Flex pay installment loans are loans with an increasingly reduced cost in terms of the payments. The reasoning behind this is to allow people who have a very limited income and tight budget constraints to retain access to instant cash loans and other short-term loans to help them get through to the next payday.
It is imperative to have a good understanding of the flex pay installment loans in order to determine whether or not these are the right types of loans to use for instant cash payday advance loans. There are many issues that should be carefully considered. At the end of the day however, many of these same issues are going to be present in other types of instant cash loans as well.
One of the many popular options of the pawn shop loans is the ability to pay loan fees rather than paying off the principal value on the loans. On the one hand, this can be an excellent option as it takes less money out of your pocket, leaving you with more money to spend on the things you need.
In terms of the principal values of the loans, there is nothing or very little cash allotted to the principal value of the pawn shop loans when you accept this option. On a similar note, the flex pay installment loans may be perfect in terms of your personal needs. In other cases, the issues associated with flex pay installment loans may be such that the loans are not the ideal solution when you need fast money.
What Are Flex Pay Installment Loans
The flex pay installment loans are very similar in nature to a line of credit such as may commonly be offered in revolving lines of credit or even credit cards. The Flex pay portion, as the name implies, is reflective of the fact that the payments for these loans will be reduced over the course of time.
In short, the ability to have an adjustable payment plan can make these types of loans much more viable for many of the borrowers who have bad credit issues or otherwise may have issues with credit scores, cash flow, or other concerns that make more traditional loans difficult to access.
Are There Limitations For What I Can Do With My Money
One of the good things about the flex pay installment loans is that there are no real restrictions on what you can do with your money once you have it. This is of course relegated to your use being within the restriction of the law. If you are applying for a loan for illegal purposes, you may expect to get refused.
Other than that, these types of loans may be used for anything from payday cash advance loans just to fill up your gas tank, or extra money to ensure the pantry is full enough to get you through to the end of the month. There are even some people who will use the flex pay installment loans as a form of debt consolidation loan.
By using these loans in such a fashion, it can be possible to pay off the high interest accounts such as overdue credit card balances and other loans that require exorbitant interest costs. At the same time, your additional bills at the end of the month could be reduced to a single payment. These are just some of the benefits commonly associated with flex pay installment loans.
How Long Does It Take To Get My Money
When you apply for a flex pay installment loan it can seem challenging at first. Generally you will have your money on the very same day. This is especially true if you can apply for a loan online and do it in the morning.
The same also holds true if you can find a nearby direct lender and get all of the paper filled out immediately. Even in the worst case scenarios however, it rarely ever takes more than two days to get your money and be free to get back to your normal life.
The actual time may vary based on the type of loan you are applying for, and how much money you are applying to receive. There may also be other variables involved. This is especially true if you have a bank account and use direct deposit. If you can set up both the loan and the payments to be automated, this may allow you to increase the speed with which you can access your cash.
How Does Payment Work For Flex Pay Installment Loans
The flex pay installment loans work in much the same way as credit cards in most cases. You have a set amount that you can borrow against at any given time. Your payments are flexible based on the amount that you have borrowed and the agreements of the loans.
If you are working with the same direct lenders, over the course of time the amount made available to you may increase. This is how you can effectively start with payday advance loans and work your way up to larger debt consolidation loans that allow you to effectively pay off all your higher interest bearing credit accounts.
If you are loaded down in overdue credit card debts, or have other bills that are accruing interest and stacking up other charges, forcing you into an endless cycle of debt, you may be able to fare better with the flex pay installment loans. In order to determine what the best options for you will be personally, you need to understand the terms and conditions for qualifying.
Once you have accomplished that, you need to determine whether or not the direct lender you have selected will allow you to increase your credit limit, and whether or not they are reporting to the big three credit reporting agencies.
If you play your cards right, the flex pay installment loans can actually be a very beneficial tool in helping you to rebuild and repair your credit score, while at the same time greatly reducing the high interest loan payments you have outstanding.