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How Long Does It Take to Get a Bridging Loan?

Business Finance

How Long Does It Take to Get a Bridging Loan?

Updated: 5 September 2023

Sometimes in business, you simply can’t afford to wait. In many fast-moving sectors, you often have to act fast to seize an opportunity, or adapt when something unexpected comes up. But what if you don’t have immediate funding access? That’s where bridging loans come into play.

Bridging loans are used to financially “bridge the gap” between a current shortfall and a time when you’ll have capital coming in. Whether you’re looking to fulfil a contract, kick off a new project, handle late payments or grab a deal on stock, a bridging loan could help. Here we take a look at some of the key things to consider. 

What types of bridging loan are there?

Bridging loans are often considered to be short term products that fulfil a specific need. However, there are numerous options you can use to bridge a gap in your cash flow, including:

  • Short-term loans
  • Business loans
  • Line of credit
  • Overdraft
  • Invoice finance
  • Business credit card

Each will have different strengths and weaknesses, and products that you may not think of as bridging loans could end up being the most suitable for you. For example, our business loans are available over up to 6 years, but as they come with no early settlement fees, many businesses use them to fund a short term project and then pay off the loan as soon as it’s done. 

How long does it take to get a bridging loan?

The time it takes to get a bridging loan will depend on the product and the provider you choose. Whereas traditional lenders have been slow in the past, modern providers can often give instant or same day decisions, with payouts coming soon after. 

If speed is of the essence, this gives you the certainty to make a quick decision, and jump on any opportunities that come your way. 

Factors affecting how fast you’ll get a bridging loan

Documentation – Some providers may ask you to provide bank statements or financial accounts to assess your application, and ID documents to verify your details. Having these prepared and in the right format can speed things up.

Security valuation – If you choose a secured loan, the lender will need to complete a valuation of the assets you’ve put down. Depending on their process and the assets involved, this can add time to the process. 

Credit assessment – Each lender will have its own internal processes and procedures for reviewing applications. The time it takes can vary significantly by provider, so be sure to check before you apply if you need a quick turnaround. 

Replying to queries – Lenders often have additional questions about applications, so keep an eye on your emails or your phone and in case they get in touch.

How Funding Circle can help

At Funding Circle, we offer fast, flexible finance that can help you bridge cash flow gaps:

Business loans

  • Apply online in 10 minutes
  • Decision in as little as 1 hour
  • Funds paid typically within 48 hours
  • Borrow up to £500,000
  • No early settlement fees

FlexiPay – line of credit

  • Apply online in minutes, instant decision
  • Credit limit up to £250,000
  • Use to pay business costs upfront and repay over monthly instalments
  • 0% interest, free to set up & no annual fees
  • Simple flat fee on each transaction
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