Life happens for all of us. Life can be messy, complicated, and stressful. More times than not the obstacle that makes our lives feel overwhelming is connected to our financial situation. Financial problems can be one of the scariest things in life, and it’s even scarier if you have a family. The majority of U.S. citizens rely on a fixed income to survive. According to a recent study by CareerBuilder, 78% of full-time workers live from payday to payday. This means the majority of Americans are just trying to survive till payday every week. For those living this life of constant struggle, there is also the fear of some unexpected expense that will collapse everything they have built financially. In this instance, many who are struggling to make ends meet lean on Payday loans, Installment loans, or our very own Advance Financial Flex Loan as a way to power on and keep life moving. Just like any form of loan, there is risk involved, but if used correctly it’s a great financial resource to utilize. Below we have outlined everything you need to know about using a Payday Loan, Installment Loan, or FLEX Loan.
What is a Payday, Installment, and FLEX Loan?
A Payday Loan is set amount of money, usually a smaller amount, that is borrowed with an agreed upon repayment date falling on the borrower’s next payday. Not only is the full amount required to be paid in full on the next Payday, but all interest that was acquired as well. In most cases when taking out a Payday Loan, you will know the exact amount that will need to be paid back- total amount borrowed + Interest that will accrue.
Like all loans, an installment loan is repaid over time, but the difference in an installment loan and a payday loan is there are a set number of scheduled payments. The Loan can last anywhere from a few weeks to a few months or even years.
Different from a Payday Loan or an Installment Loan, a FLEX Loan allows you the opportunity to apply only one time yet withdraw cash any time you need it (up to your credit limit). And unlike a payday loan or installment loan, when using a FLEX Loan, you pay back the loan at your own pace, with payments, or installments, that coordinate with your payday. With an Advance Financial FLEX Loan, you can get approved for up to $4,000. Our FLEX Loans are available both online or at any one of our 24/7 locations all over Tennessee. Click here to apply.
When and How to use a Payday or Short-term Loan
It is important to note that a Payday loan, Installment Loan or FLEX Loan is an expensive form of credit. You should only borrow what you know you can afford to pay back. Interest and fees are charged every day you keep the money and it is always recommended to pay more than the minimum payment.