For Instant Secured Cash

By: Aisha Cristal

You would have come across a particular situation when one of your financial transactions depends on some other transaction. This is a common phenomenon in transactions related with home. Sometimes you want to buy a new home at the cost of your old home. You want to pay for your new home out of the profit of your old home. You can see it involves two transactions. The problem arises when the time gap between the two transactions are more than the expectations. A home may attract you, but you are still searching for a customer for your older dwelling. If you find the customer, then the whole sale process would take much time. In these particular situations you need not worry. Banks and financial institutions have a solution for this particular problem in the name of bridging loans.

Theoretically, bridging loans help to bridge the gap between two different transactions. You can get instant cash as loan to buy a new home which you will have to repay once you get your old home profit. These loans are short term secured loans. Most striking feature of this loan is that it takes a short time for approval. Generally, bridging loans assist your financial requirements for one year. You are required to convert your old dwelling into cash and repay to the lender along with the interest. In the UK bridging loans are becoming popular for getting fast cash.

These loans can be of two categories:

1- Open Bridge loan- Here the borrower has already entered into a contract for the sale of his/her old home. Here the risk is low from lender's point of view.

2- Closed bridge loan- Here the borrower is yet to put the old dwelling for sale but the new home has been searched. Now the lender may put a condition for a particular time period for the loan to be repaid.

Borrowers can expect loan assistance up to ?500,000 through bridging loans. In case of bridging loans the rate of interest is higher, because these are short-term loans.

If you have some asset in the UK, like a home, you can opt for online secured loans also. These loans are gaining popularity in the UK. Here you are required to put one of your assets as security, like your home or car. People are going for these loans due to their low and attractive rates of interest. Online secured loans in the UK can provide loan ranging from ? 3000 to 250,000. The amount in online secured loans goes up to 125% of the value of the property depending on conditions. As name suggests these loans are available online. These secured loans are cheap as well as fast also. Home improvement, debt consolidation, car buying or any such reason can be the cause for having these online loans. Online loans are also available for bad credit holders of the UK with some slight variations in the rates of interest.

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