Now that 2022 is here, there are three popular loan options that people are trying out as they move away from traditional bank loans. If you need a short-term quick loan yourself, you can consider getting title loans, payday loans, or flex loans in Tennessee. Let’s go over each loan option to learn more about how they work.

Most Popular Loan Options In 2022

There are three popular loan options in 2022: title loans, payday loans, and flex loans. Each one of these loan types come with their own benefits and they have different requirements.

By understanding each one of these loan types, you will be best able to determine which loan type is best for you and your financial situation. Let’s take a closer look at each one of these popular loan options:

1. Title Loans

Title loans are a type of loan that uses your title as collateral. As a result, you do not need a job, source of income, or checking account to qualify for title loans. You don’t need a great credit score either. Instead, you only need a driver’s license or state-issued ID, a lien-free title to your vehicle, and your vehicle for inspection.

If approved for a title loan, you can get anywhere from $300 to $2500 through Tennessee Title Loans, Inc. The in-person process can take as little as 30 minutes and you get to keep your vehicle, even when you are approved.

Because a title loan requires a lien-free title in your name, this loan type is not ideal for individuals who do not own a vehicle, but it is an option for individuals who do own a vehicle that is completely paid off and in their possession.

2. Payday Loans

Tennessee payday loans are a loan type that allows you to get a little extra cash until your next payday. This loan type is named as such because you pay it back by your next payday. You can get anywhere from $100 to $400 for a payday loan from Tennessee Title Loans, Inc.

What makes payday loans different from title loans is that your payday loan is dependent on employment or a source of income. So, you need a government-issued photo ID, your most recent bank statement, your most recent pay stub, and a blank check from your active checking account to qualify.

Because payday loans are dependent on employment, this loan type is not ideal for individuals who do not have any source of income. Likewise, it is not a good choice for big-ticket expenses. It is best for individuals with a job who just need a little extra money to hold them over until their next paycheck.

3. Flex Loans

Finally, the last popular loan type in 2022 is flex loans, otherwise known as a line of credit. A line of credit can get you up to $4000 if approved. Online flex loans Tennessee are more flexible than the other loan types, hence their name. This loan type allows you to borrow money whenever you are in need.

To apply for a flex loan or a line of credit, you need a government-issued photo ID, proof of income, a lien-free title in your name, and your vehicle for inspection.

Much like a title loan, flex loans are an option for individuals who own their vehicles. If you can’t decide between a title loan or a flex loan, consider how much money you need. At Tennessee Title Loans, Inc., flex loans can provide up to $4000 if you’re approved.

Do You Need One Of These Loan Options?

If you are looking to get one of these loan options, you can simply submit an online Tennessee loan form to get started. Once you submit your form, a loan representative will contact you shortly after to provide you with further information. They will also answer your questions and guide you through the rest of the process.

You can also find a list of Tennessee Title Loans, Inc. storefront locations and their phone numbers. We have many locations all over the state.

Qualify For One Of These Loan Options Today!

When you need emergency money in 2022, know that Tennessee Title Loans, Inc. has several loan options to choose from. You can consider title loans, payday loans, and flex loans. Any of these loan options can help you get the money you need in an emergency.

To apply for one of these loan options, simply choose the loan type you’d like to qualify for and fill out the online form. We will contact you shortly to walk you through the rest of the application process so you can get the loan you 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.