Bridging Loans for Bad Credit
Bridging loans offer a fast, flexible way to access short-term finance when other types of borrowing, such as a mortgage, are not available or appropriate. Because they are usually secured against a property, they can be a good choice for those with a bad credit rating who cannot access unsecured borrowing.
Bridging loans are usually offered over up to 12 or 18 months, depending on the lender, although longer loan terms may be an option depending on circumstances. Bridging loans for bad credit can often be arranged 5 to 7 days, making them ideal when speed is a requirement.
What are non-status bridging loans?
A non-status bridging loan means that your personal status is not taken into account when lenders decide whether you can borrow and what terms to offer you. This means issues such as your credit history and income will either be ignored or are of much less significance.
Instead, the lending decision is made purely on the value of your property and what you plan to do with the money, plus the viability of your exit strategy for repaying the loan. Non-status bridging loans can therefore be ideal for those with a bad credit history who need to borrow.
Applying for bridging loans for bad credit
If you need a bridging loan for bad credit, you will usually have to apply through a bridging loan broker. This is because most bridging finance lenders do not work directly with the public, but only operate through intermediaries such as brokers.
A broker will be able to compare bridging loans from across the whole of the market, helping you to find the best value deals that match your borrowing criteria and credit history.
Compare bridging loans for bad credit from all the top lenders
When looking for bridging loans for bad credit, you need to make sure you find the lowest possible interest rate and fees to keep your costs down. Our free bridging loan calculator allows you to find great deals on bridging finance fast and with minimum fuss so you can get a great deal.
Looking for bridging loans for bad credit? Get in touch with our friendly expert team of loan brokers using the contact form on the right or by calling 0117 313 6058.