Most of us can come across situations and instances in our lives where there is an urgent need of money. We might not have enough liquid cash with us to overcome immediate monetary needs. This need can be temporary in nature but the requirement can be immediate and cannot wait or be postponed. These are the situations that warrant the need of a bridge loan. The immediate cash need and the short duration of time for which it is needed can be fulfilled by a bridge loan. Variations of bridge loans can also be called as installment loans or instant payday loans or even short term unsecured loans. All these loans can help people in need of urgent cash and can also be closed completely in one go or can also be availed for a longer duration in which the repayment is done through monthly installments. A typical bridge loan will be for a short duration of time and is expected to be repaid as soon as the next paycheck of the applicant arrives. The usual loan amount for instant payday loans will not exceed the amount that the applicant receives in a paycheck. The repayment options for these loans are also limited and are invariably done directly from the bank accounts of the applicants. Te processing time for these unsecured loans is very fast and the loan amount is usually transferred to the applicants’ bank accounts within a few hours.

Installment loans that run for a longer duration can also be for higher amounts but will depend on the credit scores and history of the applicants. The processing time can be a little longer that the other types of bridge loans but a lot faster than other loans. The interest rates applicable for bridge loan customers are relatively higher when compared to other loans but it is worth paying this higher amount for the convenience and faster processing time that is offered to the customers. Installment loans and instant payday loan are very popular with salaried people who can often get their loans approved and sanctioned within a few hours of application. These loans are also very popular with people who have low credit rating and scores. There are very few restrictions with these loans and the eligibility criteria are also very relaxed. In many cases, the lenders do not even check the credit scores of the applicants for sanctioning the loans.