Naturally, many consumers would be happy to obtain a loan that takes their changed conditions into consideration. Such loans do exist and are known as flexible loans. This type of loan would be the best for those who have irregular incomes or those who think they will manage to give back their loan early through overpayments.

Flexible loans can be compared to credit cards - you are provided with a loan sum and you can usually use it whenever you want. These ongoing loans don’t have a fixed loan period. However, since these types of loans are rather risky, lenders are generally careful about the amount you can borrow and are likely to establish their loan amounts on your incomes, outgoings and your credit score.

You can save handsome amounts of interest by obtaining a flexible loan. Moreover, it will help you make the most of your funds. Flexible loan gives you an opportunity to make the repayments you like every month , so that when you have a good month you can pay back a larger sum of money and when you have a bad month you are free to reduce your payment. In case you pay back your loan early, you save much money. Furthermore, since the loan is open-ended you are allowed to plunge into and back of it as you wish, so you will always have extra money at hand when you need it.

If you are considering taking out a flexible loan, note that you will not be offered the best interest rates because of the risk incurred for the lender. You may also discoverd that interest rates can vary when you apply for the loan. For instance, if you have a perfect credit score, you'll be offered the lowest rates possible, if your credit score is far from being impeccable, you might be given the highest rates available.

You should know that flexible loans providers may turn out to be not so flexible in the long run. Thus, your loan documents can contain numerous terms and conditions formulatng how flexible you can be. If you fail to meet these rules you will have to pay penalty fees , which are usually really expensive. One more problem with this type of loans is their flexibility. Although you do need to be a highly disciplined person to make these loans work, at times it can be tempting not to pay back as much as you can which will simply cost you more in the end and nullify any savings benefits planned by you initially.

If you still think that the advantages of flexible loans outweigh the risk involved, note that you must be UK citizen over 18 years old, have a stable job with a good regular income, and have a checking account to qualify for this loan type.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.