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.
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.
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.
MoneyKey is here to lend you money when you need it. We offer Flex-Pay Installment loans so our customers have quick access to cash and added repayment flexibility.