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We can almost guarantee that most Canadians want flexibility when it comes to choosing a lender and a loan. Freedom within the loan providers, kinds of loan items, re payment schedules, and interest levels they should choose from.
While most loans are вЂњone size fits allвЂќ, weвЂ™re definitely seeing increasingly more loan providers move toward the modification of these borrowing products to better fit their clientвЂ™s economic needs. Enter the flex loan, a brand new sort of loan that offers the debtor aided by the freedom they have to access it top of these funds makes their re re payments on time, and finally, enhance the all around health of the finances. Continue reading for a introduction that is quick what you could expect from a flex loan and just how they may be in a position to allow you to with whatever your economic requirements are, now plus in the long run.
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What exactly is a Flex Loan?
A flex loan is comparable to an average installment that is short-term, however with the additional flexibility that a lot of customers want and require. According to which loan provider you determine to utilize, you may expect increased freedom in a single or higher for the features that are following
- Re Payment routine. Your loan provider may possibly provide you aided by the solution to pick from regular, bi-weekly, monthly, or twice monthly premiums.
- Prepayment options. Many loan providers charge a cost should a debtor would you like to spend their loan off in front of routine. By having a flex loan, numerous loan providers enable their borrowers to help make prepayments, penalty free.
- Loan top-up. Just Because a flex loan can be so versatile, numerous loan providers provide the solution to top-up that loan should a debtor need use of additional money.
- Customizable terms. According to your financial allowance you may like to select a repay your loan quickly or higher years, flex loans are able you this program. (more…)