Understanding How You Can Make A Line Of Credit Benefit Your Budget
A line of credit can provide you with access to fast and easy emergency cash in case you’re dealing with an emergency and you don’t have the necessary budget to deal with it. When going for a line of credit or the so-called ‘flex loan’ would be justified? What are the benefits of such a type of lending, and what documents would you have to provide? We’ll answer all these questions below.
What Are The Benefits Of A Line of Credit?
When Should You Use A Line Of Credit?
A line of credit can come in handy when an unexpected bill appears. If you need to take care of urgent travel expenses, medical bills, or house repairs, you can get the necessary cash by taking out a flex loan.
Unfortunately, over half of Americans don’t have an emergency fund. And those who do are most likely to have $1,000 or less set-aside. That might not be enough to cover an emergency bill. Flex loans can help ensure sufficient funds are available in case disaster strikes.
- A line of credit is flexible
With such a type of lending, you can set your credit limit. This means you can borrow as much or as little as you need. This is convenient for two main reasons.
Firstly, you will most likely only take what is required to cover your urgent expense (which can sometimes happen when individuals find out they can qualify for a more significant sum than expected and get all the money at once).
Secondly, you can withdraw cash if you don’t exceed the set limit. So, if another expense arises right after you take care of the first one, you won’t have to go through the whole application process again.
- Flex loans are speedy
Getting a traditional bank loan can take you days, if not weeks. With a line of credit, you can access the funds on the same or the next bank business day. Furthermore, you’re only going to need a few items to qualify, so you won’t have to spend plenty of time gathering the required documents.
- Your lien-free vehicle title secures a line of credit
If you have a lien-free vehicle title and own your car outright, you can pursue a line of credit loan with us. Your lien-free vehicle title secures the loan, enabling you to take out an emergency line of credit loan at Tennessee Title Loans, Inc. when you need help.
How To Get A Flex Loan
- Fill out an inquiry form. This will let the lender representatives know you’re interested in finding out if you can qualify for a line of credit.
- You will soon receive a call from a company representative who will answer your questions and tell you more about the process.
- Meet up with the agent who will go through your items and determine if you qualify and for how much.
- If you’re eligible, you will be asked to sign the final papers. That's it!
What Are The Requirements?
One of the best things about doing business with us at Tennessee Title Loans Inc. is that you wouldn’t have to satisfy too many requirements to take advantage of a flex loan. To find out if you qualify for a secured line of credit, you’re only going to need:
- Your state-issued ID or driver’s license
- Your vehicle and a lien-free title to it
- Proof of income (this can be your most recent paystub)
You have to own the car outright, and the title must have your name on it. Furthermore, you can apply only if you’re over 18. And that’s pretty much where the list of the requirements ends. You do not need to have perfect credit to qualify.
You might get the money you need, even with an inadequate or non-existent score. We are also ready to accommodate all types of income. Banks usually have minimum monthly income requirements, but that is not true with Tennessee Title Loans, Inc. when you need help.
Take Care of Your Emergency Today!
A line of credit might benefit your budget if you have to deal with a financial emergency and don’t have enough money in your reserve fund to take care of the issue. With secured flex loans offered by Tennessee Title Loans, Inc., you can receive up to $4,000.
And you might get approved even with bad credit! By the way, you can begin the process from the comfort of your home. Fill out the inquiry form, and you’ll immediately get a step closer to receiving the money that you urgently need!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.