A flexible two year loan is a godsend to many who need access to funds and time to pay back what they owe. It allows you the borrower to pay for life’s little unknown costs. After all, none of us know what is around the corner. Sometimes we require a little assistance. Moolr have taken a look at what is involved.
As opposed to a payday loan, with an instalment loan you get more flexibility in selecting a repayment term which can allow you to spread the cost. with a flexible two year loan, you would make 24 monthly repayments after which your debt would be cleared.
It’s also likely that with this type of loan, you could borrow more than you could with a payday loan. A payday loan is suited to borrowing small amounts and a quick repayment.
Of course, borrowing more and over a longer period, you’ll pay more interest. The total you repay will be higher than if you repaid the loan over the shorter term. Find the terms that suit your individual circumstances.
Repayment terms for a flexible two year loan differ from lender to lender. They will use similar criteria to assess your application, but the criteria will not be identical in all cases.
Some only offer you the chance to pay back over a set period, while some may be more flexible. This will depend on your own credit history, how much you wish to borrow and the repayment period. Lenders make their decisions based on trust. They need to be confident that you can make timeous repayments.
All loan applications are checked thoroughly and go through a thorough, proper and considerate affordability assessment. Our no obligation quote will not impact your credit score. Credit vetting includes the customer’s ability to repay the loan in sustainable manner. This includes using information the customer supplies on the application form. It will be done by lender should you wish to apply properly for finance.
We explain to our customers in general terms what types of information we consider when making a decision. Check our site for a wealth of information on our products, financial matters and much more besides.
We do not push customers into borrowing money. Borrowing money, whether a small or large amount, is a big undertaking. you should always do full research before proceeding. Take the path that best suits your circumstances and fits into your monthly budget.