Flexible Loans

Looking for a loan that works around your needs?

Flexible loans help customers like you keep down the costs of your loan.

Discover flexible loans with Choose Wisely.



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Representative 824.7% APR. Representative Example: If you borrow £250 over 6 months at a Representative rate of 824.7% and an annual Interest rate of 248.19% p.a. (fixed), you would pay 6 instalments of £81.41. The total charge of credit will be £238.46 and the total amount payable will be £488.46.

Flexible Loans

What is a flexible loan?

Unlike most other personal loans, a flexible loan will allow you to make overpayments, early repayments or take payment holidays on your loan, before the end of it’s loan term.

To pick the right loan for you, you need to decide which of the flexibility benefits you can do without and which ones you really need. We’ve provided explanations of the options that may be offered to you when you’re searching for a loan:


This is where you pay extra money towards your loan to reduce the amount of interest you pay and will help to clear your loan balance sooner.

Early repayment:

This is when you pay off the total of your remaining loan balance. Some lenders won’t charge you for making an early repayment but others will. Just make sure before you apply.

Payment holiday:

Not quite as fun as a real holiday but if you are struggling financially then a payment holiday could be a blessing. If you can’t make a repayment one month, your lender might let you take a break but you will still be charged interest on your loan balance.

Most lenders will also allow you to select the date you make repayments each month, for example, the day after payday, so you can make sure your funds are ready in your account on repayment day.

Can I get a bad credit flexible loan?

Over recent years, bad credit loan lenders have started to improve how flexible their loan products are, which is great news if your credit file has seen better days.

Holiday repayments and fee-free early repayment loans are now very common within the market. This means, if you pay off your outstanding balance before the end of the loan term, you could save a considerable amount of cash.

The table above shows you all the lenders, both for good or bad credit, that offer flexible loan conditions. Of course, you will need to check which flexibility options are available for your personal circumstances before you apply to your preferred lender.

Are flexible loans worth it?

Depending on your own needs and priorities when it comes to your credit, a flexible loan may be a good option. You could save money via overpayments and early repayments and it could even improve your credit score.

Use our budget planner to plan out your income and monthly expenses to decide how much you can afford in repayments on your loan and if you can pay off any extra.

However, if you’re specifically on the hunt for a flexible loan, you might find that there is less choice available to you and you could miss out on better interest rates. Think about whether you’re genuinely committed to making payments early as you may end up paying more on your loan overall.

Final Word

Flexible loans are becoming more and more common which means you can still benefit from the flexible options and find a decent interest rate even if your credit history isn’t great. If the idea of credit makes you feel uncomfortable, a flexible loan could give you piece of mind; no unexpected fees and the ability to pay it off when you wish. As always, make sure you can afford to make repayments each month before taking on any finance. Why not check out our budget planner to get an overview of your finances?

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk