Bridge loans for Bad Credit are a short-term financial loan which helps people correct their funding situations and ‘bridge’ time periods, whilst they seek to secure long-term funding.
The rise in Bridge Loans for bad credit has become more prevalent today as banks and building societies are now more stringent in their checks due to the recent banking crisis. They can now take elongated time periods to approve with additional due diligence on larger loan requests.
Raising capital through a bridge loan for bad credit is usually a simple, quick process with repayment terms for bridging loans are usually being as little as 2 months. The repayment time can be up to 12 months but under some circumstances can be extended up to 2 years, depending on the repayment plan chosen by the applicant.
With the recent banking crisis, the tough financial economy has left many individuals suffering from bad credit and large credit issues. These situations have made it increasingly difficult for people to secure any type of finance they need including their mortgage. Having bad credit will affect a person’s chance of securing any type of loans including personal loans, mortgages and even credit cards.
Credit ratings are generally the first component lenders will look at in order to gauge eligibility, with past credit problems coming back to haunt people looking to secure a loan. Luckily, bridging finance is widely available, with bridge direct offering loan services even to those who are suffering from poor or adverse credit.
There are many benefits to using bridge loan or bridging finance and can offer a solution to many situations. Bridge Loans for bad credit offer great benefit specifically to people who are suffering from bad or adverse credit.
As a general rule, bridging finance lenders, like bridge direct, are more flexible when it comes to successfully issuing a loan when you have bad credit. As a lender, we are more comfortable and more likely to extend financing without taking a poor credit score into too much consideration, and assess the situation as a whole.
Additionally, bridge direct can ensure that these loans are arranged and completed quickly, this makes it possible for borrowers to resolve any financial issues fast and help get their credit score back on track.
Bridge Direct is available to answer any questions and secure them the best possible deals on a bridging loan, even if you have bad or adverse credit.
Our team can thoroughly explain the bridging loan process and how it works along with what information is required to submit your application. Additionally, we evaluate each situation on its own merit to ensure the right deal for you.
If you are concerned about past CCJ's or previous mortgage arrears, it may still be possible for you to qualify and apply for a non-status bridging loan. We assess every situation individually, with the possibility a loan can be arranged regardless of your credit history or income status, essentially ignoring previous credit history.
So, do not let poor credit hold you back, Bridge Directs bridging loan financing is available, even for those who have bad or adverse credit histories and are here to help and guide you through the process. With over 30 years of experience in the financial and mortgage service industry, we can build a tailor-made package that suits you and your Bridge Loan requirements in Kent, Surrey, Sussex, London, Manchester, Hampshire, Essex, Wiltshire and the entire United Kingdom.