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People have heard of the hard money loan, but few actually know what it is. Care to find out?

This is actually a private loan where cash is transferred to the borrower from the lending company in order to make a large, hard to afford purchase (quite often in the form of real estate, like a house or office). Because of the risk involved most companies do not allow for a hard money loan, and if they do they'll tack on very high interest rates as well.
That said, outright borrowing real money can have its advantages. For one, since it's a private loan the terms of the advance are generally negotiable between the two parties involved. Normally such lending would be subject to federal or institutional guidelines and thus not allow for any sort of negotiation on the particulars of rates or repayment times whatsoever.

It's hard to apply for these kinds of loans. Those who go for such advances generally:

• Possess a bad credit history, or don't have any credit history at all
• Need to refinance very quickly and can't waste time dawdling
• Have income that's unverifiable and thus wouldn't pass normal loan checks
• Have a history of bankruptcy or other kinds of foreclosure, such as on their home
• Just plain need a hard form of money

Regardless of reasons the hard money loan is just like any other advance: the applicant must reimburse the lender with the money, plus interest, within a specified period of time. Otherwise they may lose whatever form of collateral they put up to back their advance.

It's unadvisable for most to go for a loan in hard form. It's very easy to lose paper money or spend it on something other than what it was originally intended. As such it's not recommended that those who have a history of immature money decisions accept these kinds of advances, as they can quickly see themselves into deep debts from which there are few avenues of return. Mature investors, however, may want to consider money if they've no other choice.