Bridging loans are interim loans. A bridging loan is that you take when there is a temporary shortage of money like, when you are moving property or business. For example if you are in middle of moving house, and found the perfect new home but you cannot sell your current home, then you can go for bridging loan to pay for the shortfall. As the name suggests quick bridge loans are very fast sanctioned ones. It takes hardly 24 hours.

Quick bridging loans are generally secured loans, the property which you are going to buy being the collateral. These loans are risky for lender since till now you are not the owner of property which you are keeping as collateral. Here the interest rates are very high as these are very quick and risky for lender. One can avail this loan even in the following situations - One may be pondering over purchasing of a property from an auction, in which case one needs to raise the funds very quickly, thinking of refurbishing an investment property in mood of selling it in a short space of time, covering temporary cash flow problems or taking off on a luxurious holiday.

Figures of quick bridging loans

The loan amount is usually 65% of the value of properties placed as collateral; you can borrow between £25,000 and £500,000 as a standard figure. Interest rates are normally 10% APR to 30% APR. Repayment time period is very short as already mentioned; normally it will be around two months.

Quick bridging loans are usually sanctioned in one to two days, so all that you have to do is to be ready with all required documents so as to make it faster. You can find galaxies of quick bridging loan lenders online, select one who satisfies you the most and apply for loan.

Summary

Quick bridging loans are short-term financial assistance or loans that help us when we are in need funds for a limited period of time. These loans have small repayment time period and are sanctioned very quickly. So whenever you are short of money temporarily then blindly you are advised to get quick bridging loans and manage your financial situation.