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Why Flexible Finance Is the Right Option to Solve Bad Credit

While many people like planning their finances ahead, it is sometimes better to think about taking out flexible loans. Those struggling with bad credit might find that solution that offers free changes to the terms would be more suitable for them. Personal loans come at a low interest rate, most of the time, but when one cannot pay the monthly amount or wants to settle the agreement, they are up for a surprise. Some companies with products designed for people with bad credit have flexible options, and no agreement fees, so when the bonus comes or money is released people can save money on the interest and pay off the full amount.

Why Flexible?

People with irregular income might want to take on flexible loans. They are easier to manage, provided that the company does not charge a fee for making changes to the terms. So self-employed people can benefit from flexible payments. People who know that they are getting a larger amount paid out to them in the near future would also benefit from flexible loans. Instead of being tied up in an agreement for five years, they can make the purchases when they need to. As an example, when somebody needs a new car, they might be able to buy a new one using credit, and carry on working. The next two salaries and bonuses would cover the price of the part exchange, so why take on a five year loan?

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Can Flexible Loans Solve Bad Credit?

Only careful budgeting can solve bad credit. While in the past payday loan providers sold their products for people with poor credit history and let customers build up a huge amount of debt, today most lenders operating in the United Kingdom are making sure that people who take on loans can afford them. Taking on loans for a longer term and paying it off early can save interest, provided that the bank or lender does not charge contract amendment fees. Instead of paying five years of interest, customers can get a rebate on the total repayable amount. Be aware that this is not the case with most short term finance providers, so this should be the first question asked before signing the agreement.

Payday Loans with Flexible Terms

People who simply need short term financial solutions for emergencies should look for payday loans that offer flexible terms. The interest paid over 2-3 months is negoitable, and most companies do offer finance without credit check. This means that one’s credit rating would not be damaged and they can still take out a long term secured or unsecured agreement when needed. Payday loans, however, are not suitable for people who want to solve bad credit: debt consolidation companies offer great long-term payment plans that help not only sorting out one’s finances, but eventually repair bad credit.

Peachy Payday Loans Full Review

There are so many payday loan lenders in the UK, and it is hard to find the right solution for one’s need. In the following review, we will check whether the terms and interest rates of are fair on customers who are looking for short term finance. The below review is just an overview of the payday loan services offered by the company: for full terms and conditions please visit the official payday loans website.

What Peachy Payday Loans Offer

Peachy is a responsible lender, and clearly displays the total cost of the loan, the interest rate, and the dates of the repayment. Unlike some other companies, it features all the information about the loan on the main page, allowing customers to decide whether or not they can afford the terms. The interest rate is also displayed on the site. Unlike some sites offering payday loans, this lender does not make decisions automatically, but assesses each applicant’s individual circumstances. This measure is put in place to make sure that borrowers can afford paying the back the loan, and will not get themselves into even more bad credit.

Flexibility of Short term Finance

One of the benefits of short term finance is that it can be taken out fast, without having to go through rigorous credit checks. Customers of can use the online slider to see how many payments are affordable for them. The loans offered by the company are flexible, and this means that customers who pay off the finance early do not have to pay an enormous amount to settle the agreement.

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Money emergency

Is Peachy Suitable for People who Want to Solve Bad Credit

Unfortunately, in the past, many people used payday loans in the hope to solve bad credit. However, these financial agreements are designed to help customers out in financial emergencies. No matter how well a family budgets, accidents and disasters can happen. While it is possible to save up for a holiday, nobody can foresee that a car would break down, or water pipes would need fixing. Short term finance is designed to help in these situations, in a timely manner. Due to the high payday loan interest rate, it is not worth to consolidate existing credit with these agreements; personal loans are more suitable for this purpose.

Peachy Payday Loan Interest Rate

While interest rates are determined on an individual basis, APR-s offered to customers range from 292 to 574 percent. The good news is that customers do not have to calculate how much they need to pay back: this is clearly displayed on the quote. Based on the short term finance industry statistics, this interest rate for less than a year is considered to be average.

Final Peachy Short Term Finance Review

Overall, has done a good job helping customers decide on loans and choosing the right repayment amount. The company follows the Consumer Finance Alliance Code of Practice, and this means that they are working on helping customers through providing adequate information and avoiding lending to people who are unable to pay the loan back. The site is easy to use, and money is transferred within hours after the application is accepted. Those facing unexpected financial strains in January should certainly check out the site.

Complicated Overdraft Charges Under CMA Radar

Customers are often confused about banks’ overdraft policies and end up choosing the wrong account, an inquiry of the Competitions and Market Authority (CMA) found. The variety of policies and exclusions make account holders face unexpected charges and end up in bad debt.


Cost of going into the red by a hundred pounds varies between £16 and £60 from one bank to another. Financial companies also add interest on unauthorized overdraft amounts, therefore, the longer customers use the facilities, the more cost they will incur.

Sylvia Waycott, spokesperson of told the Express newspaper:The number of charges and scenarios on current accounts can be very confusing. This is because the way we spend tends to vary from month to month as we cope with bills, birthdays and holidays.” She also added: “”Charges should not be a mystery to work out nor a nasty surprise”. Bugeting without knowing the cost of using overdraft facilities can result in unexpected fees and bad debt.

The CMA found that it is extremely hard for customers to compare competitors’ products, as the charges structure is too complicated. It urges banks and building societies in the UK to simplify fees and inform customersof the cost of borrowing. The authority has recently called for a detailed review of small business and personal banking in Britain, and overdraft charges are likely to be in the focus of the inquiry.

Until the bank charges structure is simplified, should contact independent advisors to help choose the most suitable product for their needs.file2751345357121