Unsecured Bridging Loans Got a good credit history? An unsecured bridging loan may be the best option for you.
An unsecured loan is a responsible way of borrowing money if you have a good credit rating score. It can be a perfect solution for those looking for quick funding to bridge the gap in their finances. Unlike with a secured loan, you don’t need to offer up any of your assets as collateral. Simply choose the best unsecured loan option that fits in with your budget, and we will provide you with a realistic repayment plan.
Secured vs Unsecured Loans
If you’re looking into acquiring a loan to help bridge the gap between your finances, it’s likely you’ve come across secured and unsecured loans. You may be wondering which one best suits your needs. The main difference between secured and unsecured loans is that in order to get a secured loan, you need to offer up an asset as collateral. This can be anything from a vehicle to high-valuable jewellery. The lender can then take possession of the asset if the loan is not repaid in full within the agreed period. In contrast, an unsecured loan can be taken out without the need for collateral.
Unsecured loans are offered to those who have a fair to good credit score rating. This is because the risk is higher for lenders as it’s not protected by any collateral, unlike with a secured loan. We are able to offer unsecured bridging loans for those who need a helping hand with their finances.
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Types Of Unsecured Loans
There are various types of bridging loans available depending on your personal situation, so be sure to contact us if you need any further advice on which would be the best option for you. The following instances are typical examples of why someone may apply for an unsecured loan:
- Home renovations including refurbishments
- Cash injection into a business
- Quick funds needed in-between moving home
- If you have a good credit rating so don’t need a secured loan
It may be more challenging to get an unsecured loan if you’ve got bad credit, which is why many people in such a position opt for a secured loan. Though it’s not completely impossible to get an unsecured loan with a poor to average credit rating, it’s likely you’ll have less options and be required to pay a lot more interest. Therefore, it may benefit you in the long run to look into secured loans.
Personal Loan Rate Calculator
It can be tricky to know the exact amount you can afford to borrow. There are varying factors you need to take into account when applying for an unsecured bridging loan, including:
- How much will you need to borrow?
- How long will you need the loan?
- What is an achievable repayment timescale?
- Can you afford to pay back what you’ve borrowed?
If you’re unsure about how much funding you’d be entitled to given your circumstances, then take a look at our bridging loan calculator. This will provide you with a guide so you can get your finances on track. For further information, then please don’t hesitate to contact us and speak with one of our advisors who will be happy to assist you.
Is An Unsecured Loan Right For Me?
If you’re looking for a quick cash injection and have a proven good, stable credit history then yes – an unsecured loan is the right option for you. For more information on the bridging loans we offer, visit our info page or fill in our quick enquiry form for a free quote. We aim to get back to you within 24 hours.