FlexCredit and 12 Month Loan FAQs

We like to think that we keep FlexCredit as simple and straightforward as possible. This means that we give you as much information as possible up front, so you can clearly understand what you're applying for. Here are some of the most common questions people ask about 12 month loans and flexible loans.

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Are you a lender?

No, we're an independent, non-charging broker. It's free to apply and you won't be tied into taking out anything you're not happy with.

What is a 12 month loan?

A 12 month loan is an instalment loan that you repay in 12 monthly instalments (although you can also apply for anything from 3 to 18 months). It only takes a few minutes to complete a FlexCredit application, and your information will be sent straight to the lenders we work with to get you a fast decision. If you’re accepted, you’ll receive an offer from the lender.

How long can I apply for?

You can make applications that last from anything between 3 and 18 months. If we can’t match you with a lender who is willing to offer you the exact time or amount that you are looking for, we’ll get you an offer for the closest that we can. Flexible loans are designed to have realistic monthly payments that you’ll be able to afford based on your income.

You can repay them at any time if you wish, by contacting the lender. If you repay early, you will only pay the interest that has accrued to that point. The point of Flexible Loans is that they’re an instalment loan for a relatively short time that you can repay based on the schedule that suits you best.

Who can apply for a loan?

They’re open to anyone to apply, as long as you’re an employed UK resident with a UK bank account and aged 18 or over. Your application will be judged by lenders based on your current circumstances as well as your credit score.

How much can I apply for?

You can apply for up to £5,000, although you may be limited to smaller amounts if you apply with a shorter time frame. This varies depending on how long you want to borrow for, as different lenders offer different amounts for different times. If the option you’re looking for isn’t available, we’ll try to find the closest match. If this isn’t convenient, you’ll be under no obligations to accept it.

How do I repay my loan?

Repayments are set up if you accept the loan offer, using the information you supply in your application form. The dates will be set up with the lender when you’re put through to them. If you wish to, you can make early payments by contacting your lender, which will mean you also pay less interest overall.

Do I need a guarantor?

You do not need a guarantor to apply. If you are interested in guarantor loans, you can state that you have one on the application form. They will need to be a homeowner with a good credit rating and be willing to take over your monthly repayments if you cannot keep up with them.

How much will I be charged for a 12 month loan?

This varies between lenders, and also varies depending on how long you take out the loan for - borrowing for 3 months will involve larger repayments, but fewer of them. Borrowing for 18 months will involve lower monthly payments but will cost more overall. If you’re accepted, your lender will give you a full breakdown of your charges and repayment plan before you are under any obligations. Please see our charges page for more information.

Will I be charged for late payment?

You should ensure you have enough money to pay your monthly repayment fee otherwise a penalty will be added to the loan. You can manage your loan online to ensure you don’t miss payments and incur additional charges.

What happens if I miss a payment?

Both late payments and missed payments will incur penalty charges. If you miss a payment it could be recorded that you defaulted on the loan. If repeated payments are missed the lender could begin collection proceedings. You should contact your lender if you have problems with repayments, on occasion they may be able to arrange a late payment without charges.

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