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Answered 2005-03-17 15:51:22

YES It is possible to procure a loan under these circumstances. These type of transactions are often referred to as "predatory lending". The potential borrower needs to be extremely cautious before entering into any agreement. These lenders charge maximum interest rates and add on many fees and conditions. The borrower can be certain there will be precisely worded stipulations contained in the agreement. Those clauses will allow the lender to take quick, legal, and binding steps to appropriate property if there is the slightest default in terms.

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