Why Savvy Millennials are Turning to Hard Money Lenders

Millennials have struggles prior generations didn’t. However, many are now making their dreams come true with the help of Arizona hard money lenders anyway.

Millennials often get a bad rap for their tendency to stay at home with their parents longer than prior generations have, plus this is the same generation that popularized ridesharing and home-sharing. Necessity is the mother of invention and, undeniably, has caused people in this age group to adapt in ways their parents and grandparents didn’t.

Research from Business Insider indicates that wages are up 67% since 1970, which sounds great until you realize that rent costs have risen nearly 100% in the same time period and tuition at public colleges have jumped more than 200% since 1982. Not surprisingly, the credit bureau Experian now reports millennials have more than $80,000 in debt on average. A staggering amount of this is student loan debts, but credit card debt accounts for a large portion of it too. Credit scores are suffering as well, with the average millennial only managing to obtain a “Fair” FICO score, sitting a significant number of points behind national averages for all age groups. This makes it hard to cover daily living expenses and get loans, which makes it all but impossible to get ahead.

These are some big challenges which have caused younger Americans to delay milestones such as homeownership and starting a family. It has also led to a rise in sharing apps, like Uber and Airbnb. The savviest millennials, however, are eschewing the norms altogether though. They’re working with Arizona hard money lenders in a number of areas to improve their lives today and get a head start on growing their long-term wealth.

Side Hustles Funded by Alternative Lending Give Millennials a Helping Hand

One of the key components for millennials who get ahead in today’s economy is having a side hustle, which can often be financed by hard money lenders. The ideal side hustle can be carried out without quitting one’s day job and involves skills which coincide with skills the individual already has. Current trends include house flipping and home rehabs, running an Airbnb or other vacation home, and starting up grow operations.

A broker can help you even if you’ve got rotten credit!

Banks turn people down when they’ve got bad credit or are getting into certain types of businesses, but Arizona hard money lenders don’t. Instead, they look at the overall business plan, it’s potential profitability, the risk involved, and the skill of the entrepreneur. This makes it easy to get approval even if you haven’t been in business long, are struggling with student loan debt, or have rotten credit. If you’ve got a great idea for a side hustle, but can’t find the funding you need to get it off the ground, speak with a broker who specializes in alternative lending and can match you with a private individual who has the cash to help you get started, knows the industry you’re getting into, and wants to help you succeed.

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Dennis Dahlberg

Broker/RI/CEO/MLO

Level 4 Funding LLC

Private Hard Money Lender 

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22601 N 19th Ave Suite 112 Phoenix AZ 8502