Most Flexible Loans

Sometimes called a flexi loan, a flexible loan allows you to increase or decrease your loan amount as you go along or vary the repayments. Some permit you to miss the occasional payment. Money.co.uk says these three loans are best.

  1. Sainsbury’s Bank Personal Loan (Nectar Card) is available to Nectar Card holders only. Borrow £1,000 to £40,000 from one to seven years with a representative APR of 2.9%. You can ask for a payment holiday at the start of the loan and make overpayments to reduce the term.
  2. M & S Bank Personal Loan offers £1,000 to £25,000 from one to seven years with a 2.9% representative APR. You can defer your first payment for three months.
  3. Zopa Personal Loan offers the same as M & S but with a maximum five-year term. This peer-to-peer lender offers overpayments and no early repayment fee.