Bridge Loans: The flexible loan
Bridge loans are one of the most versatile loan types currently available in South Africa. Usually, a bridge loan is used to “bridge” finances during tough times. The period of repayment depends on the arrangements that you make but they can be either long term or short term, giving you from 2 weeks to 3 years to pay it back. It is this flexibility that makes this loan so helpful and has helped to make this loan type rather popular.
Loans are not just for individuals who need some extra cash for whatever reason. Loans are also a much sought after financial aid for businesses. Helping your business to financially survive during the quieter times of the year or being used to start up that new company division, loans have helped many a business expand and grow. The bridge loan is one of those loans that are really great for business use, mostly because they are so flexible but also because they provide an easier financing option. A bridge loan can be used during that in-between period when a company is waiting for financing to be approved but in the meantime needs money to continue operations.
Because the bridge loan is normally considered to be a short-term loan, it can be a little pricey to take out simply because there is more risk attached to such a loan. This risk can push up the interest rate of the loan and reduce any discounts that might be offered with the other types of loans. The other type of short term loan that is worth having a look at is the payday loan, however, this type of loan has a much shorter repayment period which can be problematic depending on the reasons why you are applying for the loan.
The reasons for needing a loan are completely your own. Whether it is to ensure that you have enough money to get through the remainder of the month, money for an expense you would not be able to otherwise afford or if your business needs some cover until more finance becomes available, a bridge loan will be able to assist you with your needs. Loans that are easily accessible, don’t require you to fill out plenty of paperwork, and which are affordable in the long run, are exactly what you can expect to find when you take out a loan with us.
Because the bridge loan is typically a short-term loan, it is ideal for buying appliances or for covering your monthly bills. You will have some flexibility with the amount of time you have to make the repayments but it is still wise to make sure you don’t overspend. One thing to keep in mind when you are working with a flexible loan like this is that the longer you choose to repay the amount, the more interest you will have to pay back.
Why should you choose a bridge loan?
Every loan has some benefits and the bridge loan is no different. The biggest benefit is that those with bad credit are not excluded from applying for this loan. Bridge loans for people with bad credit are available. We will take into consideration why you have a bad credit score and then take the process further from there, you will not automatically be turned away.
The next big benefit has to do with the loan being so flexible. You can manage your loan and make the payments using a timeframe that suits your needs. You can contact our team to discuss the kind of timeframe you are looking at before you apply, they will be able to guide you.
Do you need a bridge loan? Talk to us, we want to help you.
You can apply for your loan online, eliminating paperwork and the need to travel. Once we have assessed your application, done a background check, and your application is approved, the money will be quickly transferred into your account. Our fast loans are reliable and will help you when you need money in a hurry. Contact us today to find out more about our loan options which include cash loans, consolidation loans, payday loans and personal loans. We are waiting to assist you!