What are Short Flex Loans?
A short flex loan can be defined as a loan that has to be repaid in less than a year. You can take the loan for a few days or a few months. Since the principal has to be repaid back in a short period of time, the monthly payments are usually higher. Short term loans are easier to get than medium term loans and long term loans. A typical example for a short flex loan is a payday loan. A reputable financial company, like Cashco Financial here in Canada, will give you cash up to $1500; all you need is your source of income, ID, and a chequing account. You can even apply it online, anytime, and you will get the money within a few hours.
One of the main advantages of a short flex loan is less interest, the interest will not get accrued like that of a long term loan. There is less time for the interest to accrue. Even if the interest rate is higher than that of a medium or a long-term loan, in the long run, you will be able to save money.
Short flex loans can be best used in the following situations.
Emergency Situations
If there is a medical emergency, and you need some cash quickly to pay the bills, then you can definitely go in for a short flex loan. A medical emergency is not something that you plan or can plan, so, very often people find themselves in need of some quick cash when slapped with an unexpected bill. You can either visit a bank or any other financial institutions for a short flex loan or you may even apply online. Either way, you will get the cash to pay the medical bill, immediately.
To Give Your Credit Score a Boost
One of the best strategies that you can adopt to boost your credit score is by taking out flex loans and paying them off in a timely manner. Having a Cashco Flex Loan as your term loan, you can rebuild your credit quickly and easily since we report your payments to the Credit Bureau. Having an impeccable credit score can definitely come in handy in the future.
Fast Money
If you need some quick money to pay your child's tuition fees or renovating your home or for wedding expenses or for going on a vacation, you can go in for a short flex loan. The idea is to carry you over until you get your next paycheque or for a short period of time.
To Close Your Mortage
With short flex loans, you will be able to pay back the principal faster, and you will be able to own your home faster. This is especially beneficial if you are looking to sell your home since you will not have to give the lender a share of the proceeds.
For Entrepreneurs
- Many emerging entrepreneurs make use of flex loans to finance their startup costs, especially if it is vital for them to launch as soon as possible to take advantage of the current market demand. Often, only a small amount of money is required to get the startup business up and running.
- A term loan can be ideal for business that are cyclical in nature, for example, a florist may need to quickly purchase double his usual weekly / monthly inventory to meet the high demand for flowers during Valentin's Day. They will be able to make a profile, and pay back the loan immediately.
- A business may come across a number of unexpected issues from time to time, such as emergency repairs. Fixing the issue as soon as possible means getting back on the track quickly so that productivity is not affected. A short term loan will help you to do just that.
- A flex loan can help an entrepreneur to finance an expansion as well. If you want to open an additional store or broaden your service line, you can opt for an instant loan to use as the upfront capital.
The only thing that the business have to be careful about short flex loans is not to abuse them. Since they are more readily available, a business may opt for them whenever there is a 'want' for cash, and not exactly a 'need'. This can take a business over its fixed budget.
A short flex loan is definitely helpful; however, if you find that the short flex loan is not helping you in a situation, then definitely go for a long flex loan . And if you want a great long flex loan, you may want to consider a Flex Laon from Cashco Financial. You can borrow up to $5000, and you have a time period of 3 years to pay it back.
