One of the greatest worries among many employees is staying ahead of their finances by being able to balance what they earn monthly and the bills they pay. To bridge this gap, services such as Think Money has been quite helpful.
Think Money is a money lending service provider in the UK which offers credit cards and different types of loans to help an average citizen manage their finances. It has several other products from which you are allowed to explore depending on your financial needs.
Think Money Products
The first service you will get from Think Money is the current account service. Now, this is not just any other current account. Where else with normal banks you will only get a deposit account to keep your money, the Think Money current account allows you to separate money for regular use from the money required to pay bills.
The biggest advantage with this way of banking is that you will not have to worry when paying a bill as long as it is included in the bills part of your current account. Once your month’s salary is in, the account splits it into the two main segments and then pays all your bills. You can then access the rest of the money any time you need for other miscellaneous uses.
The second service is the credit card service where you can apply for one of up to £1500. The best part about this service is that it is way faster through their mobile app, and you may not need to visit their physical offices as long as your track record is clear. If you have a bad credit problem, they will advise you on the way forward and use their quick check to help you get back your footing on your finances.
Finally, there is the Flexi Loan which is easy to get as long as you have a current account with Think Money. It is also a fast and short term loan for those who need a quick financial fix.
What is Flexi Loan?
Flexi Loans with Think Man is an emergency loan you can apply after you have had a current account with Think Money for an authorised amount of time. You can apply from as low as 300 to as high as 1500 Pounds over a half or full-year period.
More Flexi Loan Features
1. It is strictly only available for customers who already have a current account.
2. Its rates are a bit high: This is something you should be very careful about when you are applying for a Flexi Loan. Its interest may be lower compared to instalment loans from other payday lenders, but it is higher than the interest applied to personal loans. This means that it may come in handy for short term solutions, but if you are thinking long term, it may end up being too expensive.
3. The application process is simple, fast and at times, contact-free. All you need to do is call a Think Money adviser who will process your application and send the agreement via mail. Once you sign the agreement and send it back, you will receive your money as soon as possible.
4. To repay your loan, you will have to make fixed instalments via your current account. Delay in payment attracts a tough penalty so make sure your stay in course with the dates given.
5. If you pay your loan early, there are no fees charged for that.
In summary, to be eligible for a Flexi loan you have to:
- Be 18 years of age and above
- Be a registered citizen of the UK
- Have an active current Think Money account
- Have a stable job or at least have 16 hours working shift per week
- At least be retired with a pension scheme if you are not employed
Pros and Cons of Flexi Loan
Every loan service provider has its advantages and disadvantages. For Flexi loan, its advantages include:
1. You can personalise your loan payment plan as advised by a loan adviser. It means you do not have to strain your income to clear a loan as long as the payment period does not exceed 12 months.
2. It is not easy to have a late payment on your loan, given that each payment is made through your current account, which is split between bills and normal use. It is, therefore, easy to maintain a good credit score.
3. It is possible to get approved for a loan even after other lenders have declined your request. It is because Think Money looks at many other aspects of your financial behaviour aside from having a good or bad credit score.
4. Security is assured since Think Money is an authorised money lender in the UK.
However, Flexi loans fail to be as prestigious in the following aspects:
1. Its interest rate is a bit too high as compared to other personal loans and payment is a bit binding as well.
2. By any chance you miss a payment, more interest is applied to your current balance which is a big disadvantage if you are already not in a good place with your finances. Changing repayment dates might as well increase your balance.
3. A first loan rejection makes it harder for you to ever get one in future, and if you do, then the interest rate might be higher as well.
As long as you are eligible for a loan, you can keep on re-applying.
There is no fee attached to a Flexi loan. Only monthly instalments.
Like any other bills, your loans will be repaid through your current account.