The Ultimate Guide To Flex Loans In Tennessee
As a Tennessee resident, you can obtain a flex loan to fund emergencies like medical bills, same-day urgent travel costs, necessary home repairs, and lots more. But, if you haven't heard of this loan before, you may ask yourself, "what is a flex loan?" Keep reading to discover how Tennessee flex loans can help you address an unexpected expense or face a financial emergency with confidence.
How Flex Loans Work In Tennessee
What Is A Flex Loan?
So, without further ado, what is a flex loan? A flex loan, otherwise known as a line of credit, gives you access to money as and when you need it. You can draw up to $4,000 during a set period to cover emergencies.
Unlike other loans where you pay interest on the entire amount, regardless of whether you need it all, you pay interest only on the portion you borrow with a flex loan. For instance, if you draw $500 from your line of credit, you will only have to pay back the $500 plus interest.
Another unique characteristic of a flex loan in Tennessee is once you repay the borrowed amount, the funds will become available again.
This flexible borrowing option gives you the power to draw money, repay it, and borrow again, providing you stick to the terms and pay it off on time and in full.
Flex Loan Requirements
You now have the answer to "What is a flex loan?" After all, you won't be able to get one if you don't know what you need! Now let's take a look at the requirements. To get a flex loan from us at Tennessee Title Loans, Inc., you will need the following four items:
- A driver's license or another type of state-issued identification, such as your passport, passport card, or student ID
- Your lien-free title to your vehicle
- Your vehicle for inspection (i.e., a car, van, or truck)
- Proof of income (usually, we require your most recent pay stub)
Since we use your paid-off, lien-free vehicle title as collateral for the loan, you don't need a good credit score to get one. You can qualify whether you have an excellent credit rating or a poor one. In that sense, the answer to your "What is a flex loan?" question could also be "a bad credit loan!"
How To Get A Flex Loan
You can obtain a flex loan if you meet the requirements. Like the qualification criteria, the process is easy to understand and follow. Here are the steps you must take to get a flex loan from us at Tennessee Title Loans, Inc.:
- Fill out the online form on this website. It sends your information straight to your local store.
- Once we receive your information, we will call you back to discuss the process, ensure you have the necessary items, and answer your questions.
- After the phone call, head to your nearest Tennessee Title Loans, Inc. branch with everything you need to qualify.
- When you arrive, we will greet you before verifying your identity and examining your vehicle to establish how much you can qualify for. We'll also look at your proof of income to determine eligibility and ensure you have a lien-free title.
- After that, we will let you know how much you can qualify for. If you are happy with the amount, continue with the process. All you have to do is sign a few forms in the designated boxes, but we'll help you with that.
- Finally, you can get your emergency flex loan money that day or the following business day, ensuring that you get your funds within 24hrs of completing the process.
Get A Flex Loan From Us At Tennessee Title Loans, Inc.
You'll never again need to search "What is a flex loan?" You now understand it's a flexible, on-demand line of credit, allowing you to borrow up to $4,000 to cover emergencies like medical bills, veterinary fees, home repairs, same-day travel, and so much more.
Provided you can meet the requirements (i.e., a state-issued ID, vehicle for inspection, lien-free vehicle title, and proof of income), you can complete the process in as little as 30 minutes.
If you decide that a Tennessee Flex Loan is the right option for you, fill out our online inquiry form on this website. One of our friendly representatives will call you to guide you through everything.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.