Lending is a tricky business, and many people struggle to learn how loans work before they will even apply for them. If you are considering bridging loans, you have to know what is expected of you and how the loans work so that you can get your money without getting caught up or confused about what is going on. Bridging loans basically work like other loans, because you have to apply for the loan and then wait for approval. However, the way that you apply depends on how long approval takes so remember to check out your options. If you find a broker, you can apply with a specialty lender for a faster turnaround on your application (usually 10 days or less). If you choose to stick with a bank, you could easily wait up to 6 weeks for approval. Traditional banks do offer cheaper rates on bridging loans in most situations, but for people who need money now, the faster approval is worth a slightly higher rate. You will need to fill out the application fully and completely, and pay all legal costs associated with the loan as well as lender fees that are applicable. Talk to your lender because there are many situations where you can get these costs rolled into your loan, allowing you to get more for less with your lending needs. Bridging loans are termed from 1 to 6 months in most cases, but can be shorter or longer as needed. These loans are far more flexible than anything else people will find to work with, which is what makes them such a good option for people who just need money for a little while. Once you get back the money that you were waiting on, you can repay your bridging loan and be done with the entire thing. Bridging loans are most often used for real estate transactions, including repossession prevention, buying a new house while waiting for the old one to sell, and buying an auction house or quick sale property where funds are needed sooner than you can get a mortgage approved. Of course, these loans are able to be used to purchase a car, pay unexpected bills, and even help with legal fees or divorce settlements that you might need financing for. Basically, bridging loans will give you the money that you need, when you need it, but only for a short period of time.