans is the speed of our process. We can endorse you with our investors much faster than a conventional bank would, assuming you could get a loan from the bank. You can fill out an initial request on our website, or call us at (813) 368-9919 to start the process. We will work with you to get the loan you need. Contact us today; our investors are waiting to assist you.