A Flexible Loan (sometimes called a flexi loan) permits you to increase or decrease the amount borrowed, or to vary the repayments. In some cases they may allow you to miss the occasional payment, as set out in the Credit Agreement.

How will a Flexible Loan appear on my Credit Report?

Your Flexible Loan can appear on your Credit Report, but it may not be specified as ‘flexible’. If your lender is sharing the account with the Credit Reference Agencies, you’ll be able to see your outstanding balance, current status, and more.

If you haven’t already, you can view the UK’s most detailed Credit Report – including data from Equifax, Experian, TransUnion and Crediva - with checkmyfile free for 30 days, then for just £14.99 per month. Cancel online at any time.

What is assessed when applying for a flexible loan?

Like most other loans, your credit history plays a big part in deciding whether or not you may be eligible for a flexible loan, but depending on which lender you approach you may find they have their own additional criteria such as how long you’ve been a customer.