The 5 Advantages of a Tennessee Line of Credit Loan
Covering unexpected payments can feel near impossible without a well-stocked emergency fund. But with a Tennessee line of credit loan (sometimes called a flex loan), you can fund your crisis easily and get your life back on track. But that isn't the only benefit of these helpful loans.
In this article, we explore the top five advantages of getting a flex loan that you may not have considered before.
The 5 Benefits Of A Tennessee Line Of Credit Loan Explained
1. You Avoid Paying Unnecessary Interest
When you acquire a typical loan, you get a lump sum upfront and begin paying interest right away, even if you end up not using the entire loan amount.
A Tennessee line of credit loan is different.
You get access to a pot of money that lets you withdraw as much or as little as you need during a predefined time period. The best part? You only pay interest on the amount you withdraw. Thus, saving money, especially when making smaller purchases.
2. You Can Borrow Exactly How Much You Need
Alongside not having to pay unnecessary amounts of interest, you can withdraw any figure (up to the loan's maximum limit, of course) to fund purchases.
So, whether you need $143 or $1,023, you can take out the specific amount. Again, this saves you money in the long run.
3. You Can Use The Money For Anything
Technically speaking, there are zero limits to the things you can buy with the money you borrow from a line of credit loan.
That said, you shouldn't withdraw money for no reason. We always suggest saving lines of credit and similar financial products for when emergencies strike.
Our customers tend to use lines of credit to:
- pay unexpected medical bills
- fund emergency pet care
- cover home repair costs
- pay for vehicle repairs or maintenance
- cover urgent travel costs
Naturally, there are other situations where using a loan is justified. But the above are the most common reasons for using lines of credit loans.
4. You Don't Have To Worry About Meeting Difficult Requirements
Standard bank loans often come with long lists of requirements that many potential borrowers like you find hard to meet. Thankfully, that isn't the case with a Tennessee line of credit loan.
When you open a line of credit loan with us, you just need these four things:
- A valid government-issued photo ID card, such as a driver's license, passport, military ID card, or a military dependent's ID card.
- Your vehicle for inspection. We use this to determine how much money we can offer in your line of credit pot. Keep in mind our limit is $4,000.
- Your vehicle's lien-free title. If you currently have a different title, wait until you've repaid the outstanding debts before trying to get a flex loan with us.
- Your proof of income. Please ensure your pay stub covers your earnings for the last month.
5. It's Easy To Apply
Finally, getting a line of credit loan in Tennessee is easy. And no, it isn't just because of the simple requirements — the application process is wonderfully straightforward.
You kick things off by completing the form found on the website and waiting for us to give you a call back. But don't worry; we won't keep you waiting very long. After all, we value your time.
We'll explain the process and the required items over the phone and ask you to pick a time that suits you to come to your nearest store to complete the application.
Make sure you bring everything with you, and you will receive access to your line of credit on the same or the next business day. It really doesn't get easier than that!
Get A Tennessee Line Of Credit Loan Today!
As you can see, there are plenty of benefits to getting a flex loan. From lower interest rates to borrowing exactly how much you need to cover things like emergency expenses, the list goes on.
So, get a line of credit loan from us at Tennessee Title Loans, Inc. by completing our online inquiry form. We'll get back to you as soon as we receive your information.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.