Frequently Asked Questions

How does a short-term loan work?

A short-term loan is a financial solution intended to help you when you need small cash loans fast but with a typical repayment scheme of a year or less. It’s usually used by those who need to bridge cash flow gaps.

The purposes of fast personal loans online can vary, from paying off big purchases to covering expenses when moving from one house to another. If you’re part of the latter, you may be looking for an alternative to reverse mortgage, like the loans you can get from Bridgit.

Are there different types of short-term loans?

Aside from short term home loans, different lenders offer various kinds of short-term loans, which include the following:

Payday loans. These are payday advances that are easy to qualify for, and borrowers can get them from many lenders, including short term private lenders and high-street lenders. However, aside from the high interest rates, borrowers need to pay the full loan amount plus interest in a lump sum on their next payday.

Personal loans. Personal loans are financial solutions that can be used to consolidate debt, cover unexpected expenses, and more. The downside is that, like payday loans, a lot of personal loans on the market also tend to have high interest rates on top of monthly fees and early repayment costs.

Bridging loans. These help homeowners buy a new home before selling their existing one. Once they have sold their existing property, the proceeds from the sale are used to pay off the bridging loan. If you take out a bridging loan from Bridgit, you’ll get to enjoy no monthly repayments.

What are the advantages of short-term lending?

Short term lending comes with a host of benefits. Whether you’re in search of ‘short term home loans Australia’ or short term instalment loans, you can enjoy the following benefits:

• Short interest period. You don’t pay interest for a long time since the loan is typically paid off within a year. In the case of Bridgit’s short term lending offer, you will have 12 months to pay off the loan, which is enough time to sell your old property.
• Fast processing times. Looking for 24-hour loans or same day loans? The good news is that for short term loans, lenders like Bridgit can provide approvals quickly, in as little as twenty-four hours.
• Faster access to funds. Since the processing of the loan is quicker than with traditional loans, you can get your funds more quickly.

Bridgit: a new way to finance homeownership

At Bridgit, our mission revolves around helping Australian homeowners progress in life. We recognised a gap in the market – a lack of specialists in bridging loans or short term lending for financing properties – and we filled it with expertise and cutting-edge technology.

Bridgit isn’t just about offering loans; it’s about providing a pathway for homeowners to purchase on their terms. Our approach is ‘tech first’, ensuring a fast and efficient lending process.

For those exploring alternative home loan lenders or reverse mortgage options, Bridgit presents a compelling choice. Our dedicated team, customer-centric approach, and innovative solutions pave the way for a smoother, more accessible path to property ownership. Get in touch with us now to find out more.