Money lending is very common these days, because people have raised their expenses than their salary. In this case they have to lend money. But some of the bid business man also lend money to save their tax. As loans helps in getting rebate from the tax, so most of the people also lend money in order to save tax. Now the question arises from where we can lend money. One of the most common way are banks. Some of other money lending services also available in our market. In this article we will discuss all of them. For more help search Houston hard money lenders.
Banks: Banks are the most common ways of taking loans. These are the official money lenders. They give money after checking the whole property and the documentation of the person. After that they pass the loan to the person. The interest rates are different for every bank. These lies from 12% to 15%. Customer can pay his loan by paying the installments with interest. But banks takes some time to pass the loans.
Hard money lenders: These are the money lenders who do not work under any government or banks. These are not registered lenders. But they give money on the same time the borrower ask to them. These hard money lenders charge high interest rate because in case borrower does not return money, they can overcome the risk in the interest.