There are, however, certain things to consider when choosing a loan that offers payment breaks. Firstly, because of the increased flexibility, you tend to pay more for flexible features and the APR is usually higher than a traditional personal loan. Therefore, it may be worth bearing in mind that flexible loans are more suited to borrowing over a shorter period of time and they can be a handy reserve should any unexpected expenses arise. You're also likely to be granted a larger borrowing facility with a flexible loan compared to an overdraft facility as most lenders would not be keen to provide you with a permanent overdraft facility much in excess of your net monthly income.
However, taking payment holidays afforded by a flexible loan agreement has been one of the benefits welcomed by people whose income fluctuates each month and by those looking to deviate from their usual pattern of everyday life.
