Bridging finance is available from Absa, Capitec and FNB bank in South Africa when you need a temporary loan. A short term loan from these banks will help you bridge the gap until you receive the payout of funds you are expecting.
Bridging finance from Absa, Capitec and FNB comes in the form of:
- Absa Personal Loans
- Absa Instant Loans
- Capitec Term Loan
- FNB Personal Loan
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Absa Bridging Finance
Absa bridging finance isn’t specifically a bridge loan. However you can get a personal or instant loan from Absa depending on your requirements.
For instance a personal loan allows you to borrow any amount up to a maximum of R350,000. Offering repayment terms up to 35 months.
Whereas an instant loan from Absa bank will offer you the chance to borrow smaller amounts. You can borrow amounts between R250 up to R8,000. With a repayment term of 35 days.
Therefore if you need to borrow a large amount of bridging finance from Absa you can apply for a personal loan. If you are only expecting a payout of anything up to R8,000 then apply for the instant loans.
Capitec Bridging Finance
Capitec bridging finance comes in the form of their term loan allowing you to borrow up to R250,000.
One of the most attractive benefits of applying for this is the speed at which you can qualify. Because if you have a good credit record, decent income etc, your loan can be approved in minutes. With funds in your account quickly.
A term loan from Capitec can be personalized to suit you with repayment terms between 1 month and 84 months. As well as interest rates starting from 12.9%.
The longer the term, the less your monthly repayments will be. But the shorter the term, the higher repayments are.
This makes it a good solution for a bridge loan. Because when you are expecting a payout you don’t usually need long term credit.
So you can apply for a term loan at Capitec bank for bridging the gap until the finance you expect comes in.
FNB Bridging Finance
You can get FNB bridging finance by applying online in a few steps for a personal loan.
This offers you credit of up to R300,000 with up to 60 months repayment terms.
FNB bank will personalise a solution for you according to your specific circumstances. With a fixed interest rate starting from 12.75% per annum.
This is an ideal offer for when you need money to bridge the gap until you receive your funds. Beacuse if you settle your loan earlier than your term agreement then FNB will not charge any extra fees.
In addition they offer a top up facility. So if you don’t receive your payout when you are expecting it you will have access to additional funds.
Making this our choice for borrowing from FNB when you need bridging finance.
In conclusion all three of these banks are well respected lenders. So whichever one you decide to get your bridge loan from depends on your personal circumstances.
South Africans don’t usually need this kind of finance for small amounts so the instant loans are probably not an option.
Therefore check out the larger amount loan options offered by Absa, Capitec and FNB to get the bridging finance you want.
Most of all, study the terms and conditions of these loans. And if you are in a strong financial position, speak to the consultants about personalizing your borrowing.