Steps to take if you can’t make ends meet because of the COVID-19.

With the coronavirus pandemic causing many workers to lose hours, it’s more important than ever to know what financial options you have.

If you don’t have an emergency fund and are struggling to make ends meet during these uncertain times, here are steps to take.

Contact creditors right away

If you’re concerned it will be a struggle to pay your credit card balance, student loan debt or utilities in the coming months, the National Consumer Law Centre advises contacting your creditors as soon as possible and asking for hardship concessions.

Consider a personal loan

Personal loans can help out in times of income insecurity. Banks, credit unions and online lenders offer them.

Send temporary hardship letters

If you are having trouble paying your mortgage, your first step should be to seek out a legal advocate, according to the National Consumer Law Centre. From there, you can send hardship letters to lenders, like your mortgage company, to see what your options are.

Need Urgent Help?

Magna Capital Group, Inc. provides equity-based private and hard money loans for residential and Commercial properties for subprime money borrowers. For more info please visit our website www.magnaloans.com.

Magna Lending Service offers :

Private Money/ Hard Money Loans

Commercial Real Estate Loans

Residential Home loans-Purchase and Refinance

Bridge Financing

We can fund your loans in 5 Days !

Please Email your loan scenarios to Shawn Molem at Shawn@magnaloans.com for immediate response

Why Use Hard Money?

If hard money is expensive, why would you use it? Hard money has its place for
certain borrowers who cannot get traditional funding when they need it.
Speed: because the lender is mostly focused on collateral (and less concerned
with your financial position), hard money loans can be closed more quickly
than traditional loans. Lenders would rather not take possession of your
property, but they don't need to spend as much time going through a loan
application with a fine toothed comb – verifying your income, reviewing bank
statements, and so on. Once you have a relationship with a lender, the process
can move quickly, giving you the ability to close deals that others can’t close
(that’s especially important in hot markets with multiple offers).

Flexibility: hard money agreements can also be more flexible than traditional
loan agreements. Lenders don't use a standardized underwriting process.
Instead, they evaluate each deal individually. Depending on your situation, you
may be able to tweak things like the repayment schedules. You might be
borrowing from an individual who’s willing to talk – not a large corporation
with strict policies.
Approval: the most important factor for hard money lenders is collateral. If
you’re buying an investment property, the lender will lend as much as the
property is worth. If you need to borrow against a different property you own,
that property’s value is what the lender cares about. If you’ve got a
foreclosure or other negative items in your credit report, it’s much less
important – some lenders might not even look at your credit (although many
lenders will ask about your personal finances).
Most hard money lenders keep loan-to-value ratios (LTV ratios) relatively low.
Their maximum LTV ratio might be 50% to 70%, so you'll need assets to qualify
for hard money. With ratios this low, lenders know they can sell your
property quickly and have a reasonable shot at getting their money back.