What is a flexible loan

What is a flexible loan

Flexible loans allow you to borrow up to a certain limit set by your lender.

It's entirely up to you how much you borrow, within the limit, or when you pay it all back.

This means you can repay your loan more quickly and without incurring penalties charges.

Unfortunately, an increasingly small number of lenders offer flexible loans.

Fixed loans, on the other hand, with a fixed sum borrowed over a fixed period of time with fixed repayments, are by far the most common type of small loan.

This is because banks like to know exactly when they're going to get their money back.

This lack of flexible loans available means that those you do find can be expensive.

It can often be more financially attractive to take out a Credit Card Loan which allows better flexibility and rates cheaper than personal loans.

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