FlexiLoan vs. Credit Card
The old adage that debts are fun when you’re acquiring them but much less so when you’re having to pay them off has always rung true.
However, the current Covid crisis has left many people, who would normally consider themselves financially secure, struggling to pay everyday bills. Not much fun has been had when it’s just living expenses that are building up.
Credit Card – your go-to solution?
An easy solution in this tap and go world we live in is to punish the credit card and that can be an expensive habit. The inevitable pain of paying back is simply delayed and how often have you dreaded opening up the credit card statement wondering just how much you’ve added to it in the previous month?
But the current climate has also meant that many people have delayed buying goods or services until their own financial position has more clarity around it. Finding the right balance when you have to pay for something is more delicate for many than it has ever been. For those lucky enough to emerge from the current crisis financially unscathed, thoughts might now be turning to some major purchases and how to fund them.
Before reaching for the plastic, however, you should maybe think of a personal loan and in particular our new FlexiLoan. The arguments against the personal loan route vs. credit cards usually revolve around flexibility, but there’s a clue in the name of our new product.
FlexiLoan – a better alternative?
With no set up fees, no admin fees and crucially no early repayment charges this could be the right solution for you. The FlexiLoan offers a pre-approved credit limit of between £500 and £5,000 and can be repaid over a period of between 12 months and five years. If you have a bill, e.g. for a wedding, you can withdraw your loan in stages and only pay interest on the amount you’ve taken out.
When it comes to peace of mind you always know that you have an end date for your loan, rather than a worrying spiral of credit card debt with seemingly no end in sight. Allied to that, our products offer free loan protection insurance so your debt is paid off in full in the event of your death.
The quick and easy solution for your spending plans could be reaching for your credit card, the best one may well be speaking to us.