If you are considering your loan options and have come across bridging finance loans, then you have certainly uncovered a good option. To understand how bridging finance works, you need to understand what it is, by definition. Bridging finance is ultimately a short-term loan that is secured against future income, as a result of a transaction that involves the sale or property, otherwise known as collateral.
Such a loan is extremely convenient in that it offers immediate financial assistance that is relatively easy to acquire. Bridging loans are most commonly used in the following situations:
- Your cash flow is in trouble while you wait for money to be paid out to you.
- You need money right now for an emergency or unforeseen expense, and cannot wait anymore for your usual funds.
- You have sold your home and are waiting on the money to be paid over to you.
- You need capital to start a new business venture.
These are just a few of the scenarios in which taking out a bridging finance loan can be beneficial to you. While there are various places that you can go to get bridging cash, it is best to weigh up your options before you make a decision. Often, it is more the interest rate and repayment terms that are of importance, than the actual amount that the institution is willing to loan you. Being able to take a hefty lump sum will only work against you if the interest rate attached is too high.
Also, if you are making a loan against a collateral item, make sure that you can afford to lose it if you are unable to repay the loan amount in the end.
At XCELSIOR, we often encounter individuals who are desperate for bridging finance and simply don’t know where to turn to. This is where XCELSIOR shines. We provide our clients with solutions, not more problems. We will help you to overcome your financial crises by offering you the opportunity to take a loan out against your car. This type of loan is simple to be approved for, as you are providing collateral. This means that there’s no need to do a credit check or confirm that you are employed. Your collateral item takes care of that for you.
What happens if you aren’t able to repay your loan? We simply sell the vehicle to cover the costs. If any additional profit is made, it’s paid directly over to you. We keep it clean cut and simple – just like our repayment terms. There’s a choice of course. You can pay the amount back in one lump sum, or you can agree to make set monthly repayments. Choose what suits your financial situation best and enjoy the convenience of a loan that is designed to cater to your needs – after all, that’s the point of a financial helping hand, isn’t it?
If you would like to learn more about our bridging finance loans, contact us via email or telephone. Alternatively, apply for a loan with us online.