FLEXILOANS | Instant Short Term Loans in Canada No Credit Check

If we try to divide the credit or loan repayment, it can be fundamentally divided into two types: revolving credit and installment credit. In this post, we will be going to discuss these two types of loan options. Installment Credit Installment credit is a type of lending option in which you have to repay the loan amount in monthly or weekly installments as per the predefined schedule. You have to make the periodic payments, and the full repayment ends the credit cycle. In this type of loan, you lend a certain amount from your financing institution or lender and repay the loan in installments. Personal loans, home loans, and private installment loans in Canada are some examples of installment credit. Revolving Credit Revolving credit is a type of lending option that offers you flexibility in the term of repayment and replenishes the credit limit as soon as you pay the existing debt. In this type of lending option, you do not borrow an upfront amount; instead, get a line of cre

No matter how well you juggle your finances, things do fall apart. If you are also facing a cash crunch because of an emergency, lending money is the most sensible way to manage the dire situation. But for many people, lending a small amount ends up in a debt trap. It is not because they did something wrong; it is just they chose the wrong lending option. This is what today’s post is about. We will evaluate the two most popular instant lending options, i.e., short term loans in Canada and payday loans. Payday Loans Payday loans are the instant small-dollar loans usually of $500 or more that you have to repay in a single payment on your next payday. This type of loan offers you immediate financing within a few hours but charges a very high application processing fee and predatory interest rates in the range of 300% to 600%. Rollovers in payday loans are very common, and there are many reports that suggest that the majority of the borrowers take out a second payday loan within a

Lenders have been in the market for a very long time, like for centuries. Today, what we see as a very sophisticated system of lending was first started in Ancient Greece and Rome nearly 3000 years ago. The modern lending system has evolved into such a sophisticated system where the interests of every party involved in the transaction are taken care of properly. Long term loans, instant short term loans , and a personal line of credit card are some of the great outcomes of this civilized lending system.    Now, let’s come back to our main question, “What should you choose: term loan vs revolving loan?” Term Loan A term loan is a type of loan where you have to pay the money back to your financial institution or lender as per the predetermined schedule over months or years. The amount of your monthly installment and the date of payment of your installment is determined by your lender. You have to stick to the schedule; otherwise, penalties or recalling of the loan by the lender is