A bridge loan is a short-term loan designed to provide temporary financing until longer-term funding is secured. It’s often used in real estate to “bridge” the gap between buying a new property and selling an existing one. However, bridge loans tend to have higher interest rates and shorter terms than traditional loans. Borrowers can access funds with a bridge loan in no time, which can be helpful for urgent financial needs. However, it’s essential to have a repayment plan in place due to the loan’s temporary nature.