Dear Money Guy,
Man, I'm in a true cash crunch. I need about $1000 as soon as possible. One of my friends told me about a company that does hard money loans in Chicago (I live just outside of the city). But when I think of "hard money," I think of loan sharks and broken legs for not paying on time. Is it still like that?
Should I even contact those companies that offer hard money loans in Chicago?
- Randall M.
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Hey Randall,
Although hard money lenders face much more regulation nowadays, it's still not an option to be used unless it was the absolute last resort. So no, I don't think that you should consider getting a hard money loan in Chicago (or in any city for that matter).
The potential risks associated with hard money loans would not be your best option. Besides the incredibly high interest rates and the excess points on the loan, the speed at which you can find your owing more and more if you don't pay the loan back in time is truly frightening (and perfectly legal).
If all you need to come up with is $1000, a much better option for you would be getting a payday loan. These are easy to qualify for, can happen online, and you can have your money in as little as 24 hours. And because of the way they set up the loan, it's much less likely that you will default on it (and end up paying unnecessary fees).
Here are three payday loan companies that I recommend to my readers:
1. PayCheckToday.com
2. Secure Money Store
3. Team Quick Cash
Hard money loans in Chicago? No, you are placing yourself at risk for no reason. To get a quick $1000, I'd recommend getting a payday loan. It accomplishes what you need to happen, without the incredible risk associated with hard money loans.
Regards,
The Money Guy
Hard Money Loans In Chicago