Bridgement provides straightforward financing to small companies all throughout South Africa in order to help them expand. Their loans allow companies to grow their operations, embark on larger projects, or bridge cash flow shortfalls. We shall look at everything there is to know about Bridgement finance in the content of this essay.
About Bridgement Finance
Bridgement is a South African fintech lender founded in 2017 by Daniel Goldberg. Bridgement offers short-term business loans ranging from R10000.00 to R5,000,000.00 to small and medium-sized businesses. The loan’s interest rate starts at 1.7 percent.
Bridgement’s unique approach to traditional company finance is based on the utilization of technology and data science. This enables Bridgement to make borrowing a loan easier and less expensive, as well as provide “near-instant judgments on applicants.”
Bridgement finance overview
There is an apparent demand for creative lenders who specialize in business finance in South Africa, with over 1.5 million small and medium-sized businesses (SMEs). Without a question, Bridgement is one of the alternative lenders doing things that banks aren’t. A Bridgement program allows South African businesses in a variety of industries to get a near-instant business loan ranging from R10,000 to R5 million.
Your loan can be authorized within 24 hours if you complete a two-minute online application. Loan payback terms range from one week to twenty-four weeks. The length of time it takes to repay a loan varies from one week to twenty-four weeks.
Bridgement’s CEO, Daniel Goldberg, revealed during an Intuit Quickbooks conference in Johannesburg in December 2019 that their fastest accepted application to date was 90 minutes. That is the time between when an application is submitted and when funds are placed into the borrower’s bank account.
Qualifying Criteria
Bridgement provides funding to registered businesses across all industries.
There are a few basic requirements that you must meet in order to qualify:
- Have a registered business in South Africa.
Annual revenue over R500,000. - Trading for longer than 6 months.
Bridgement does not provide startup grants or funding, financing to start or buy a business, or financing for a new business using a tender or purchase order.
Repayment Terms
Prospective applicants have the option of repaying your loan over a period of one to twelve months. Bridgement also allows lenders to settle at any point in the process and receive a discount. Most lenders will charge you extra monthly costs for arranging your loan even after you have paid the origination fees. You won’t have to worry about any hidden costs with Bridgement.
It is entirely free to apply with Bridgement. Other lenders, on the other hand, charge an application fee only to open an account. Origination costs typically range from 3% to 10% of the loan amount; however, by utilizing Bridgement, you will save these expenses.
Application process
Apply online and get pre-qualified for a financing facility. In order to determine the limit on your credit facility, we will need to know your banking or accounting data. To kick off yor application process, click here and be sure to follow the steps.
Competitive Advantages of Brdgement Finance
1. One single fee charged
Bridgement charges you a single fee based on a basic rate on the money you’ve been advanced. That is, you repay the principal plus the fee, but there are no further fees. There are no hidden costs and rates start at 1.7 percent per month.
This system is entirely pay-per-use. You are charged a single fee per advance. You do not have to pay for your facility if you don’t use it. There are no account or application fees, and applying for financing is free.
2. Early settlement fees
Bridgement does not charge penalties for early settlement; instead, you can receive a discount on the remaining portion of the fee.
Banks charge these fees if you settle your account ahead of schedule, but Bridgement rewards you by prorating the outstanding fee.
3. The application process is fast
The application process is much faster than with traditional banks and other lenders. Generally, the online application process takes between two and fifteen minutes. By using their online application, you can save time on paper work since no paper work is required.
Bridgement Financing’s competitive disadvantages
1. Excludes businesses with less that 6 months operating history
Business loans are only available to companies that have been in business for at least six months. Some alternative lenders are reducing this requirement to three months, which is common among lenders.
2. Annual turnover requirement is high
The R500, 000 annual turnover requirement may be challenging for some businesses, even if they’ve been trading for more than 6 months.
Conclusion
When you require a capital loan, you may find that you are unable to wait. Whatever the cause, Bridgement can help you get the money you need as quickly as possible..