If you have taken a customer - friendly loan which had a soft rate of interest and a moderately long time horizon, you may be referring to flex loans. Flex Loans from Cashco Financial are term loans which have been designed to provide financial assistance to such people who may have a long term monetary funding requirement and need some time to pay off the loan.
Why are flex loans special?
Flex Loans are one of the best personal loans available in Canada. Cashco Financial is a company which has years of experience in the lending business. It is headquartered in Edmonton, Alberta and has a number of front offices and stores throughout the country. It also offers payday loans and cash advances and also auto loans.
But, flex loans are the most popular type of loans offered by the company because they are multi payment loans. A Flex Loan can be paid over a period of 36 months and you can borrow up to $5000 at one time. The loan can be rolled over if you feel the need to extend the loan and that will give you more time to settle the total amount. The payment schedule is also completely flexible and you can decide whether to pay it bi-weekly, monthly or with prior intimidation and permission, the payment can be scheduled in some other manner. But, it is recommended that you keep paying small bills rather than letting the dues accumulate because it can adversely impact your credit score.
Flex Loans can help you improve your credit scores significantly as well. This is because, every time you make a timely installment payment, the matter is reported to one of the credit bureaus in Canada and this leads to a healthier credit score. Also, while most creditors carry out a detailed analysis and evaluation of your credit history before deciding whether to approve a long - term or not, Cashco's Flex loan is much easier to get. Although your total debt service ratio and credit history are checked, a loan of some amount is almost always approved to help your tide over the crisis.
Canadian Loans Available Online
Flex Loans are available both online and offline. If you choose to apply online, you will need to fill in a simple contact form and as soon as the details are verified and your credit score is examined and a decision whether to issue you the loan is taken, you will immediately receive the money. Usually, the whole process is completed within 24-48 hours. You could either avail for the fund transfer by cheque mode or the electronic or electronic fund transfer mode. If you need any further clarifications or a counseling as to how to better manage the loan and funds that you have, just walk into to your nearest Cashco store because their executives are always more than eager to help.
Benefits of Flex Installment Loans
- Lower cost of borrowing: Installment loans are much more affordable than payday loans, taking a line of credit, cash advance or settlement loans some of which have a floating rate interest. These loans are very predictable and you can a lot of time to settle your dues systematically.
- Takes care of immediate and long-term costs: A Flex Loan is useful for meeting an immediate contingency pecuniary shortage as well as dealing with utility bills and long term requirements. you may also take it for education or a small business. However, you are strongly advised not to use it for frivolous reasons like throwing a party. Even if you take the loan, you will have to be careful as to how you manage your funds because a lender will have a number of options to take punitive actions against a defaulter.
- Consolidate your debts: A Flex Loan can be used to consolidate all your other debts into a single loan that is easier to process, and pay off. Consolidating all your loans most of the times leads to a lower borrowing cost and you can also negotiate with the lender.
- Predictable: Flex Loans and other installment loans are predictable and a longer time horizon means that you have to pay less per installment. Usually there are no hidden costs. Most lenders also allow pre-closure without levying any penalty.
- Has a strong legal framework: Long term loans like flex loans usually have a stronger legal foundation and the interest of both the borowers and the lenders are well protected unlike in payday loans. Flex Loans are well governed by the provincal laws in Canada and Cashco Financial doesn't use it as an instrument to fleece people or take advantage or their situation.
Conclusion:
Flex Installment loans are "easy to apply for and easy to qualify for". If you ever need a loan with a relatively long time period of repayment, a Flex Loan would be your best option.
