Do you know how tough it is to make ends meet before you reach your payday? You might suddenly feel the need of immediate cash flow in order to make ends meet.
Now when you approach the banks for new line of credit, what if the banks deny you the funds? Is there any other option that can keep you moving? When you are in need of immediate funds, conventional lending doesn’t seem to be as flexible during such pressing situations. But you need not fret as there are flex loans which can come to your benefit.
If you don’t know what flex loans are, it’s not a payday loan. It is rather an open-end new line of credit. You just have to apply once and you will be given the maximum amount which is known as the credit limit. The borrower is allowed to withdraw any specific amount against your maximum credit limit. The payments and billing are aligned along with your payment dates.
What makes flex loans so special?
Flex loans are one among the best personal loans that you get in the nation. There are several lending companies which have many years of experience in lending such loans. Since they are multi-payment loans, they are extremely special. A borrower can pay back the loan over a long period of 36 months and you are allowed to borrow up to $5000 at a time. You can roll over the loan amount if you think you need to extend the loan so as to give yourself more time to settle. The schedule of payments is even flexible and you can schedule it in any manner.
Few benefits of taking out flex loans
You can get flex loans both offline and online. In case you require taking out online, you just need to fill out a small contact form and just as the details are verified, your credit score will be determined and you will soon receive the money. Here are few benefits of flex loans.
1. Borrowing cost is too low: The installment loans are way more affordable when compared to the payday loans, cash advance, line of credit and settlement loans, among which few have a floating interest rate. Such loans are predictable enough and hence you get enough time to settle dues.
2. Meets immediate needs: You can take out a flex loan for meeting an instant financial need whenever you find yourself short of dealing with different utility bills. You can also take it out for small business and educational costs.
3. Combine your debts: You can use a flex loan to consolidate all the other high interest debts into a single loan in order to make it easier for you to pay back. The costs will be low and you can even negotiate a lower rate with the lender.
4. Strong legal framework: The long term loans usually have strong legal foundation and the interest rate of both the lenders and borrowers are protected in a better way.
Therefore, if you’re wondering about whether or not you could secure a traditional loan during an emergency, you needn’t worry as you can always fall back on flex loans and reap the above listed benefits.