Flexible Loans

Flexible loans allow you a degree of freedom over the amount that you repay each month, giving you the option to pay less when you are finding the budget tight, or to pay back more and so shorten the term of the loan when you have some extra money available to you. In general there are no upper limits on the amount that you choose to pay, and no penalties if you choose to clear the debt entirely, however most will limit the number of payments you can defer, as well as the amount you can reduce the payment by.

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The financial flexibility is the major attraction of these types of loan, and while this can be an excellent feature useful to many people, you will be paying a premium for this in terms of a higher rate of interest than you would have on a regular fixed rate loan. However, the interest rate alone does not tell the full story as the interest that you are charged is calculated daily on the outstanding balance, and so if you make an over-payment you will instantly be reducing the overall amount you pay – something which you cannot do with a standard loan.


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A flexible loan can be helpful for people with variable income, such as the self-employed. You can pay off your loan in a manner that suits you, adjusting the monthly repayments as necessary within certain limits. Most lenders will have restrictions on how you can alter your payments, in general you will be limited to a certain number of payment deferrals in any given period, and you usually only be able to under-pay up to a certain amount. In addition there may be a release date given, before which you will not be able to take advantage of the early payment option.

Many lenders who offer this form of loan will have restrictions in place with regards to the underpayment aspect, in general there will be a limit to the amount that you can underpay by in any given month, and most will limit the borrower to underpaying only by the amount that they have previously overpaid by. Despite these restrictions, flexible loans are still far more customisable than fixed loans, and the benefits of this approach can be invaluable for many people.

There are many situations in which having the flexibility available to you that is afforded by this type of loan is invaluable. If an unexpected bill lands on your doorstep that you do not have the money to hand for, then you can simply use the money that you would have repaid on your loan that month to cover it. Putting you in control is what flexible loans are all about, they give you room to breath in terms of meeting repayments, and you can clear the loan whenever you like and save yourself money by reducing the interest that you pay.

When considering if a flexible loan is for you, be realistic and judge whether you will actually make use of it's features, as unless you will benefit from the control and flexibility offered then you should opt for a cheaper rate standard loan.

If you have already found a flexible loan you wish to apply for, be sure to check out all of the terms and conditions. Find out how much your minimum repayment value is, interest calculations, along with any penalties for late reapyements.

We can help with a flexible loan, simply complete our online application today and someone will contact you immediately to help.

Alternatively, compare our list of flexible loan providers.