If you’re considering getting a flex loan, Tennessee Title Loans, Inc. may be able to help you out. Flex loans are ideal for individuals who need quick loans with revolving credit and have a lien-free vehicle title to use as collateral.

If you’re looking for fast cash with a Tennessee flex loan, you’ll need a lien-free car title. Here’s why it matters and how the process works. In this guide, we’ll explain why a car title is required for a flex loan and how you can get approved for a line of credit today.

What Is A Flex Loan And How Does It Work?

A flex loan, also known as a line of credit, is an emergency financing option that lets you borrow from a revolving credit line. Instead of getting a lump sum as you would with a payday loan or title loan, you will gain access to a credit line that you can continually borrow from.

You can get up to $4,00 in emergency cash with flex loans, depending on your income level and ability to repay the loan. With a flex loan in Tennessee, you can borrow money from your credit line to cover an emergency. You can borrow again as long as you repay what you first borrowed with interest.

For example, let’s say you qualify for a $2,500 Tennessee flex line of credit. You missed work for a week due to illness, and you’re missing $300 from your next rent payment. You can borrow the $300 from your credit line to pay your rent. You will now have to come up with the money to repay the $300 you borrowed, with interest, before borrowing for a future emergency.

Why Is A Lien-Free Car Title Required For Flex Loans?

Later on, we will review the flex loan requirements, but it’s important to know now that you will need to have a lien-free vehicle title to get approved. A lien-free title is one that is clear of any debts, judgments, or liens. It means you have fully paid off your vehicle and own it outright.

As such, you can only get a Tennessee line of credit if you have fully paid off your vehicle; you cannot use a title from a financed vehicle. When you take out a flex loan, you are borrowing money against the value of your vehicle. We need to know that you own your car outright so we can lend you the money because your lien-free title serves as collateral for the loan.

We will also need to place a lien on your title to process the loan, which we can only do if you own your vehicle outright. Using a lien-free title as collateral protects both you and the direct lender.

How A Lien-Free Title Protects Lenders And Borrowers

A lien-free title verifies that you own your vehicle outright. You have full legal ownership of the vehicle, allowing you to access loans using the title. Rather than worrying about owing money or not fully owning the car, a lien-free vehicle title gives borrowers access to multiple emergency financing options.

Providing a lien-free vehicle title as collateral protects the direct lender by providing security. If you fail to repay your flex loan after several months, the direct lender can reclaim the amount they lost by taking your vehicle title. They can seize your car to recoup their losses, protecting themselves against borrowers who cannot satisfy their legal agreement.

You can avoid losing your car by having a repayment plan in place before borrowing from your line of credit. Preparation is key with any loan. Continue reading on to learn what you need to know before applying for a flex loan, including the Tennessee flex loan benefits.

Benefits Of Flex Loans In Tennessee

A line of credit is one of the most flexible loan options for those facing an urgent financial emergency. Instead of borrowing a lump sum you have to repay in full, you can borrow from a credit line multiple times to ensure you can afford months’ worth of financial emergencies. As long as you continually repay what you borrow, you can borrow repeatedly for any unforeseen financial circumstance.

Here are some Tennessee flex loan benefits:

• Borrow up to $4,000 – Your credit line can be set at up to $4,000. This allows you to handle large and small emergencies. Your loan limit will depend on your income and the vehicle’s value.
• Flexible borrowing – Instead of just getting one lump sum of money, you can continually borrow as long as you repay what you owe. This revolving credit lets you fund emergencies now and in the future.
• Bad credit approval – While we may conduct a soft credit check to verify your financial status, you can still get approved for flex loans for bad credit. A poor credit score may lower your loan limit, but having bad credit won’t lead to a rejection.
• Fast approval – you won’t have to wait weeks to hear back from us on your application. After applying through our online form, you can visit us to get approved in person in less than 30 minutes. Same-day flex loan approval is possible, and you can start borrowing from the credit line within one business day.

Do these benefits appeal to you? Below, we’ll explain more about how to get emergency cash with flex loans. Learn about the flex loan requirements with Tennessee Title Loans, Inc.

Flex Loan Requirements In Tennessee

Having a lien-free vehicle title is just one of the flex loan requirements you’ll need to access this fast emergency financing option. You’ll need four required items to get approved. Thankfully, you should be able to find these items easily at home before applying with our online form.

Here are the required items for flex loans in Tennessee:

• A state-issued photo ID that displays your full name and date of birth
• Your most recent pay stub to prove your income
• A lien-free vehicle title in your name
• Your car, truck, or van for a quick inspection

If you have these four items we mentioned above, you can proceed with the rest of the approval process. Read on to learn how to qualify for a flex loan in Tennessee.

How To Qualify For A Flex Loan – A Step-By-Step Guide

If you’ve decided flex loans are for you, you’ll be pleased to know that the process and terms for getting one are simple. You can gain same-day approval for a line of credit by following our simple guide. In just a few easy steps, you can get approved and start borrowing from your credit line for emergency expenses.

The following is how to get approved for Tennessee flex loans:

• Submit our online inquiry form
• Discuss flex loan terms over the phone with a friendly loan associate
• Bring your required items to our nearest Tennessee store location
• Have your documents verified and your vehicle inspected for its value
• If approved, sign the loan agreement to finalize the process
• Start borrowing from your line of credit later that day or by the next business day

Title Loan Vs Flex Loan: What’s The Difference?

You may be wondering: since flex loans require a lien-free vehicle title, what is the difference between title loans and flex loans? A title loan vs flex loan comes down to one factor: revolving credit vs. a lump sum. While there are other differences, the amount you can receive and how much you can receive are the main differences.

With a title loan, you can borrow up to $15,000 from the value of your vehicle. However, you will receive all of the money at once, and you’ll have to repay the full sum with interest. Flex loans let you borrow less, but you can borrow from revolving credit. You only have to repay what you borrow before you can borrow again.

A title loan may be better for a one-time big financial emergency, whose costs exceed what you can borrow with a flex loan. A line of credit is best suited to handle multiple emergencies over a few months.

Get Started With A Tennessee Flex Loan Today

Do you need emergency cash today for an unexpected expense? Tennessee Title Loans, Inc. can help with our simple approval process for flex loans. Whether you will live in Nashville, Memphis, or Knoxville, we have a location near you where you can get same-day approval. Apply with our online flex loan form before visiting us in person to get approved within 30 minutes!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.