What are Flex Loans and how they are better than other credit options?
Most of us at some point in our lives have encountered an urgent need for some kind of outside financial assistance to deal with an unforeseen contingency. While some of us are lucky enough to have a concerned set of friends or relatives who can extend their helping hand in times of distress, the others end up looking for options outside their homes. There are several banks and lending institutions that offer adequate financial aid to those in need, in the form of financial instruments called loans. While there is wide selection of short term and long term plans for you to choose from, there is one particularly useful product known as the flex pay loan that can instantly rescue you from your temporary financial crisis.
What is a Flex Loan?
As the name suggests, a Flex Pay Installment Loan is a flexible short term installment loan product that can offer the borrower credit of anywhere from $500 to $5000, for managing his unexpected expenses. It allows you to make the repayment of the loan amount via a certain amount of scheduled installments that are cautiously designed to concur with your pay dates. While the first few payments are to be made in lieu of the interest and fees portion of the loan amount, the subsequent installments will include an additional proportion of the principal along with the fee and the interest.
What are the benefits of a Flex Loan?
Unlike your regular payday loans that become due for lump sum payment by your next pay date, the Flex Loans offer you the facility of making smaller and scheduled installment payments that are spread out over a larger period of time. This makes the repayment more manageable and convenient to handle along with your other monthly expenses.
Apart from the provision of repaying your loan amount over a period of time, the Flex loans also offer the flexibility of making additional contribution towards the principal portion or early repayment of the entire loan amount without being levied any pre-payment penalty. This allows you to reduce your principal outstanding and consequently pay lesser interest in the long run.
Given the simple online application and approval process, it is easy for you to avail your Flex Loan from the comforts of your home.
Since the Flex loans offer you a convenient repayment schedule, it is easier for you to ensure timely payments and rebuild or establish a good credit background.
You can instantly cover an unexpected expense such as a car repair or a medical emergency, by availing a flex loan that provides quick cash credit to your bank account, sometimes even within a couple of hours.