A Guide To Bridging Loans
Today, getting a loan can often be simple and easy
. You can apply for a loan without having to move out of your home, and some loans can even be approved instantly. Getting a loan may be easy, but repaying loans can be an extremely arduous task. Most people who have taken more than one loan find it difficult to repay loan instalments, as well as meet their day-to-day expenses. Inability to repay the loan taken can result in bankruptcy. However, if you can arrange for finances to meet your requirements, bankruptcy could be avoided. One way of meeting your financial requirements is to get a bridging loan.
Bridging loans are instant loans given against the security of a property. The property that you render as a security can either be a commercial property or a residential property. The loan amount that you receive will vary depending on the value of the property that you have given as security. The rate of interest that you pay will vary depending on the lender. The interest rate is usually calculated on a per month basis. The period of the loan will vary depending on your requirement. These loans are usually given for a period of up to a year. Repayment rules of the loan taken are easy and simple. You can even prepay the loan if you no longer have a need for it.
To be eligible for a bridging loan you don't have to be a regular employee. Even a person who is self-employed can apply for a loan. However, some banks may insist on giving the loan only to permanent employees. Permanent employees are required to show their salary certificate when applying for this type of loan. If a salary certificate is not available, you can show any other proof of income that you may have.
Since property is given as security, most banks and commercial establishments do not perform credit checks on the person applying for the loan. To be eligible for a loan you must be at least 18 years old and must have a bank account. You can apply for the loan online, where certain banks and commercial institutes often offer instant approvals. If you are uncomfortable with an online application for the loan, you can apply for the loan offline if you wish. You can approach the bank where you will be required to fill a form to apply. If the loan is approved, the amount will be credited to the bank account that you have mentioned in your application form.
A bridging loan is useful if you are contemplating buying a property. All financial problems that are associated with buying a property can be handled with the help of a loan like this. This will save you from the trouble of selling your existing property to buy a new property. You can get a loan to buy the new property and sell the existing property when you get the right price. You can place your existing property as collateral to get a loan.
Bridging loans are also available to people who have a history of bad credit and they are extremely useful to meet any urgent financial requirements.
by: Lawrence White
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