Sometimes, we all face a typical situation, when a greater amount of money is to be borrowed because of some urgency, while there is not much money left with you currently. Such urgent greater financial help can be sought from personal bridging loan. This loan is usually made for enabling you to buy a home instantly and you can repay the loan after you have sold the old property. But you can use the loan for any other personal purpose as well.
These loans are given for a very short period of few months to a year, until you have finally arranged the money from own sources to repay the loan. Usually, main motive behind taking out the loan is to get the approval instantly. These are quick loans, as the borrowed amount is made available usually within 24 hours.
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For such an instant approval of the loan, the lenders generally give it against the borrower's old home that is to be sold. Depending on value of collateral, you can borrow any greater amount in the range of £25000 to £500000. You can repay whole of the loaned amount, when you have sold your old property. Usually, these short-term loans are provided for few weeks to a year.
Personal bridging loan is given as open and closed ended loan. The open ended loan is when the terms and conditions of selling old property are not yet, while in a close ended loan, you apply for the loan after finalizing the terms of selling the old property.
An advantage is that even bad credit borrowers can find these loans without much fuss over their payment history. So, without worrying about your blemished history, the loan is made available quickly.
However, despite being secured one, personal bridging loan carries high rate of interest. This is mainly because of the loan is offered for short-term. Still, if you apply for the rate quotes and compare various lenders on internet, a comparatively lower rate is possible. Make the repayment on time to avoid debts.
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