Bridging Loans- Filling The Gap When Money Is Short

Many people aren’t aware of their options for temporary lending because they don’t know that it exists. Bridging loans are ideal for people who need cash quickly for a short period of time, they are ideal if you are waiting for your mortgage to come through but have found a house that you really want to purchase. You can use a bridging loan to pay for the house and then pay back the bridging loan with the money you receive from your mortgage  . Whenever there is a shortfall in finances, people can utilize those loans to care for bills or purchases such as new cars, new homes, or even unexpected bills.

These loans are not like cash advances, which is what many people presume when they see ‘short time  loan’. Cash advances are used on a regular basis and will be for a value of £1000 or under, and are borrowed against your wage slip. Bridging loans can vary from up to 250K and are borrowed with the proof that you are able to pay back the money within 1 - 6 months . In some cases, you can be given up to twelve months or extra flexible terms to repay the loan. These are proper loans and not just payday advances that have to be repaid within a couple of weeks.

Bridging loans can be used for a variety of things, and are available in many different forms. Your want to find a lender who can provide you with everything you require. You then need to prove to the lender that you are able and willing to pay back the loan on time. Every lender is different, so what they ask you to provide to prove you can pay back the loan will be different.  You can be approved for a bridging loan within 24 hours which will allow you to receive your money within 10 days.

Bridging loans are a great for people who need money now, but wont be getting it for a few weeks. These loans allow people to buy a new home,pay off bills or a boost of cash when you are running a little short. With variable terms and conditions these loans are ideal for most people as long as you know what it is you are getting into and are confident you will be able to replay the loan.