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 becomes the answer.
For a lot of people the term Flex-Pay Installment Loan is a foreign one, so we have answered the most frequently asked questions regarding Flex-Pay Installment loans.
No, there are distinct differences between small-dollar loans products. Payday loans and Flex-Pay Installment Loans offer different terms and payment plans.
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.
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.
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 instantly if you qualify for a Flex-Pay 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.
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.