Bridging loans have different names in different countries. In United Kingdom (UK), it is called as a bridging loan or sometimes as caveat loan. Some applicants also call it as swing loan.
However, in South Africa, bridging loans is known as bridging finance. However, whatever the term may be; the sole purpose of this loan is same all over the world. These are actually short term loans sanctioned or issued for a period of two to three weeks or up to three years.
The main purpose of these loans is funding of an urgent financial need for an expectation of future or prospective financing receipts. Bridging finance is issued both for personal or individual and business needs.
Usually, it is hard for housewives to obtain easy financing or quick financing but with the help of bridging loans for housewives; women have become capable enough to finance their urgent needs.
Although, the rate of interest on these loans is bit higher as compared to conventional loan schemes but it is necessary to compensate increased risk involved in such loans.
What kind of needs can be financed by a housewife through these bridging loans?
A housewife can either plan to start her own business entity or may plan to purchase personal assets with the help of bridging loans. It is easy for housewives to apply for bridging loans for women as you can even apply online and get help from online sources.
In past, such loans were only issued in favor of men but now the financial growth has leaded it to open new gates for women.
In initial times; only working women were able to apply for bridging loans but now even housewives can apply for such loans. But as a housewife; it is necessary to submit proofs of income sources.