A flexible loan is one were the repayments are not the same month in, month out, but vary according to your needs and ability to pay. If you've ever had a credit card, you'll know what this means - sometimes you'll pay the minimum payment, others you'll pay off a larger chunk, or even the whole amount. But can you get £10,000 credit on your card? Probably not, but even if you can the rates of interest should make you think twice about using all your available credit. That's where a flexible loan repayment plan really has weight and cost effectiveness.
Who benefits from a flexible loan?
Everyone can benefit from flexibility. If you're self-employed, a freelancer or have irregular income, there will be good months and bad months, particularly if your work is seasonal. Because flexible loan repayments are not constant, you can pay a little off when income is lower and more when you have a high-earning month. Even full-time employed people can benefit. We all have times of the year - most notably summer and winter - when our expenditure is higher, and being able to pay a little less really helps. And full-timers sometimes receive commission or bonuses - image reducing your debts without a surcharge!
Our financial partner Payment-Holiday.co.uk has also added a loan payment holiday option to our products giving you even more flexibility!
How do they compare to other loans?
If you come into a little money, say from a bonus or an inheritance, you might decide to consolidate debt and pay off an existing loan. If it's not flexible, you'll have to pay a penalty for the privilege. With a flexible loan, paying off the full amount is always an option. Also, if you pay off a big chunk, your future interest will be less, which is impossible with a fixed rate loan. All in all, they are very useful for all kinds of people and can be paid off in line with your available cash. To apply right away, click here.
