Flexible Loans

Flexible Loans
Our leading lenders offer a​ wide variety of​ competitive loan products,​ including flexible loans .​
These are available in​ range of​ different amounts and repayment terms .​
Loans can be used for many purposes including buying a​ home or​ a​ car,​ going on​ a​ holiday or​ for debt consolidation.
If you​ are thinking of​ using flexible loans to​ consolidate debts then you​ have a​ couple of​ things to​ consider .​
Although you​ could be paying less than the​ sum of​ your present debts with your monthly repayments,​ you​ will be paying for a​ much longer time .​
You could also find that having just one creditor will reduce the​ pressure you​ may have been under from your present creditors .​
Even though you​ may have to​ pay early settlement charges to​ your creditors when you​ pay off your debts you​ could save a​ lot of​ money,​ especially if​ you​ use a​ secured,​ low interest loan .​
It will also help you​ to​ bring your debt under one roof and work towards lowering your debt in​ the​ future .​
It is​ vital that you​ make sure that you​ can afford the​ repayments before you​ take out a​ debt consolidation loan.
The main categories for flexible loans are secured and unsecured loans .​
Unsecured loans do not require the​ borrower to​ provide the​ lender with any security to​ back the​ loan and this added risk to​ the​ lending company results in​ higher interest rates .​
There is​ less risk for the​ borrower but if​ they fail to​ pay back the​ loan the​ lender could take them to​ court .​
In the​ case of​ secured loans,​ of​ which a​ mortgage is​ a​ prime example,​ the​ borrower provides the​ lender with collateral,​ their property .​
This is​ low risk for the​ lending company because they always have the​ property as​ insurance if​ the​ borrower defaults on​ repayments and fails to​ repay the​ loan .​
The borrower is​ risking their home and this why it​ is​ so important that you​ make sure that you​ can afford the​ repayments on​ a​ loan before committing to​ an​ agreement .​
Secured flexible loans are usually approved faster than unsecured loans but can take longer to​ process .​
Flexible loans are repayable on​ a​ monthly basis and you​ will be charged interest by the​ lending company .​
This is​ called the​ Annual Percentage Rate or​ APR and the​ exact amount you​ are charged will be determined by the​ amount you​ borrow,​ the​ repayment term and the​ lender’s view of​ your ability to​ pay back the​ loan as​ agreed .​
This is​ where your credit history,​ the​ equity in​ your property and your circumstances are considered .​
The typical rates advertised by lenders are only an​ indication of​ the​ APR you​ are likely to​ get but not a​ guarantee.
Depending on​ the​ loan company,​ you​ could be given the​ flexibility to​ make over-payments and to​ pay in​ lump-sums with flexible loans .​
This will allow you​ to​ clear the​ debt over a​ shorter period than agreed at​ the​ outset and can potentially save you​ a​ substantial amount of​ money .​
You may even be able to​ withdraw amounts from the​ loan account,​ providing you​ stay within you​ credit limit .​
a​ further option is​ payment breaks which will allow you​ to​ take a​ break from you​ monthly repayments at​ the​ beginning or​ during the​ term of​ the​ loan .​
An adjustment will be made to​ your monthly repayments to​ include any accrued interest so that you​ still pay off the​ debt in​ the​ term agreed.

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