Frequently Asked Questions
What is a Bridge Line of Credit and How Does it Work?
A Bridge Line of Credit is a quick and easy way to manage shortfalls in your monthly cash flow. You can borrow as much or as little from your available credit with flexible payment options. After your first Bridge Line of Credit, whenever you have available credit you can request additional funds without the hassle of reapplying. The cash can be deposited into your existing checking account as soon as today. With successful payment history, you'll be eligible for an increased credit limit.
What is required to get a Bridge Line of Credit?
Borrowers will need to receive at least $1,000 net (after taxes and deductions) monthly, and a checking account that has been open for at least 60 days where paychecks are received via direct deposit. Borrowers also need to have an active email address and phone number. All applications are subject to verification and not all applications will be approved. Additionally, not all applicants will qualify for the maximum loan amounts available. CSO will attempt to arrange a loan for you from a third-party lender, but CSO does not promise that you will receive a loan. Credit decisions and the amount of these loans will be made by the third-party lender based on the information you provide in your application. The finalization and funding of all loans are subject to your providing to CSO and the third-party lender requested documentation and information to confirm that your application is complete and correct. Your failure to provide requested documentation and information will delay the processing of and may terminate your application.
How much can be borrowed?
As a first-time applicant, borrowers can receive a maximum line of credit up to $600. After a successful payment history, a customer can get a line of credit up to $1500.
How soon can a borrower access the cash?
If the application is approved by 8 pm EST, the funds can be in your account today! My Bridge Provider accepts neither responsibility nor liability for delays caused by an outside financial institution.
What if the borrower has poor credit or has filed bankruptcy?
Poor credit ratings will not affect the approval of a line of credit. That said third party lenders may not be able to extend a cash advance to those who have filed for bankruptcy within the past year or those who have filed multiple times.
Do you perform a credit check?
Yes - My Bridge Provider or a third party lender may perform a credit check.
How long does it take to get approved?
This depends upon the time of day and how quickly the application process is completed and submitted; borrowers can be approved within minutes. Please keep in mind that any application submitted during weekends, holidays or after 8PM, EST will be processed the following business day.
Can you describe the Bridge Line of Credit process?
Applicants will begin the process by filling out the online application and submit the required documents. Once submitted, it is reviewed and prospective borrowers are notified by either phone or email of the status of the application. If the bridge line of credit is approved and funds are requested by 8PM EST, then the funds may be available today.
What are the repayment options?
Customers have 4 payment options to choose from:
1. Extension: Pay only the CSO fee and Interest
2. Extension Plus: Pay the CSO fee, Interest, and a portion of the Principal (in increments of $10)
3. Pay the bridge line of credit off in full by the due date (CSO Fee, Interest, all of the Principal)
4. Pay the bridge line of credit off early
For your convenience, your payments will be electronically debited from your bank account unless you make alternate payment arrangements. To avoid potential NSF fees, please ensure that your checking account is properly funded when we debit the account. If you need to make alternative payment arrangements, please contact My Bridge Provider's Customer Service Department. Please call 1-855-695-1332 or 1-512-501-4980 at least two days prior to your scheduled due date.
When would a Bridge Line of Credit be due?
The due date is determined by the borrower’s pay date. However, if at any time you have a discrepancy with your due date we encourage you to contact us to discuss the matter by calling our Customer Service Department at 1-1-855-695-1332 or 1-512-501-4980.
What happens if a payment is not made on or by the due date?
If a payment is returned by a bank, then our Collections Department will contact the customer in order to arrange a second attempt to debit the payment. A $30 NSF fee will also be collected with the next debit attempt.
Customers who are unable to make payments by the due date should immediately contact the My Bridge Provider Customer Service Department at 1-855-695-1332 or 1-512-501-4980 to work out other arrangements.
Do applicants need access to a fax machine?
In the vast majority of cases no faxing required in order to get approved! In some cases, if more information is needed, faxing may be the best way to send it. We will attempt to contact the customer by phone or email when more information is needed.
Is my loan secure and kept confidential?
How much does a Bridge Line of Credit cost?
Please visit our Rates and Disclosures Page for details on the CSO fee and interest.
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