6 Facts You Should Know About Flexible Loans
A flexible loan, also called a flex loan or line of credit loan, is a great 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 make sure you are fully informed as to whether they are a good option for you. Here are 6 facts that may surprise you about flexible loans at Tennessee Title Loans, Inc.
6 Flex Loans Facts
1. We Work With All Types Of Credit And Income
To get a flex loan from your local bank, you are looking at around a 700+ credit score requirement just to apply. If you want more money or a lower rate, you’re going to 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 we don’t require good or even fair credit to apply.
In addition to being open to different levels of credit, we also work with all types of income. While most borrowers make their money from employment, many receive income from government benefits, Social Security, pensions, Disability, or other sources.
2. You Don’t Have To Use The Full Amount Of Your Loan
Once you’re approved for a loan from us, you’ll receive a line of credit for up to $4,000. This money is accessible when you want it for what you need, but there’s no requirement to use it all.
Let’s say you need cash for an emergency home repair after a storm. You believe this repair should only cost you about $2,000, but you aren’t sure, so you 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 available in your flex loan to pull out anytime during the loan duration. You can use this amount as needed, or not, without any changes to your loan’s terms.
3. You Only Pay Interest On The Cash You Use
Most loans charge an interest rate that begins the moment the cash hits your account. With flexible loans from Tennessee Title Loans, Inc., you only pay interest on the cash 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. Payments Can Be Withdrawn Again
Flexible loans in Tennessee can “recuperate”, so to speak, during the life of the loan. If you have a flex loan from Tennessee Title Loans, Inc. for $1,000, use $200, and then make a payment for that $200, you have recuperated the total loan amount. You now have the full $1,000 available 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 still gladly accept your application for our line of credit loan.
6. You Can Apply In 30 Minutes
Unlike your bank, who 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 consists of a phone call followed by a short in-person meeting to confirm your loan’s 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 is a title that 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
Once you have your three documents and car ready, fill out the line of credit inquiry form on our homepage. A knowledgeable representative will give you a call to discuss the loan details. You’ll then head to your nearest Tennessee Title Loans, Inc. location to present your documents and car for inspection.
Once approved, you’ll have your money that same evening 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 an important 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 at all in case something happens – start your flex loan inquiry 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.