Unfortunately, it has become a more common practice for some licensed money lenders to be called loan sharks as opposed to private money lenders or hard money lenders.
For an outsider, the question may come to mind, “What exactly is a loan shark?”
Loan sharks exist in not only in the United States but all around the world, as well. Loan sharks are known for issuing loans to people for a benefit (such as interest gain) without a license.
Loan sharks are popularly recognized for their notorious behavior, how they harass people when their loan is due, and for their impeccably rising interest rates. Loan sharks are malicious in all industries and may exist among even licensed money lenders. Unfortunately for licensed money lenders, loan sharks have given the private money lenders a bad name in the industry.
Fortunately, private money lenders who are licensed would provide a set of services that can guarantee potential borrowers that they are a legitimate firm.
• Licensed hard money lenders would be able to explain the terms of the loan in a way that can be understood by the borrower.
• Licensed hard money lenders would set an unsecured loan amount based on the income of the borrower.
• Licensed hard money lenders would make sure overly high-interest rates aren’t charged.
• Licensed hard money lenders would be registered and able to prove that.
Before going down the road with any private money lending firms, make sure you perform thorough research on the potential firm you may choose.
If you are looking for Money Loans Spartanburg, SC for your real estate investments BridgeWell Capital is one of the most reputed and trusted firms in the state.
BridgeWell ensures secure loans in addition to super-fast funding and approval to make sure clients are able to make their real estate investments dreams a reality.