If you are looking to take out a fast cash loan from a payday loan lender there could be any number of reasons why you have been placed in this position. A payday loan is a short-term cash fix, helping you to overcome cashflow problems with the aim of paying back the full loan total and any interest the next time that you are paid by your employers. What then, is a flexible instalment loan in comparison?
A flexible instalment loan works in much the same way as a payday loan, except you are not expected to pay back the total loan amount in full in one payment. Instead, you have the flexibility to take out a loan that can be paid back over a number of months. Instead of taking out £100 to be paid back in two weeks time, for instance, you can borrow £1000 and agree to pay it back over a 5-month period instead. What this means though, is that you will be liable for more interest on top of the initial loan sum total.
Always conduct thorough research into the companies in which you plan to apply for any form of credit. It makes such a big difference to borrow money from a responsible lender, one with which you can have honest and transparent communication and dialogue, and one that offers you flexibility in your repayment arrangements.
Here is how it would work.
You find a payday loan company that you trust and visit its website. You should be able to find a website that has a simple to use online tool and payday loan calculator. Input the amount of money that you wish to borrow from said payday loan company, and if you wish to borrow via a flexible instalment loan change the length of time you would like to pay back the loan. What you’ll see is that the longer the time you wish to repay the loan, the more interest you are expected to pay.
This flexibility is important as part of any instalment loan. It allows you to choose the perfect scenario for your personal financial circumstances and employment situation. It could be that you have the ability to pay back the loan in full in one payment, paying very little interest as a result. Alternatively, it might suit your circumstances more to spread the loan over a few months, resulting in much lower monthly repayments, but overall a higher amount paid back in interest.
What is most important about this approach is that you are fully aware of what is expected of you prior to agreeing to any payday or instalment loan. Once you have decided what you want to do with a flexible instalment loan, fill in some quick details about your personal circumstances, and in the best cases you can see the loan being transferred directly into your bank account within a few hours. For most responsible lenders they guarantee transfer of funds within 24-hours.