Bridging finance can come in all kinds of shapes. Usually, it is used to tide a person over from one financial situation to another. For instance, a person may need a substantial deposit to secure an apartment, but their current paycheque does not quite cover the expense, so they need extra finance. Sometimes, a cheque may be coming in, but in the meantime, some serious money is needed to pay for something important. This is why it is called “bridging finance”. It builds a financial bridge between what you can afford at the time, and what you can repay later. If you need cash in the middle of the month, but you know your salary will only pay out at the end of the month, you should consider bridging finance to help you during this period of time.
While the concept seems easy, it can be very difficult to secure if you choose to approach banks and financial services institutions. In the economic climate of today, they are quite often very reluctant to hand over money to anyone, especially in the short term. Banks and other loan companies tend to get the most revenue from long-term loans, which are secured against properties and other more valuable assets. Short-term loans and bridging finance are hard to come by and even harder to qualify for!
This is why our team at XCELSIOR has come up with the ideal solution. We can help you financially so that you can pay the bills and spend the money you need in the short term. We do not even look at your credit record or whether you own a home! All you need to qualify from some short-term financial support from us is a viable vehicle. This can be a car, bakkie, caravan, motorbike, or truck.
Here is How We Do It
If you have a vehicle that you can offer as collateral, we will be able to provide you with a bridging loan for up to 50% of the value of the asset. This means that if you have a caravan worth R55,000, we can provide bridging finance for up to R27,500 to help you pay your bills. We do, however, take custody of the vehicle until the loan is fully paid off. We have a secure parking facility where your assets are taken care of around the clock, and once your bridging loan is paid off, your vehicle is returned to you in its original condition.
All you have to do to secure your bridging finance is to visit our offices, apply online, or give us a call. We will then send someone to determine the value of your asset. Once this is done, the application process will commence during which we will determine how much money we can lend to you. We always take the time to ensure that our clients fully understand the terms of the agreement, the interest rates, the repayment terms, and the number of repayments.