What You Need To Know About Flexible Holiday Loans
During the end-of-year season, flexible holiday loans are helpful in handling any important situations that may arise. Here’s everything you need to know about flex loans and how they can help you.
Flex loans offer up to $4,000 in borrowing money and let you withdraw money up to your approved limit any time you need it.
There are a number of ways that flexible holiday loans can benefit you but understanding how they work is important to get the most out of them. The rest of this article will discuss holiday flex loans and when you should take advantage of them.
What To Know About Holiday Flex Loans
What Is A Flex Loan?
You can think of a flex loan as being similar to a credit card in that they come with a credit line. You’ll be charged for the amount you borrow from the credit line and can dip into the credit line anytime you need to withdraw cash.
These amounts can vary from a few hundred to a few thousand dollars, but when you sign up for one, you’ll generally be obligated to make regular payments back on your loan.
How Is A Flex Loan Different From A Bank Line Of Credit?
Flex loans differ from a personal line of credit issued from a bank or credit union largely due to accessibility. Banks offer lines of credit to individuals or businesses with different repayment structures based on multiple factors, including the credit score of the application.
If you have little to no credit history, then a flex loan might be a better option simply because it’s unsecured. Some flex loan lenders may not require a credit check or don’t weigh credit history as highly in their considerations.
What Do I Need For A Flex Loan?
To get a flex loan, you’ll need to have the following items on hand:
- Your driver’s license or another form of state-issued ID
- The lien-free title to your vehicle
- Your vehicle
- Proof of income (your most recent pay stub)
If you have these items, then you’re well on your way to getting approved for flexible holiday loans.
How Does The Process Work?
A flex loan, or line of credit loan, works a little differently from other types of loans, in that you have the freedom to access money on demand. You can draw out money up to a maximum of $4,000 over a set period of time, and you’ll only pay interest when you’re borrowing on the line of credit.
If you pay back those borrowed funds, they will become available to you again for borrowing, allowing you to handle your loan payments if you come into some money and rely on the line of credit when you need to fall back on it. Just remember that flex loans are a two-way street.
Adhering to the terms of your loan demonstrates reliability to your lender, and it’s important that you pay off what you borrow on time and in full.
When Is A Flex Loan Right For You?
Another important aspect of flexible holiday loans is getting them at the right time. You don’t want to use a loan for frivolous purchases during the holiday season.
Instead, save flex loans for important emergencies that may arise. For example, using a flex loan to cover the extras on your utility bills you can’t pay otherwise is a good use of the line of credit.
Similarly, you may use it to cover the cost of a home or auto repair that you desperately need so that you can avoid further damage to your home or car.
How Tennessee Title Loans, Inc. Can Help
Offering flex loans up to $4,000, Tennessee Title Loans, Inc. can help you get the flex loan you need during the holiday season.
To apply, just fill out their online form and wait for a representative to call you back. Once they do, you’ll need to bring your state-issued ID, proof of income, lien-free car title, and your vehicle itself for inspection.
After verification and inspection, a representative will go through the final stages of the approval process and let you know whether you qualify for a flex loan. If you do, you can start withdrawing the money you need on the same day or the next business day.
Submit An Application Today!
The holiday season brings its fair share of stress and financial hiccups, but flexible holiday loans can help you stay ahead of the curve and handle emergencies as they arise.
Tennessee Title Loans, Inc. offers fast ways to get the money you need during the holidays so that you can enjoy the end-of-year celebrations without feeling down. Flex loans are an option to get the fast cash you need whenever you need it, so if you’re struggling, fill out Tennessee Title Loans’ online form to get started!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.