Flex loans or line of credit loans are, well, flexible. Their flexibility makes them an option for individuals who need emergency cash but aren’t sure how much it will cost to cover the expenses. With flex loans, you get a lot of flexibility and freedom to keep you financially sound whenever unforeseen situations pop up.

Of course, you must qualify for flexible line of credit loans first. To do so, you have to meet certain criteria. The exact requirements of flex loans differ from location to location. At Tennessee Title Loans, Inc., we have a few requirements, all are fast and easy. If you meet them, you will qualify.

Here’s What You Need To Get Flexible Line Of Credit Loans

1. Driver’s License

The first thing you will need for any loan type is your driver’s license. Your driver’s license or state-issued I.D. confirms your identity and age. In Tennessee, you must be at least 18 years or older to qualify for loans. Your driver’s license will prove you are eligible.

No matter which loan type you apply for at our location, you will be required to show your driver’s license. Likewise, you will need your driver’s license at any legal lender. In other words, there’s no way around this requirement.

2. Lien-Free Title To Your Vehicle

The next thing you need to qualify for flexible line of credit loans, also known as a flex loan in TN, is a lien-free title to your vehicle. The title is what proves that you own your vehicle. This title is used as a form of collateral to ensure that you pay back the loan.

Make sure that the title is lien-free. Lien-free titles do not have any debts or warrants against them. More so, the title needs to be in your legal name. If the title is not lien-free or in your name, it will not work for this loan type.

3. Proof Of Income

In addition to your lien-free title, you’ll need proof of income. The proof of income is used to determine how much money you can get with this emergency cash loan. You can use your pay stub as your proof of income.

If you have a non-traditional source of income, such as alimony or disability, you may still be eligible for one of these loan types, but you’ll need to talk to one of our representatives to confirm that this proof of income is accepted before applying.

4. Vehicle For Inspection

The last thing you need to qualify for flex loans is your vehicle for a quick inspection. This vehicle inspection will determine the value of your vehicle. You can only be loaned as much as your vehicle is worth, or else the collateral does not cover the entire loan.

Tennessee Title Loans, Inc. makes it easy to get your vehicle inspected. We perform the inspection for you. You also don’t have to worry about your vehicle being taken away at this point. It is fast and easy so we can get you on the way to getting your flex loan, and you will also get to drive away with your vehicle.

Understanding Line Of Credit Loans And How They Work

A flex loan can be a secured or unsecured line of credit that provides you with flexible access to emergency cash. With this type of loan, you can set your credit limit and take out as much or as little as you need, when you need it, without going over your approved borrowing limit from the lender. As long as your loan is in good standing, meaning you have made your scheduled payments on time, you can keep withdrawing without going over your credit limit. This is known as the draw period. A period when you can borrow funds up to your approved credit limit, much like credit card accounts.

You can apply for flex loans even if you have bad credit. Unlike traditional banking loans, these loans do not typically require high credit scores and a credit check for approval. In fact, all credit types are welcome to apply with us at Tennessee Title Loans, Inc. We can do this because with us your loan is secured by your car title, much like a title loan. 

How To Get Started

If you meet the requirements above, you are eligible for fast cash flex loans from Tennessee Title Loans, Inc. The only thing left to do is to begin applying. You can get started by filling out the inquiry form on our homepage. This form is not the actual application, but it will get you in contact with our closest storefront locations so we can get started.

As soon as you click submit, a representative will give you a call and set up a time to apply. Make sure to answer this phone call because you will not be able to apply for flex loans until you set up the appointment.

Applying For Your Flex Loan

At the time of your appointment, bring all of your required items. During this meeting, you will formally apply for flex loans. This application includes filling out paperwork and allowing for your vehicle to be inspected. This in-person process can go as fast as 30 minutes. If approved, you can get up to $4000 and get that money as soon as the same day or the next.

Get Your Flexible Line Of Credit Loan Today!

If you have interest in our flexible line of credit loans, all you need to get approved at Tennessee Title Loans, Inc. is your driver’s license, lien-free title, proof of income, and your vehicle for inspection. If you have these four items, you are ready to go.

Begin applying for online flex loans today with our inquiry form. Once you submit that form, one of our representatives will give you a call back to set up an appointment and help you get your loan money soon. We look forward to speaking with you!  

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