Where can I find a flexi loan

wiseshark

I'm with the Halifax and don't want to change my current account
or open a second current account with like HSBC who offer flexi loans.

It would be beneficial for me to have this type of revolving credit loan. I don't want another credit card.

Does anyone know of any reputable finance companies who offer this facillity. Your help would be greatly appreciated.

Cheers;)

BugsyBrowne

Have you tried Zopa.

Tixy

I don't know of anywhere else that does one similar to HSBC thats not connected to a current account.
That said I don't personally think the HSBC one is a very good deal - its simply like an extension of the overdraft and is charged at the same APR (and HSBCs overdrafts are not very competitive cost wise compared to some other banks). Yes you have to repay a small amount each month, but its very easy to just borrow this straight back into your current account at anytime and keep the balance at the higher level and so I personally don't really see any benefits of it compared to an overdraft.

Tixy

BugsyBrowne wrote: »

Have you tried Zopa.

I don't think zopa do revolving loans do they? unless its a new product, but I can't see any mention on their website?

wiseshark

Tixy wrote: »

I don't know of anywhere else that does one similar to HSBC thats not connected to a current account.
That said I don't personally think the HSBC one is a very good deal - its simply like an extension of the overdraft and is charged at the same APR (and HSBCs overdrafts are not very competitive cost wise compared to some other banks). Yes you have to repay a small amount each month, but its very easy to just borrow this straight back into your current account at anytime and keep the balance at the higher level and so I personally don't really see any benefits of it compared to an overdraft.

A flexi loan can be very handy if used responsibly to dip into every now and then. It would very much suit me to have this type of loan.

Although I have a £300 interest fee overdraft with the Halifax, I don't use it but would in an emergency. I hate the thought of been overdrawn. For me it's as easy to be in credit as it is to be overdrawn.

That's why a flexi loan suits me as it would give me extra security at been able to borrow whenever I need it without taking out a personal loan and a credit search each time.

Of course if I cannot find this type of loan, I can always borrow the money on a credit card and repay it.

These flexi loans seem to have dried up.

Tixy

Apparently leeds city credit union do a flexi-loan where you can draw down up to a limit for their members.

Clearly thats not going to be suitable for you in islington, but maybe you could see if any of the other large credit unions that you might qualify to be a member of offer anything similar (and if they do how competitive it is). Of course they'll almost certainly require you to save with them as well so it will also depend on whether you'd be prepared to do that.

BugsyBrowne

Tixy wrote: »

I don't think zopa do revolving loans do they? unless its a new product, but I can't see any mention on their website?

Your right they dont.

wiseshark

Tixy wrote: »

Apparently leeds city credit union do a flexi-loan where you can draw down up to a limit for their members.

Clearly thats not going to be suitable for you in islington, but maybe you could see if any of the other large credit unions that you might qualify to be a member of offer anything similar (and if they do how competitive it is). Of course they'll almost certainly require you to save with them as well so it will also depend on whether you'd be prepared to do that.

Thanks Tixy for your suggestions and clearly you have been doing your research which is nice and sincere of you.

I have been a long standind member of my local Credit Union for years and get the cheapest loans possible. I can borrow up to £5000 at a low APR of 12.7%. Unfortunately they don't offer the traditional revolving credit flexi loan.

Most Credit Unions offer membership to people living, working or studying in their area or a common bond such as a member of a certain organisation.

I am currently trying to find out if there are much wider catchment area Credit Unions that I could join. So far zippo!

Does anyone know of a Credit Union which accepts members from all over the UK?

I shall endevour in my task and eventually I will find what I'm looking for.

Cheers

camuk81

Try this link:

http://www.findyourcreditunion.co.uk/home