If you're looking to answer, "What is a flex loan?" and find a quick and easy option for facing a financial emergency, our practical guide will provide you with all the info you need.

A flex loan, also known as a line of credit loan, gives you access to money on demand, providing you with up to $4,000 to meet your urgent needs. After you pay back the borrowed amount on time, you can borrow additional money or save your funds for an unexpected event in the future.

Those who need emergency cash have options. Keep reading to answer, "What is a flex loan?" and decide if it's the right option for you.

What Is A Flex Loan?

Many may ask, "What is a flex loan?" and wonder whether it differs from other types of loans. In simple terms, a flex loan is a hybrid between a title loan and a personal loan. It can address financial emergencies in many cases because it offers security when needed without requiring you to fill out loan paperwork again.

A flex loan is also called a line of credit, and it operates just as a personal line of credit does, giving you access to cash on demand. The borrowed money becomes available again once you repay it, so you will always have access to your emergency line of credit--as long as you repay the amount you borrowed first!

Some lenders will authorize a flex loan without collateral if you have a job. Other lenders link it to the value of your vehicle to secure it. In that sense, it mirrors a title loan and a personal loan.

How Can A Flex Loan Help With Financial Emergencies

Those looking for loans may find that a flex loan is a quick and easy option to help them face a financial emergency. A flex loan enables you to borrow only the money you need for an urgent crisis. At Tennessee Title Loans, Inc., you can borrow up to $4,000 for a financial emergency. However, you should not borrow more than you need for an unexpected event.

Flex loans allow you to draw out any amount at any time--provided you've paid back a previous amount on time and in full.

As long as you repay the borrowed amount in full, you will maintain access to the cash you need to pay for necessary things like an extraordinarily high power or water bill, a roof repair, or an unexpected medical expense.

Who Offers Flex Loans?

It may be daunting to answer, "What is a flex loan?" and find a direct lender that's right for you. If you're asking, "Are there Tennessee flex loans near me?" you've come to the right place.

Tennessee Title Loans, Inc. offers flex loans with a maximum $4,000 limit. There are four requirements needed to begin the process:

1. Driver’s License or State Issued I.D.
2. Lien-Free Title to Your Vehicle
3. Your Vehicle for Inspection
4. Proof of Income

Getting a flex loan with Tennessee Title Loans, Inc. is quick and can be done in a half-hour in most cases. Applicants who qualify and choose this option can get their emergency money on the same business day or the following business day.

Our Flex Loan Process

At Tennessee Title Loans, Inc., our flex loans set a maximum loan amount for a set time. If you withdraw money for an emergency, you will pay interest only on the amount you've pulled out of your line of credit. You can keep drawing out up to the maximum limit if you repay the amount you borrowed on time.

Those with bad credit are welcome to apply for a flex loan, providing an option for those with bad credit or no credit.

To get started with our flex loan process:

1. Fill out our online inquiry form.
2. A loan representative will call you, answer your questions, and explain the process. They will make an appointment for you at our nearest location.
3. You will bring your vehicle and the required documents to the appointment. The final part of the process can take as little as 30 minutes.

Every maximum amount for a flex loan may be different. The maximum amount you qualify for depends on the amount of money shown earned on your pay stub and the value of your vehicle. Our loan representative can discuss this with you more.

If you are eligible, you can receive your emergency money that day or the following business day.

Fill Out Our Online Form!

A flex loan can offer you peace of mind when you have a sudden expense. You can use it when needed or leave it as a backup option for financial emergencies.

Now that you've answered, "What is a flex loan?" you can decide if this flexible loan is the right option for you. If you're ready to move forward with flex loans from Tennessee Title Loans, Inc., fill out our online form, and one of our trusted representatives will reach out to you.

 

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