How Flexible Line Of Credit Loans Are Reshaping The Way Tennesseans Get Cash
September 24, 2021 | Mason Roberts
Getting flexible line of credit loans is a unique way for Tennessee residents to borrow cash. Unlike other forms of borrowing, with flex loans TN, you don't have to take cash right away or borrow it once. Instead, you can draw from your line of credit whenever you need access to funds.
Let us get into more details about what getting flexible line of credit loans entails. This may help you to decide whether this loan type could be an option for your financial needs.
What Are Flexible Line Of Credit Loans?
Flexible line of credit loans are a type of loan where you will be allocated credit for a period of time.
If you need access to emergency cash, you can borrow from the line of credit that you have been allocated. You can borrow it all, or you can borrow a fraction of it, and you only pay back what you borrow.
Through Tennessee Title Loans, Inc., you can qualify for flexible line of credit loans up to $4,000.
What Can Flexible Line Of Credit Loans Be Used For?
Flex loans are often used by those living in Tennessee that may need access to quick, emergency cash. They could be an option for covering the following:
- Late bill payments.
- Emergency car or appliance repairs.
- Required appliance replacement.
- Medical expenses.
Basically, they can be used to cover any expenses that cannot wait until your next paycheck from work and must be addressed as soon as possible.
How Do Flex Loans Work?
If you are approved for online flex loans Tennessee through one of our locations, you will be allocated a line of credit. We will inform you how much credit we have been able to extend you (a maximum of $4,000).
For as long as this line of credit exists, you will be able to draw from it up to your credit limit. You don't have to take the full amount of cash at once. You could be allocated $3,000 and only draw $100 if you really want.
Your repayments will cover only the money that you have borrowed, not your entire line of credit. This means that if you only borrowed $100 from your line of credit, you would only need to make the repayments on the $100 loan.
When you have repaid any cash that you have borrowed against your line of credit, then that money becomes available to be borrowed again. For example:
- You have a line of credit of $3,000.
- You borrow $500.
- You now have $2,500 left that you can borrow.
- You repay the borrowed $500.
- You now have $3,000 that you can borrow again.
How Flex Loans Changed The Way Tennessee Residents Borrow Money
This unique method of borrowing has really helped to shake up the way in which Tennessee residents borrow cash.
By having a line of credit, they know that they have cash if they need to tap into it. This means that they do not have to go through the process of inquiring about borrowing every time they need emergency cash.
Of course, they won't be paying anything unless they use the line of credit. This means that they do not have to worry about extensive bills tied to something that they are currently not making use of.
Who May Be Able To Obtain Flex Loans?
Tennessee Title Loans, Inc. does have a few requirements in place when we determine who may be able to obtain flexible line of credit loans from us.
Our most important requirement is that you have a lien-free title to your vehicle. If you do not own a car, van, or truck, then you won't be able to obtain a flex loan. We will also need your vehicle to be inspected.
You must be able to provide us with details of your income, normally in the form of your most recent pay stub as proof of income. Make sure to also bring your government-issued ID showing that you are older than 18.
Tennessee Title Loans, Inc. may also carry out a credit check on those that apply for flex loans. But don’t worry, your credit doesn't have to be perfect since we welcome all credit histories.
When you inquire about flex loans from Tennessee Title Loans, Inc., one of our representatives will walk you through everything that you need to know.
How To Get Flex Loans From Tennessee Title Loans, Inc.
The process for qualifying for a line of credit loan is easy:
- Fill in a short online form for flexible line of credit loans.
- One of our representatives will get in touch with you to inform you of the requirements, answer any questions you have, and provide further instructions including a scheduled appointment with you.
- Once you have the requirements ready, you can go to your appointment at your local Tennessee Title Loans, Inc. location. Here, we will inspect your vehicle and documents. This will enable us to determine how much credit you may be extended.
- If you are qualified, you can sign a few forms to finish the process, and you’ll have access to your funds on the same day or the following business day.
Inquire About Flex Loans Today
Flexible line of credit loans are changing the way in which people in Tennessee are able to borrow cash. By having a line of credit available, people know that they have the funds there if they need to cover emergency expenses. If you are interested in flex loans, then fill out the short inquiry form today. Tennessee Title Loans, Inc. may be able to help you.