What is the difference between FlexiPay and FlexiLoan (Instalment Loan)?

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Here’s a quick breakdown to help you decide which one fits your current lifestyle.

Feature	GXS FlexiLoan Instalment Loan	GXS FlexiPay
How It Works	A FlexiLoan Instalment Loan is a fixed-term instalment loan drawn from your FlexiLoan credit line. It offers a fixed tenure and end-date, with equal monthly instalments (EMI) until the loan is fully paid.	FlexiPay is a feature that allows you to convert your existing Instalment Loan into a revolving line of credit (think credit card) where you can choose to pay a monthly minimum repayment amount instead of a fixed EMI. It is important to note that there will be no fixed tenure end date and the FlexiPay tenure is highly dependent on the repayments made.
Fees & Charges	No processing fees for drawdowns performed No fees charged on early repayments. Late interest charges will be applicable for late payments. These charges vary based on how late your payments are. Interest savings when early repayments are made	Interest rate of 26% p.a. or 0.07% daily. One-time conversion fee: 0.25% of the Instalment Loan outstanding at the point of conversion. Flat late fee of S$100 if minimum repayment is not made by due date Interest is not charged on fees or accrued interest.
Repayments	For an Instalment Loan, you pay equal monthly instalments (principal + interest) over the chosen tenure and the loan ends once all instalments are paid.	For FlexiPay, you pay a minimum monthly repayment - either 1% of outstanding principal or S$30 (whichever is higher) + any interest and fees. Because there is no fixed end date, if you only pay the minimum, the loan can stretch much longer and cost more in interest.

In summary, Instalment Loan offers a more structured and predictable payment schedule, while FlexiPay provides more flexibility with smaller monthly minimum payments. When considering the conversion, it is important that you are mindful of the possibility of incurring a higher interest charges on your loan for the flexibility that FlexiPay provides.

Pro tip: If you’re repaying via bank transfer, double-check that account number. When repaying for FlexiPay, make sure you’re sending funds to your FlexiPay account (and not your FlexiLoan). Since payments to FlexiLoan go toward Instalment Loans and Balance Transfers and can't be reversed, we want to make sure your money lands where it should!