title loans rapid city sd

Title loans rapid city sd

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High interest rate : There click the following article no nationwide interest rates for private money lenders, so each lender sets up their own rate. Very short title loans rapid city sd term duration : Similar to hard money loans, private money comes with a very short repayment period, in most cases up to 12 months.

Sometimes, borrowers might be title loans rapid city sd to negotiate a loan term duration of two to five years, depending on the lender. High risk : Private money loans come with a very high risk. Due to high interest rates and short repayment periods, they are good for very solid real estate investments only, with high rental income and ROI. Alternatively, borrowers might lose their investment property as collateral.

Also, private money lenders are less trustworthy than banks.