Temporary loans or bridging finance is available for people who need money fast. Until expected funds are available. Bridging loans can be applied for for a number of reasons. Including borrowing money for a holiday, getting the money together for a wedding or for business capital finance. Usually when someone requires funds for a short period of time.
Estate agents and property sellers can make use of a bridge loan to see them through with a cash advance. For example until commission comes through on the sale of a house or other property.
Basically, anyone needing funds in a hurry to keep them going until expected money comes through can make use of a temporary loan or bridge finance.
The following video explains the main points of bridging finance.
Banks in South Africa that offer Temporary Loans or Bridging Finance (as some call it)
The major banks in South Africa all offer temporary finance known by many people as bridging loans.
These banks include:
- Absa Bank
- First National Bank – FNB
- Capitec Bank
- Standard Bank of South Africa
- Investec Bank
- African Bank
You can compare the different charges that the banks offer: Comparing Standard Bank, Capitec, FNB, Absa and Nedbank Charges
Low cost bridge loans offer an easy to complete application process with some offering same day payouts.
Borrowers can be confident that they will receive the lowest cost finance and the best service available. In addition with protection by the credit and lending laws of South Africa.
If you are someone in need of money to tide you over until funds are available at a later stage then a temporary loan and bridging finance may be the solution for you. To be able to borrow and get the cash into your account now.
Bridge Or Bridging Finance Loan Applications
Bridge or bridging finance loans offer you bridging finance of 80% of the value of the net surplus proceeds of their transaction.
If the bridging loan is large you can actually negotiate initiation fees and maybe even get discounts on interest rates.
The temporary loan applications are easy to apply for online and often come with a same day payout. Borrowers can be confident in knowing that they will get the best available service. Because protection comes by the lending and credit laws of South Africa.
Bridging finance is often available to property sellers, property buyers, bond switchers. Or estate agents that are handling property transactions.
Bridge loan application forms are available as a download. Or you can fill in and submit online forms from a pc anywhere there is an internet connection available.
So if you have finance coming your way and you are looking for a temporary loan to help see you through… Then bridging finance loans are probably your best option.
Apply for bridging finance and get the loan you need quickly without having to wait for the money due to you.
Because applications for these types of loans can have approval sometimes within 48 hours. So cash transfers go straight into your bank account.
Ideal Candidates for Bridging Loans in South Africa
People who have just sold their house or property can get bridging finance while they are waiting for the registration of transfer to go through. Which can take up to 3 months and sometimes longer. Property sellers are offered access to these loans within 24 hours advance subject to a few requirements.
Also, in a case where a house or property buyer has been granted a bond in excess of 100% of the purchase value. Excess funds can be advanced to the buyer to assist in paying transfer duty immediately.
In Summary of Bridging Finance
Whatever your need for applying for a bridge loan. Filling in an online application form and submitting helps you apply for bridging finance from the comfort of your home or straight from the office.
This information may also interest you: How to Get a Quick Cash Advance Loan