Most loans require proof that you can repay them. Usually, lenders are most interested in your credit and income. If you have a solid history of borrowing responsibly and the ability to repay loans, you'll probably have no problem borrowing money.

 

If you can't qualify for traditional loans, hard money may be an option. Hard money is a loan that uses an asset (or collateral) to secure the loan. Instead of evaluating a loan's risk based on your financial position, the lender makes sure that they can get their money back by selling your asset if you don't repay as agreed.

 

Hard money loans are generally short-term loans, lasting from one to five years. You wouldn't want to keep them much longer than anyway, because interest rates for hard money are generally higher than they are for traditional loans.