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Why choose a Flex-Pay Installment Loan

July 13, 2015 by MoneyKey

Where do you turn if you’re in need of a payday loan, but can’t afford to repay in one short-term lump sum amount? Accidents happen, and unforeseen expenses can leave many Americans short on cash and in need of a loan. The issue is, with a tight budget, paying off a loan in full as well as your monthly bills might not be possible. In this situation, a Flex-Pay Installment Loan may be one answer when you don’t have the savings to cover the cost of an unexpected emergency expense.

For some people, the term Flex-Pay Installment Loan is a foreign one, so we’ve gone and answered some of the most frequently asked questions regarding Flex-Pay Installment loans to help clear the air.

Aren’t small-dollar loans just payday loans?

No, there are distinct differences between small-dollar loans products. Payday loans and Flex-Pay Installment Loans offer different terms and payment plans.

What is an Installment Loan?

Unlike payday loans, Flex-Pay Installment loans have smaller scheduled payments spread out over time. This allows people with a tight budget, fast access to the cash advance they need and gradual loan repayment. Learn more about installment loans here.

When should you use an Installment Loan?

Flex-Pay installment loans are useful for someone who needs cash fast but cannot afford to pay back the full loan amount on their next pay date. Flex-Pay Loans allow you to cover unexpected needed expenses like auto repairs.

How much can you get approved for?

Every online lender will have their own policy on rates. MoneyKey is a state licensed lender, which means we follow all the laws and regulations set out by the state we are doing business in. We also encourage safe and responsible lending practices, so the approved Flex-Pay loan amount will vary based on an individual’s specific financial situation.

Click here to find out if you qualify for a Flex-Pay Installment Loan.

How do I repay my Installment Loan?

A MoneyKey Flex-Pay Installment loan is paid back through a number of set installment payments. Each loan will have a different payment schedule based on state laws and an individual’s circumstance. Learn more about MoneyKey Flex-Pay Installment loan rates and terms.

Are there payment options?

A great benefit of a Flex-Pay Installment loan is the flexible payment options. If your situation changes and you are able to pay more than the scheduled installment amount, MoneyKey allows you to make no charge additional partial payments to the loan principal, or pay the loan fully, at any time which will reduce the overall interest paid.

Knowing all your loan options by being an informed consumer is the best way to ensure you get the loan that best suits your unique financial situation.

3 Major Benefits of Flex-Pay Installment Loans

Not every American is lucky enough to have a safety net of cash. Unexpected expenses, like car repairs, can leave you short on funds and be struggling to manage these unexpected bills and your monthly expenses. In this situation, many people will turn to online payday loans, but there is another option, a Flex-Pay Installment loan. Flex-Pay Installment loans are a great option for those who need quick access to cash, but cannot afford to repay the whole loan amount in one lump sum. Flex-Pay Installment loans are repaid slowly through smaller scheduled payments and offer three major benefits.

Manageable Payments

The main of Flex-Pay Installment Loans are the smaller more manageable payments. Instead of your total loan amount (plus fees) being due on your next pay date, installment loans are paid back over time through smaller scheduled payments. The longer term payment schedule makes repaying a loan more manageable and convenient. It allows you to repay your loan and still have enough left to manage your other monthly expenses.

Payment Flexibility

Most payday loans are due in full on your next pay date without exception. This can increase financial strain on the borrower. Many online direct lenders that offer installment loans will also offer flexible payment options. These options include making an additional partial payment to the loan principal or paying off the loan in full, at any time without extra fees for early repayment. Participating in these options will help reduce the overall interest charged on the loan. This payment flexibility allows you to better manage your loan repayment and monthly bills.


An additional benefit to the Flex-Pay Installment loan is speed. MoneyKey’s Flex-Pay loan can be deposited into your bank account within 24 hours. This allows you to quickly cover a necessary, immediate expense and then gradually repay the installment loan over time, in smaller more budget-friendly amounts. To find out more about our installment loan products visit our Rates & Terms page.

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Not all applications are approved; duration of approval process may vary. Credit limits/loan amounts are subject to further verification criteria. If you are a returning customer, loan amounts may vary.

*If approved, any requested funds may typically be deposited into your bank account the same business day; timing of funding may vary by product and state. The date and time funds are made available to you by your bank are subject to your bank's policies. For specific funding cut-off times, click here.

**You may request a draw from your Line of Credit at any time, so long as you have available credit and your account is in good standing. In the State of South Carolina, you can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it, with a required minimum draw of $610.

As you move through your credit journey, your account may become eligible for reduced charges and/or increased credit limits/loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility.

Depending on your state of residence, applications submitted on this website may be originated by one of several lenders, including: CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow Line of Credit account through MoneyKey.

Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page.

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO/CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey. In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law License No.1004516.

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