When taking out a loan it is important to think about what is best for your finances. Flexibility in everyday life is what most of us appreciate, even when we have to borrow and repay what we have borrowed.
Are you among those who want to decide for themselves how much of the loan to be used at any given time, have the freedom to pay a lot during periods of good liquidity and less during periods of poorer finances?
You decide how much credit you want to spend
But how does a flexible loan really work? Yes, we give you the opportunity to customize the repayment according to your finances.
After a flexible loan has been established, your loan account is created with us, and you can decide how much to use at any time. You simply take out what you actually need, when you need it. The rest of the loan framework will then be available to you in the online bank as an unused credit – of course, you will not pay interest on this amount, Borg explains.
Thus, only a minimum amount is charged per month which includes interest and fees and a repayment equivalent to 1.67% of the credit used.
Benefits of a flexible loan
In short, these are some of the benefits of a flexible loan:
- You pay down what you borrow at the rate you can afford – with flexible repayments and only a minimum amount per month if you wish in the periods that are a bit narrower.
- You only pay interest on the amount you have outstanding at any time, and are therefore very similar to a credit card solution. However, the loan has a significantly lower interest rate than a traditional credit card.
- You dispose of the money as you please.
- You can borrow more within your assigned loan frame at any time, without additional application to the bank.