Bridge loan is a fast and convenient way for people to get immediate cash to fulfill their obligations. There are very few restrictions to apply for a bridge or an installment loan and almost all people can apply and avail these loans. These loans are designed to ensure that the processing time is very less for the benefit of the customers. They also are optimized to ensure that the applicants get their loan amounts immediately without having to undergo much verification and authentication procedures. A typical installment loan can take only a few hours from the time of application to its sanctioning and disbursal to the customer. This instant nature of these loans has made it very popular with people, especially the salaried class. The documentation procedure with a bridge loan is also simplified and the customers will only need to provide their bank details, employment proof and salary details to the lenders. In many cases, the lenders do not even ask for additional documents like job continuity proof, residential proof, etc. They also do not conduct credit checks to many of the bridge loan applicants. This simplicity in documentation and procedure ensure speediness of delivery.
Instant payday loans and installment loans are also a great way for people with bad credit to obtain loans. Since these loans are based only on the current employment and salary details, the credit scores play a very minor part in their sanctioning. These loans are also for a very short duration and the risk for the lender is minimal as a result. They can afford to provide these loans to people with bad credit. The interest rates with these loans are a little higher when compared to other loans due to their unsecured nature but this higher rate is well compensated by the quicker processing time and lesser documentation procedures involved in the loans. There are many lenders who offer instant payday loans and other types of bridge loans and the customers can check all the options available to them before finalizing the loan type. The repayments are usually automatically done from the applicants’ bank accounts and the duration of the loan is only till the time the applicants receive their next pay check. It is possible to increase the loan amounts and duration of installment loans and the customers are best advised to check their eligibility before applying for these loans.