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Have you gotten into a reborrowing habit? If you find yourself wondering every single pay period “Where’s the Nearest Online Cash Advance?” it might be time to consider arranging a flex loan.
What Is A Flex Loan?
If you think your only alternative to payday loans is personal installment loans, think again. Flex loans are sort of a poor man’s credit card.
Like a credit card, you get approved for a specified upper limit on how much you can borrow, but you don’t have to get the money all at once. You can dip into it as you see fit until it is maxed out.
The downside is that the interest rate is really high, but that’s not very surprising. If you get a cash advance on a credit card, the interest rate for that is also much higher than for using the credit card for purchases.
So this is sort of like having a credit card that only issues cash advances. It’s understandable that the interest rate is high.
A Word Of Caution About Flex Loans
Flex loans have a bad reputation as being “predatory lending” products. Basically, that means they lend to poor people.
Credit cards are sort of the middle-class equivalent of flex loans. The rich person’s equivalent is an equity line of credit on your house, which works sort of like a credit card but usually involves more money. Somehow, no one thinks it’s “predatory” to let rich people access all the cash they want, when they want, though you can lose your house if you use an equity line of credit irresponsibly.
No matter your income level, you can get into real financial trouble if your answer to everything is “I know! I will just borrow the money!” The real solution to financial problems is to cut your expenses, increase your income or both.
Borrowing is only ever a short-term solution to cash-flow problems. That’s it. But Pre-Approved Loans, like flex loans, can help reduce the hassle involved in managing cash flow issues, thereby freeing up more of your time to try to resolve your problems.
What Kind Of Documentation Do I Need to Obtain a Flex Cash Advance?
Because of the intended market segment, the paperwork involved is typically minimal. You do need to prove you are a legal adult and a citizen or resident of the US. This can typically be done by providing a copy of your ID, such as:
- A driver’s license.
- A state issued ID card.
- A military ID card.
- A student ID card.
- A tribal ID card.
You will also need to provide proof of income, such as a recent bank statement. You may have ready access to a PDF if you bank online.
Benefits Of Flex Loans
You’ll get up to 10 months to pay back your flex loan. If you pay off your flex loan early, you won’t have to pay any money for the APR increase. Plus, if you have few credit lines, you can borrow only the amount that’s needed for the current needs of your business or family and pay it back within a very short period of time.
Drawbacks Of Flex Loans
If you miss a payment, the flex loan’s APR will be higher than what you originally agreed to. And if you can’t pay all of your loans, you could be charged for it out of the flex loan’s original principal. This is not a good alternative for those who use credit cards to finance their purchases or to pay off other debts until they settle them.
What are the characteristics of flex loans?
They’re fixed at a fixed rate, but you get the option to borrow more than the original amount. Your APR will change depending on how much you borrow and when you borrow it.
Flex Loan Eligibility Requirements
You must be 18 years or older and have had at least three months of credit history in the last six months. You also need to have at least $750 in your bank account. If you’re not totally comfortable with this type of loan, you can check out fixed-rate personal loans. Best wishes for your business!
A flex loan is the latest innovation in personal lending. Flex loans are fixed, but they give you the ability to borrow more than your initial fixed amount. The borrower can request an additional fixed amount at any time during the loan term and get it for an annual percentage rate that’s higher than their original APR.
How Do Flex Loans Work?
The borrower applies for the initial fixed credit line, which is great for immediate needs. Then, at any time during the loan term, they can get an additional amount that’s greater than the original amount. The borrower doesn’t need to worry about interest rates – they’ll be based on what’s available at the time of the request, without any surprises.
Flex loans are available in amounts of $1,000 or more. Borrowers can get ten months to pay off their flex loans. If you pay off your flex loan early, you won’t have to pay any money for any increased APR. You can use your flex line when needed and pay it back over time.
When Should You Take Out A Flex Loan?
When you know that you need more money quickly but don’t need to borrow a large sum, many companies are now using flex loans to buy equipment or inventory or for general business financing. The flex loan can also be used to cover short-term salary needs for employees, contractors, or family members. Flex loans are an attractive option for merchants who own their own businesses and can benefit from carrying a lower interest rate on the amount not being financed by the flex line.
Can You Get A Flex Loan With Bad Credit?
Flex loans are now available even to those with poor credit. A good credit score isn’t required, so you can now qualify for flex loans that would be impossible before. Flex loans are available to anyone who has a checking or savings account that’s open and funded.
You can also offer proof of employment, personal tax return information (such as W-2s), and an identity document to back up your address. Up to $25,000 can be approved for applicants whose credit reports show only one late payment, provided they’ve paid all other debts on time.
FAQ
You can borrow as much as $25,000 with a flex loan. When you’re approved for a flex loan, the amount that you’ve been given is the total that you will be given throughout the entire loan term.
You can use this money for any business need, whether it’s for inventory or purchasing equipment. Flex loans can also be used to pay off a balance on a credit card or other personal debt.
The only thing that matters is how much your business needs at any point in time. If you have an unexpected expense and need more capital immediately, you have the option to obtain up to 10 months of additional funding from your flex line without worrying about APR increases.
No. These are two very different types of loans. Flex loans are short-term, quick cash loans, while payday loans are designed to be paid off within a few weeks. With flex loans, you can carry a lower interest rate for longer periods of time, and there’s no commitment associated with a flex loan.
An installment flex loan is available for those who already have a flex loan and want to borrow more money. You can take up to 10 months to pay back the total amount that you’ve borrowed. The first fixed amount and the additional fixed amount will both be considered separate loans for repayment purposes.
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