Flex Loans For Beginners: The Basics You Should Know
If you are looking for different loan options, you may have stumbled upon flex loans. Flex loans are unique because they provide you with spending flexibility, but they may be a bit more confusing to first-time borrowers.
For this reason, we have written this comprehensive guide for flex loans. Whether you are just curious or are looking to apply for a flex loan yourself, be sure to read this guide before applying for Tennessee flex loans. Let’s get started.
What Are Flex Loans?
A flex loan, sometimes called a line of credit, allows you to have money on demand. It’s better to think of a flex loan as a line of credit than a traditional loan. If you are approved for the application, you will be able to withdraw cash within the approved credit limit at any time.
In other words, a flex loan works almost like a credit card. You get approved for a certain credit limit. You get to borrow from that limit whenever you want, but you will be charged interest for what you’ve borrowed. You will then get a monthly statement based on what you have borrowed. And you pay it back as you borrow.
The benefit of flex loans is that they provide you with more flexibility. It allows you to withdraw money on your own terms and in your own time, which can be helpful in unforeseen, emergency situations.
Can I Apply For Flex Loans If I Have Bad Credit?
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 even if you don’t have an excellent credit score. This is not the case with all lenders, though. Many flex loans are unsecured, which means your credit score will be checked in order to get approved.
As we will explain in more detail below, Tennessee Title Loans, Inc. offers secured flex loans by requesting your title as collateral. This makes our flex loans an option for individuals who have a struggling credit score.
How Much Can I Get From A Flex Loan?
How much you can get from a flex loan ultimately depends on the lender. Here at Tennessee Title Loans, Inc., you can get up to $4000. What this means is that the credit limit can be as high as $4000, but you are not forced to withdraw the total limit.
What Do I Need To Apply For Flex Loans?
If you are interested in applying for a flex loan from Tennessee Title Loans, Inc., there are four things you will need to apply:
- Driver’s License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
- Proof of Income
These four requirements are slightly different from other locations. Some locations do not require a lien-free title or a vehicle. Instead, they lean more on your credit score and use the flex loan as an unsecured loan. Because we use your title as collateral, more credit types are welcome to apply.
In other words, Tennessee Title Loans, Inc. can service more citizens with flex loans by requiring a title loan and vehicle as collateral.
How Do I Apply For Flex Loans?
If you are interested in a flex loan, you will have to apply in-store. To get started, you can fill out the inquiry form on our home page. Once you click submit, the form will be sent to the closest Tennessee location, and they will give you a call.
Be sure to answer this call. It will be used to walk you through the rest of the application process and set up an application appointment. At the time of the appointment, you will bring your four required items so that you can formally apply. A representative will inspect your vehicle to determine its value. This in-person process can take as little as 30 minutes to complete.
If you are approved for a flex loan from Tennessee Title Loans, Inc., you can receive your flex loan money as soon as the same day you are approved or the next business day.
Apply For Flex Loans Today!
Flex loans are a unique type of loan. They almost work like credit cards in that you will have a credit limit, and you can spend from that limit as you see fit. Just pay back the loan as you use it up whenever you receive your monthly statement.
If a flex loan sounds like an option for you, fill out the Tennessee Title Loans, Inc. inquiry form. Our flex loans are unique and an option for those with less than impressive credit scores. Plus, the inquiry form will match you to a location quickly and efficiently. We look forward to speaking with you and helping you get the flex loan that you need!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.