Your Basic Guide To Qualify For A Line Of Credit For Poor Credit
If you have poor credit, there are ways to get the money you need now. With a line of credit for poor credit, you can get up to $4,000 so that you can pay for an unforeseen expense and get back to the normal rhythm of life.
Let’s start with establishing what is a line of credit for poor credit before moving into what you need to qualify for one and how to get it.
What Is A Line Of Credit For Poor Credit?
A line of credit, also called a flex loan, basically allows you access to money on-demand, even if you have bad or no credit. It is a flexible borrowing option because you can choose when to take the money, pay it back, and borrow it again.
How it works is that there will be a maximum amount of money available for a set period of time. You can choose when to borrow the money and when to pay it back. You only pay back the amount you take out of the line of credit.
Can I Still Qualify For A Line Of Credit With Poor Credit?
One of the benefits of selecting a line of credit is that it is an option even if you have poor credit. At Tennessee Title Loans, Inc., all credit types are welcome, and you do not need excellent credit to get approved for a Tennessee line of credit. As a result, a line of credit is an option for individuals with good, bad, and no credit.
What Do I Need To Apply For A Line Of Credit For Poor Credit?
Because you can still qualify for a line of credit or a flex loan if you have bad or no credit, there are other requirements you would meet instead. In order to apply for a line of credit loan, you will need four items:
- Driver’s license or state-issued ID.
- Lien-free title to your vehicle.
- Your vehicle for inspection.
- Proof of income.
These items are used to confirm your eligibility. In other words, your lien-free title, vehicle, and proof of income are used in a place of the traditional approach to credit scores, which is why your credit is not as necessary to determine whether or not you are a viable candidate.
Pay attention that the title must be lien-free. A lien-free title is one that does not have any debts against it. The title also needs to be in your legal name, just as it shows up on your driver’s license. To provide proof of income, your most recent pay stub will suffice.
How Much Can I Get With A Line Of Credit For Poor Credit?
Tennessee Title Loans, Inc. offers flex loans up to $4,000. Once again, you will not have to use the entire $4,000 offered through flex loans, but the $4,000 limit is there if you qualify. It’s up to you to pick how much you need to borrow and when.
That being said, not everyone will qualify for the full $4,000 line of credit. Your vehicle is used to determine how much you can qualify for. Although the most you can qualify for is $4,000, you might qualify for less, depending on the value of your vehicle.
How Can I Qualify For A Line Of Credit For Poor Credit?
The process of getting a flex loan here at Tennessee Title Loans, Inc., is simple:
- Start by filling out the flex loan form. This inquiry form is used to match you to the closest Tennessee location.
- After you click submit, a loan representative will give you a call to set up an appointment to have your documents and vehicle inspected. This appointment can be at a location of your choice.
- Make sure to have your items at the appointment and sit down with the loan representative. Allow the representative to verify your items and inspect your vehicle to determine how much you can qualify for.
- If you qualify, the loan representative will walk you through the last steps of the process, which include some paperwork. You can get your money the same day or the next business day.
The in-person application steps can take as little as 30 minutes to complete. Have all of your items ready so that the appointment goes as quickly as possible.
Apply For A Line Of Credit For Poor Credit Now
Once again, a line of credit can allow you a flexible loan option. A line of credit is especially an option for individuals that have no credit or bad credit, but you will need to meet the four required items above to qualify.
If a line of credit for poor credit sounds like an option you’d like to use, you can get started now by filling out the Tennessee Title Loans, Inc. inquiry form. We will get back to you shortly to set up an appointment, answer any remaining questions you may have, and walk you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.