About Lender
Bridge Lending Solutions is a consumer lending company that specializes in online, small-dollar, and installment loans.
Biboon, LLC, or Bridge Lending Solutions, is owned and operated by the Native American business, a Federally Recognized Indian Tribe and Sovereign Nation located in the United States of America.
Key Features
Bridge Lending is a type of lending company that provides short-term financing to borrowers in need of quick access to capital. Some key features of Bridge Lending, an American company, include:
- Short-term loans. Bridge Lending provides short-term loans that typically range from a few months to a year or more. These loans are designed to provide borrowers with quick access to capital to bridge the gap between purchasing a new property and selling an existing property.
- Fast approval process. Bridge Lending offers a fast and streamlined approval process, which allows borrowers to access capital quickly. The approval process typically involves a review of the borrower's creditworthiness, income, and assets, and the lender may require collateral to secure the loan.
- Flexible lending criteria. Bridge Lending's lending criteria are typically more flexible than traditional lenders, which can make it easier for borrowers with less-than-perfect credit or lower income to qualify for a loan.
- Higher interest rates and fees. Bridge loans typically come with higher rates and fees than traditional loans, making them more expensive for borrowers. However, these loans are designed to be short-term solutions, so the overall cost may be lower than traditional loans over the life of the loan.
- Private lenders. Bridge Lending is typically provided by private lenders or companies specializing in this financing type. These lenders may have more specialized knowledge of the local real estate market and may be able to offer more personalized service to borrowers.
Pros and Cons
Pros
- The application process with Bridge Lending Solutions is straightforward and short and can be done online.
- The company does not have many qualification requirements. That means that even people with poor credit can receive a loan.
- Bridge Lending Solutions provides a streamlined funding process. They can transfer funds to applicants in one business day.
- The company has small principal balances, which will suit people with minor cash emergencies.
- The company has flexible repayment schedules with the ability to prepay, accruing no additional fees or penalties.
- Bridge Lending Solutions has various repayment options, such as repaying the loan via ACH, cashier's check, or money order as specified within the loan agreement.
Cons
- Unlike many other alternative lenders, previous customers state that the company charges large APRs.
- The company has a history of breaking state laws, including caps on interest rates and licensing regulations.
- When Bridge Lending Solutions does something against state law, consumers have almost no chance to recourse against them.
- The company doesn't disclose a range of rates on its website. Hence, borrowers won't know their APR until they get a copy of their loan agreement. That is a great company disadvantage as most lenders provide customers with a prequalification option.
Products
Bridge Lending Solutions is a direct loan provider that offers consumer installment loans of up to $2,000 to individuals who require financial assistance during tough times. Their loans provide a quick, convenient, and secure way to cover unforeseen expenses, such as bills, rent, medical expenses, car repairs, and overdraft fees. The loan application process is fast and easy, with approval granted in minutes. Funds are deposited directly into the borrower's bank account the next business day.
Reliability
Bridge Lending Solutions values its customer's privacy, and all information submitted is secure with 256-bit SSL encryption. The loan is available to individuals of all backgrounds and incomes, with every customer afforded an equal opportunity to qualify for the loan.
Funding a Loan
Bridge Lending Solutions funds are generally deposited via ACH. Customers can get their funding the next business day if the application has been approved by 6 pm CST from Monday to Thursday.
Funds will be deposited the following Monday if loans are approved by 5 pm CST on Friday.
Loan conditions
The company offers fast and secure installment loans, starting from a $250 minimum loan amount and a $2,000 maximum loan amount. Maximum principal balances for first-time customers of $600.
Among other items, customers can use Bridge Lending Solutions to get help to cover unforeseen expenses such as bills, overdraft fees, rent, car repairs, and medical expenses.
As for APR, finance charges and APR will be disclosed in the loan agreement after approval of the loan. Note that finance charges depend on a consumer's creditworthiness, determined by credit and payment history, income, employment, existing debt, and other core factors. The APR will also depend on the borrowing amount and the loan term.
Other Personal Loans
Loans like Bridge Lending Solutions
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
