A flexible loan, also called a flex loan or line of credit loan, is an excellent short-term money solution for many people who need extra cash before the end of the month. Flex loans may be new to you, and we want to ensure you are fully informed about whether they are a good option.

From bad credit options to flexible borrowing amounts, there are several benefits to getting a flex loan in Tennessee. Keep reading to discover six facts about flexible loans at Tennessee Title Loans, Inc.

The Advantages Of Flex Loans

1. Bad Credit Flex Loans Do Exist

To get a flex loan from your local bank, you need a credit score of 700+ to apply. If you want more money or a lower rate, you’ll need a score closer to 800 to qualify.

For most Americans who don’t meet this requirement, you can depend on Tennessee Title Loans, Inc. for flexible loans. We work with borrowers of all credit histories and don’t require good or even fair credit to apply.

We are open to different credit levels and work with all types of income. While most borrowers earn from employment, many receive income from government benefits, Social Security, pensions, Disability, or other sources.

2. Flex Loans Have Flexible Borrowing Amounts

Once approved for a loan from us, you’ll receive a line of credit for up to $4,000. This money is accessible when needed, but you’re not required to use it all.

Having cash for an emergency home repair after a storm would be best. You believe this repair should only cost you about $2,000, but you aren’t sure, so apply and get approved for a $4,000 flex loan.

You pull out $2,000 to pay for the repair, only to find out there is an additional $300 charge that you need to cover. No worries – you still have $2,000 in your flex loan to pull out anytime during the loan duration. You can use this amount as needed without changing your loan’s terms.

3. Flex Loans Have Straightforward Interest Rates

Most loans charge an interest rate that begins when cash hits your account. With flexible loans from Tennessee Title Loans, Inc., you only pay interest on the money you use.

That means if you have a $4,000 flex loan but only use $100 of it, you’re only charged interest on the $100 before it’s repaid.

4. Flex Loans Feature Simple Repayment Options

Flexible loans in Tennessee can “recuperate,” so to speak, during the loan's life. If you have a flex loan from Tennessee Title Loans, Inc. for $1,000, use $200, and then pay for that $200, you have recuperated the total loan amount. You now have the full $1,000 to use again if needed.

5. You Can Get A Flexible Loan Even If You Already Have A Title Loan

Many lenders won’t let you take out multiple loans or lines of credit with them, but Tennessee Title Loans, Inc. is not this way. If you already have a title loan with us, we will gladly accept your application for our line of credit loan.

6. You Can Apply In 30 Minutes

Unlike your bank, which could take up to a week to process a personal loan application, Tennessee Title Loans, Inc. flexible loans can be applied for in as little as half an hour.

Our application process involves a phone call and a short in-person meeting to confirm your loan details. Afterward, you could have the cash in your account within a few hours.

What You Need To Apply For A Flex Loan

If you’re ready to apply for your flex loan from Tennessee Title Loans, Inc., you'll need four simple things.

• First, have your Tennessee license or I.D. ready to verify your name, age, and address.
• Next, provide the lien-free title for your vehicle. This title is free and clear of all debts, proving you are the legal and sole owner of the car.
• Third, you should have your car handy for a short inspection.
• Finally, you’ll have to prove your income. This could be through a pay stub, W2s, official government document, or another form that lists your name, income, and income source.

How To Apply For A Flex Loan

1. Once you have your three documents and car ready, please complete the line of credit inquiry form on our homepage.
2. A knowledgeable representative will call you to discuss the loan details and review the required documents.
3. You’ll then head to your nearest Tennessee Title Loans, Inc. location to present your documents and car for inspection.
4. Once approved, you’ll have your money that day or the next workday.

Get Your Line of Credit Loan Now

Flexible loans can offer you a lifeline when you need cash fast. Whether you’re covering an unexpected cost or behind on a substantial payment, catch up on your bills today and get up to $4,000 readily available through a flex loan.

 It’s better to have money and not use it than not have any money in case something happens – start your flex loan inquiry today by filling out our online inquiry form. Reach out to us today! We're here to help!

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