'Financial support at the right time' is the motto of a personal bridging loan. It helps you when you need money and stays with you at the time of financial crisis. So, grab it whenever you need it most. However, before that let us have a basic understanding about this loan.
Actually, a personal bridging loan is a short term loan, which is made to meet the personal requirements of a borrower until he arranges finance for him. It helps a borrower to bridge the gaps between two transactions involve in a purchase arrangement i.e. sale of his old property and purchase of a new property. It is generally used to help those borrowers, who want to buy new property without selling the current one. Thus, a personal bridging loan can be utilized to cover the financial problem between the process of buying a property and selling the old.
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You can opt for a personal bridging loan for any purpose or for any reason, such as:
o For purchasing a new car, jewellery etc
o For buying a new home.
o For launching a new business or expanding the current one.
o For wedding, education, holidays.
o For debt consolidation.
o Miscellaneous purpose.
Personal bridging loan can be categorized as follows:
Open bridging loan: You can always opt for an open bridging loan, when you want to buy a new property without having a proper idea about when to sell your current property.
Closed bridging loan: This type of loan is different from open bridging loan. Here, a borrower needs to finalize his proceedings for sale of his property before applying for loan.
You can avail personal bridging loan at a good amount of money. However, it is your collateral and its value, which will ultimately determine the amount of your loan. If utilized well, a personal bridging loan can be beneficial for you in many ways. But, you should know the fact that it is a short term loan, which involves a higher rate of interest.
Now, a personal bridging loan is available to both good and bad credit holders. Thus, a borrower having CCJ, default, arrear etc can also enjoy all of its benefits. Moreover, by repaying the loaned amount in time, they get the chance to improve their credit score also.
You can avail a personal bridging loan from various lending organizations and banks. However, you can also get it through online method. This method gives you the flexibility to meet innumerable lenders, select the lender of your choice and avail the loaned amount quickly. With all such features, a personal bridging loan is definitely a great help during your financial urgency.
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