The COVID–19 pandemic affected people across the world. With job loss, business closures, and financial uncertainty, many are still trying to recover. If you’re wondering how this will affect your long-term finances, you're not alone.

In this article, we’ll explore the impact of COVID-19 on your financial future, what bills to prioritize, and how resources like flex loans, also known as line-of-credit loans, can help if you're struggling in Tennessee.

The Impact Of COVID-19 On Everyday Bills

For many, job losses or reduced hours meant missing rent, car payments, or even buying groceries. While programs like unemployment benefits and stimulus checks helped, many still fell behind on monthly bills. Unfortunately, this can lead to long-term financial stress if you’re not able to catch up quickly.

Even if providers gave you a few extra months to pay your bills, those balances will still be due — and usually all at once. This is where Tennessee Title Loans, Inc. may be able to help.

If you need emergency cash, flex loans in TN can offer a simple solution. You may be able to use your vehicle's title to borrow money fast, helping you stay on top of your financial commitments.

How A Flex Loan Can Help You Bounce Back

A flex loan is a type of line of credit loan that offers more flexibility than traditional payday or installment loans. Once approved, you borrow only what you need — when you need it — up to a certain limit. That means:

• You don’t have to borrow a large sum all at once.
• You only pay interest on the amount you use.
• You can re-borrow funds as you repay.

For those struggling with multiple missed payments due to COVID-19, this can help manage your monthly budget and reduce stress while still covering urgent expenses.

Learn more about how flex loans work with Tennessee Title Loans, Inc.

Mortgage & Rent Relief Options

If you are unable to pay your mortgage or can only pay a portion at this time, contact your loan officer to discuss your options. Take the time to protect yourself by enrolling in the Coronavirus Aid, Relief, and Economic Security Act (CARES) that has recently been passed.

If you hold a mortgage with a banking institution, you may be approved for forbearance or able to put payments on the back end so that when our nation gets back to normal you will not have any missed payments to catch up on. This can help when you are trying to get back on your feet financially.

Renters will need to handle non-payment a little differently. The CARES Act was also created to protect you if you are renting from an owner that has a federally backed mortgage. Be sure to review the details of the CARES Act, as well as contacting your landlord.

Federal Student Loans

If your student loan is held by the federal government, do not stress. All payments have been deferred with no interest until September 30, 2020. This is great! It a pause in payments with no penalty.

If your student loan is not held by the federal government and has been secured through a credit union, private lender, commercial lender, or other, be sure to contact the student loan officer directly for payment options. With any luck, you will be able to defer payments without interest.

Credit Cards

Some credit card providers are offering relief options during the coronavirus, but not all of them. Contact each provider for more details. If you cannot pay your monthly charges and they do not have a relief program set in place for those affected by this pandemic, you may want to contact a credit counselor before it is too late. It is important to take the time to consider all your options.

 

Auto Loan Support And Your Vehicle's Value

Many auto lenders extended loan deadlines during the pandemic. If you’re behind, contact your lender right away.

If you own your vehicle outright, consider using its title as collateral for a flex loan or car title loan. These types of line of credit loans are available through Tennessee Title Loans, Inc. and are designed for emergencies.

Start Rebuilding With A Flex Loan Today

You may not know how long it’ll take to fully recover, but you don’t have to do it alone. If you’ve fallen behind because of COVID-19, your financial future isn’t doomed — you just need a plan and the right support.

With a flex loan or line of credit loan, you can manage urgent bills and take a step forward without taking on overwhelming debt.

Start the process with Tennessee Title Loans, Inc. today to see if you qualify for a car title loan, flex loan, or another financial solution.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.