Human beings generally need money in order to meet their needs. Companies also need an amount of money to be utilized in starting, running and expanding their premises and activities. Situations may arise when a company needs money to perform some activities but the company has no source. In this situation, one is forced to take up a loan. In this article, we will focus on the bridging loans although there are many types of loans. The bridging loan is given to a business or individual as he/she looks for a better financing institution. The loan is normally approved within three weeks. The following are features of the bridging loans financing institutions.
A good bridging loan bank should have relatively low-interest rates. The interest is the additional money attracted by a loan and paid during the repayment of the loan. The interest rates on the bridging loans are higher as a result of the many risks but a good institution should have affordable rates. In the U.K, the Lloyds bank offers bridging loans at affordable interest rates.
A bridging loan financial institution should have a license. Before the start of the business activities, every institution should have a license. This is a lawful document provided by the relevant authorities to a business or institution as a go-ahead to offer goods and services. A valid license should have some security features such as watermarks and official stamps and it should be unexpired. A license also shows that an institution is capable since it met the set standards before getting the license.
The best institutions one should consider borrowing a bridge loan should have maintained a clean sheet. The history of a company is the record of all the activities the company has ever undertaken. A good bridging loan company should have a clean sheet by avoiding participating in the illegal activities such as the breach of contract. You will hear a good bridge loan institution being celebrated in London while Londoners will talk ill of the worst institutions.
An effective customer care department should be present in every bridge financial institution. In order to attract, serve and maintain clients, the customer support staff should be skilled and experienced. They should have a good use of the verbal and non-verbal communication skills when addressing their clients. The institution should also have an always working telephone line and an email address.
Every bridging financial institution should have a website. A client is able to learn about the loans offered by the bridge loan institution, their interest rates, the contact information and the Facebook and Twitter links from the comfort of his/her room.
Consider the above features when choosing the best bridging loan financial institution.