
Flex Loans For Beginners: The Basics You Should Know
Ever wondered if there’s a loan option that gives you flexibility and control? Meet the flex loan, a unique way to borrow what you need, when you need it. Continually borrow from a line of credit to ensure you can afford any financial emergency that arises out of nowhere, including medical bills, auto repairs, and emergency travel costs.
This guide from Tennessee Title Loans, Inc. will explain Tennessee flex loan basics, including what they are, their requirements, and how to get approved. Learn about the specific advantages of getting a line of credit loan with Tennessee Title Loans, Inc. below!
What Are Flex Loans?
Flex loans, often referred to as lines of credit, provide access to funds when needed. It’s more helpful to view a flex loan as a line of credit rather than a traditional loan. If your application is approved, you can withdraw cash anytime within the approved credit limit.
In other words, a flex loan functions similarly to a credit card. You are approved for a specific credit limit and can borrow from this limit whenever you wish, though interest will be charged on what you borrow. Each month, you will receive a statement detailing your borrowings, and you can repay as you borrow.
The benefit of flex loans is that they provide you with more flexibility. It allows you to withdraw money on your terms, which can be helpful in unforeseen emergencies.
How Much Can You Borrow With Tennessee Flex Loans?
Now that you know the definition of flex loans, it’s time to learn more about Tennessee flex loan basics. The first thing you probably asked yourself is how much you can borrow. At Tennessee Title Loans, Inc., you can set your credit limit at a maximum of $4,000.
However, not everyone will get approved for the maximum credit limit for their Tennessee flex loan. Your credit limit will depend on your credit score, repayment history, and income level.
Can I Apply For Flex Loans If I Have Bad Credit?
While you can borrow up to $4,000, how will your credit score affect flex loan approval? Here at Tennessee Title Loans, Inc., all credit types are welcome to apply for a flex loan. In fact, you can be approved for a flex loan for bad credit. However, we will do a soft credit check to see what your credit score is, and you may get approved for a smaller credit limit with a poor credit score.
One of the reasons why you can still get approved for line of credit loans with bad credit with us is that we offer secured flex loans by requesting your title as collateral. This makes our flex loans an option for individuals who have a struggling credit score.
What Are The Flex Loan Requirements?
A good credit score is not one of the flex loan requirements you need to worry about at Tennessee Title Loans, Inc. Thankfully, we have simple requirements that allow for easy approval for borrowers in need. Unlike traditional bank loans, borrowers will only need a few items to get approved for flex loans in Tennessee.
The following are the flex loan requirements:
- A state-issued photo ID displaying your full name and age
- A lien-free car title in your name
- Your vehicle for a quick inspection
- Your most recent pay stub to prove your income
Requiring a car title as a flex loan requirement allows for more flexibility for borrowers. While you may not have a credit score to get approved at other loan lenders, you might have the lien-free vehicle title you need with us.
The Tennessee Flex Loan Approval Process
Now that you know what required times you will need, you can start the process of getting approved for a line of credit loan in Tennessee. Our approval process should take less than a day, with many borrowers getting approved in person in less than 30 minutes. You will only need to complete a few quick steps to see if you can borrow from a line of credit today for an emergency.
The following is how to get approved for a flex loan in Tennessee:
- Provide your basic information (name, contact information, zip code, and vehicle details) through our online inquiry form
- Speak to a loan associate on the phone about the approval process
- Bring your required items to the nearest Tennessee store location
- Have your eligibility requirements verified and your vehicle inspected
- If approved, sign your flex loan agreement to finish the process
- Access your line of credit the same day or by the next business day
What Should You Consider Before Applying For A Flex Loan?
While a flex loan can help you continually borrow for financial emergencies, there are some downsides to consider before applying. You will have to repay the amount you borrow. It is not an unlimited supply of emergency cash; before you can borrow again, you must pay back what you have already borrowed.
You will also have to pay the money back with interest, which some borrowers in a rough financial position may not be able to afford. While getting up to $4,000 may seem appealing, a lot of borrowers who need cash may not be able to afford that much.
Those looking for a safer borrowing alternative may consider a payday loan. They only let you borrow up to $400, but repayment is much simpler. You can repay your loan fully using your next paycheck, making it much more manageable than repaying thousands over a couple of weeks.
FAQs About Flex Loans In Tennessee
How does a line of credit loan affect my credit?
Tennessee Title Loans, Inc. does not report our loans to the major credit bureaus, so you can borrow money without experiencing a credit drop. We also do soft credit checks, so your credit score will not be lowered because we check your score.
Do you need to secure a flex loan?
When borrowing a flex loan from Tennessee Title Loans, Inc., you will need to secure the loan with your car title. This allows you to borrow a line of credit with a poor credit score. If you haven’t paid off your car yet, consider a payday loan for your emergency financing.
Can you get Tennessee flex loans online?
You can start the process online, but you will need to finish in person. Thankfully, the in-person process takes less than half an hour, and you will know if you got approved before arriving.
Borrow Flex Loans In Tennessee – Borrow Up To $4,000 Today!
Ready to take control of your finances? Apply for a flex loan with Tennessee Title Loans, Inc. today and get approved in as little as 30 minutes! You can fill out our online form in less than five minutes and get approved in person swiftly with the help of our friendly loan associates. Get fast financial relief with flex loans at Tennessee Title Loans, Inc. today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.