The most redeeming qualities about secured loans are that lenders typically won't check credit, and the loans aren't reported to the credit bureaus. But while you're frantically trying to gather enough money to pay off those loans, you may neglect paying off things that do affect your credit.

It is hard to apply a rule of thumb toward savings, because it varies with age and income level. Ten percent is a good start. If you find that is too high for you, don't let that deter you. You can start by putting a little aside each month and then slowly increasing it.

Commercial hard money lenders typically issue loans up to 80% of a property's loan-to-value. Commercial hard money lenders typically issue loans up to 90% of a property's loan-to-value.