The flexi loan, a great way to borrow money or is it?

A lot more people seem to be opting for the flexi loan. A flexi loan stands for a flexible loan. This basically means that when you are doing well you can pay more back and when it's time to tighten the purse strings you can pay less. This sounds like the best way to pay a loan back but there are a few loop holes to watch out for.

The main problem with flexi loans is that the account provides revolving lending. Revolving lending means that with such small payments the loan can go on for a very long time. Any borrower knows that they need to get rid of the repayments as soon as possible, with revolving lending this isn't really the case.

When you take a loan out on a fixed monthly plan the interest will stay at the level that you signed up for. With a flexi loan they can actually increase this and you will be affected so this is one to watch out for.

On the other hand if you are only taking out a small amount the flexi loan is ideal. It offers much more flexibility in the repayments so you can pay a huge lump sum when possible making the repayments a lot more manageable.

If you want to take out a flexi loan then hit up the firstchoicecredit.net website. Here you will find everything to get an instant quote and you can decide if it suits.

If you are still unsure and want more information then hit up the moneyextra.com website and check out their in depth section on the flexi loan.

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