Not too long ago, payday loans had to be repaid in thirty days. Even today you would come across a few lenders that would want you to repay the entire loan amount with the accrued interest in one month. Payday loans were designed to be repaid by employed borrowers on their next pay date. This is no longer the norm. While many lenders in the United States still have this as a standard practice, payday loans in the UK have undergone a substantial transformation.
As you apply for unsecured short term loans through Flex Repay, you would be offered different repayment terms. You may get a few months. You may get longer than a year. Of course a very small amount such as a few hundred quid will not come with a repayment term of up to eighteen months. You will perhaps have three months to repay. Whatever is a particular proposition, you should always shortlist payday loans that have a prudent repayment term.
Many borrowers check the terms offered by the lenders and they do a back calculation to ascertain their affordability or capacity to repay. You can use such a method but effectively you need to do the math to know if the monthly installment is indeed viable. You should not contemplate austere measures that would be unsustainable over a period of time. You can choose a reduced loan amount or you may go for a longer repayment term. Unless you would have an enhanced capacity to repay or you can comfortably pay the installments, always opt for a relaxed repayment term. Lenders may or may not be willing to negotiate this. You would have to respond accordingly. Some lenders will have repayment terms that would perfectly fit into your scheme of things. Consider such payday loans from favorable lenders.