When Should You Use A Line of Credit Loan?
If you’re in financial trouble and your financial trouble is of recurring nature (i.e. you can’t settle it by just throwing a lump sum at it once and be done) or if you continuously find yourself short on funds to cover your expenses, you might want to consider getting a line of credit loan, also known as flex loans.
What Is A Line of Credit Loan?
A line of credit loan is a type of fast private loan. That said, in reality, it acts more like a credit card, than a loan.
When you get a line of credit loan you get access to a certain amount of money on demand (with Tennessee Title Loans, Inc. the maximum amount you could get is $4,000) for a set period of time.
How Does A Line of Credit Loan Work?
After getting approved for a line of credit loan, you can draw the cash you got approved for any time you’re in need.
When you pay back the borrowed money in full, you’ll be able to utilize your line of credit loan again up to the approved limit.
As long as you keep your line of credit loan in good standing, you’ll be able to utilize it as many times as you need.
When Should I Use A Line of Credit Loan?
As with any loan, getting approved for a line of credit or online flex loans direct lenders offer doesn’t mean you should spend money on your every desire.
Overborrowing is never a good idea. Uncontrolled credit card use is one of the reasons a lot of Americans are in debt today. And as we already mentioned, a line of credit loan is pretty similar to a credit card in nature.
You should draw from a line of credit loan to cover expenses you haven’t anticipated or have trouble covering due to your paycheck coming in late or shrinking.
Good examples would be:
- An unplanned doctor’s or dentist’s visit.
- Having to cover medication.
- Having to pay for an urgent auto repair or insurance premiums.
- Having to cover an urgent house repair (like a leaky roof or burst pipes).
- Having to pay for an unplanned move.
- Having to cover unanticipated traveling.
- Having to cover overdue monthly bills (rent, utilities, gas, etc.)
And make sure to always borrow exactly as much as you need to cover the issue you’re having, that way you can make sure you don’t overborrow. This way you can keep the line of credit loan in good standing.
How Do I Qualify for A Line of Credit Loan?
As a line of credit loan is a comparatively long-term flexible borrowing option, you usually need to prove your income source before you get approved.
That said, a line of credit at Tennessee Title Loans, Inc. is a secured type of loan, and you’ll be putting up an asset (your car title) as collateral – so we do our best to accommodate you.
Here’s what you’ll need:
- A government-issued photo ID (you must be over 18).
- Your most recent pay stub as proof of income.
- Your vehicle for inspection – the loan limit will be decided based upon its value.
- Your vehicle’s lien-free title in your name to prove you outright own your car.
Can I Get A Line of Credit Loan if My Credit Is Bad?
Tennessee Title Loans, Inc. will be performing a credit check if you apply for a line of credit loan. However, your credit score is not a major deciding factor, and checking it doesn’t mean you have no chances to get approved for the loan if it is bad.
Tennessee Title Loans, Inc. works with all types of credit, whether it’s good, bad, or even completely nonexistent. The loan representative who will be in contact with you will need to evaluate your case as a whole before deciding if you qualify or not, this is the reason why a credit check is performed.
How to Get A Line of Credit Loan TODAY:
- Make sure all the required items – the government-issued ID, proof of income, your vehicle, and its lien-free title – are in order.
- Fill out and submit the online form on Tennessee Title Loans, Inc.
- Answer your phone when the loan representative from the nearest store location gives you a call with further instructions.
- Take the required items to the meeting the loan representative sets up for you.
- Let the loan representative inspect your car and documents to determine if you qualify for the line of credit loan and what your limit should be.
- If approved – finish the final paperwork and get the cash on the same day!
Submit A Request for A Line of Credit Loan
If you submit your request for a line of credit loan right now, you could get access to up to $4,000 before the end of the day! The whole process typically doesn’t take more than an hour. Apply now and find out if you qualify.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.