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Sep 28, 2017 - 34 minute read

Using land as collateral for construction loan vs cash down

Credit Check. Most loan lenders run a traditional credit check when you request a small loan. There are exceptions of course. It all depends on each individual lender. When you request a larger loan, lenders may check your credit with three major credit reporting databases. When you request a payday loan, you must be aware that a credit check may be involved. No Credit or Bad Credit OK. If you have no credit at all, there is nothing for a lender to check, except for your employment income or any income you receive.

No credit does not disqualify you from getting a loan.

Using land as collateral for construction loan vs cash down

Debt can cause breakdowns in marriage, sleepless nights and constant anxiety, so when a text message can be sent to a lender and a loan received in 15mins, who really is going to say no when other options are not available. If you are at this point and have many payday loans, then you probably have bad credit anyway and couldnt get a personal loan from a bank, or didnt earn enough to qualify for one.

So right now if you are paying charges and interest and have defaults, the priority for you is to at least keep your wages every month and not be in the position of paying 90 of them to these lenders every month. So to enable that, you have to do 2 things. Go to your bank where the account you pay the lenders with every month is based and have a meeting with someone in the bank. You have to say you are suffering hardship and use that exact word.

Explain you cant pay your debts and need to stop the direct debits going out of your account.

Using land as collateral for construction loan vs cash down

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