Unsecured Loans A loan that is not backed by collateral - find out more
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Good Credit Rating
- Typical rate, for loans
£7,500 - £20,000 - 6.5% APR
Typical 
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Poor Credit Rating
- Get FREE debt advice from
Debt Help - Want to reduce your monthly payments and freeze interest?
- Make one affordable payment to your creditors per month?
Secured Loans If you wish to secure a loan against a property you own - find out more
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- No upfront fees,
guaranteed - £5,000 to £250,000
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Want a secured homeowner loan for a new car, a dream holiday or home improvements? Brightside Loans can help.
Our experts will search for the best deal for you whether you want to borrow £5,000 or £250,000 - and there are no up-front fees, guaranteed. We'll even complete the paperwork for you, so it couldn't be easier. Get in touch today - and get one step closer to the loan you're looking for.
For a friendly consultation and to find out how much you can borrow, contact Brightside Loans today.
Personal Loans Guide
Personal Loans |
Personal Loan – Flexible Loan
What is a Flexible Loan?
A flexible loan can be one of two things:
- A flexible rate loan, which means that the rate of the loan may change during the term of the loan.
- A flexible loan which allows you to borrow as much or as little as you need, of a set allocation which a provider will set.
1. Flexible Rate Loan
A flexible rate loan is extremely rare in the common world today of consumer finance. A few years ago there may have been provider which would lend you money at a set rate and that rate was susceptible to change, i.e. it could go up or down. The determining factor was whether the Bank of England would increase or lower rates.
Although many people still seek to find a suitable flexible loan, they are like looking for a unicorn in the modern world of mass lending.
Typically when you look for a personal loan you will be allocated a fixed rate which will stay the same throughout the duration of the loan period. For example if you borrow £2,500 over a two year period, with an interest rate of 5% the rate will not change throughout that two year period.
2. Flexible Loan
A flexible loan is the latest revelation in personal lending allowing customers to borrow as little or as much as they liked from their lender. Although flexible loans are not offered by all high street lenders yet there are thousands of customers using them right now.
How Does a Flexible Loan Work?
Lets look at a credit card in basic steps, the following four steps detail the basic operation of a credit card:
- You apply for a credit card with a provider you know and trust
- The application is accepted and your card is issued, and your credit limit is set
- You spend as much as you want
- You receive a statement at the end of each month detailing the amount you have borrowed, the minimum repayment for the month and the amount of interest you are due to be charged
A flexible loan works in much the same way, the only difference is the flexible loan will allow you to draw cash out without fear of a higher interest rate for cash withdrawals.
Why use a flexible loan over a credit card?
There are two main reasons why you would use a flexible loan over a credit card:
- You will be able to draw cash out without being charged a higher rate of interest
- You are simply able to secure a higher loan amount, you don’t need to build your
Flexible loans are a perfect way to borrow money if you are not sure how much you need to borrow, for example if you were making home improvements but were a little unsure as to the extent of the work involved, it could vary the price of the work a lot. So instead of taking out a loan looking at worst case scenario you could take out a flexible loan and just borrow the amount you need and subsequently only pay interest on the amount you borrow.
Learn about:
cahoot Fixed Loans
Flexible cahoot Loans
Personal Loans
Types of Loans
