It can feel difficult to find the amount of cash that you need in Memphis for surprise emergencies, such as overdue bills, medical expenses, and auto repairs. When you feel that these emergency costs keep recurring, a flex loan, otherwise known as a line of credit loan, could be the financing option you need.

In this guide from Tennessee Title Loans, Inc., we will explain what Tennessee flex loans are. We will review the requirements and approval process of flex loans in Memphis. Read on to discover how to get a line of credit in Memphis to help fund your emergency costs.

What Is A Flex Loan?

You may be aware of more popular fast emergency loans, such as title loans or payday loans, but Tennessee residents are lucky to have the option of borrowing line of credit loans. A flex loan differs from other fast loans because you don’t just borrow one lump sum for a financial emergency; you could potentially borrow multiple times from a credit line.

You will need to put up your lien-free vehicle title as collateral to Tennessee Title Loans, Inc., so make sure you have fully paid off your car, truck, or van before applying. You can set your own credit line up to $4,000, with how much you can borrow depending on your vehicle’s value.

After setting your line of credit, you can borrow from it each time you face an emergency, as long as you pay what you borrow. For example, let’s say you missed rent by just $125. You got approved for a $1,000 credit line. You can borrow the $125 from the line of credit, pay your rent, and repay the credit line money back with interest. Now, if you need to borrow $300 for medical bills, you can repeat the process.

Requirements For Line Of Credit Loans In Memphis, TN

Memphis flex loans options are available at Tennessee Title Loans, Inc. Getting a line of credit in Memphis, TN, is easy with our simple requirements. Unlike with a traditional banking institution, you don’t need to get a long list of documents and wait weeks to see if you can get approved. You will need just a few items, and we can verify them the same day you apply.

Here are the required items for Memphis flex loans:

• State-issued photo ID – In Tennessee, you must be at least 18 years old to get approved for any personal loan. You can prove this and your identity with a state-issued photo ID. It must display your picture, full name, and date of birth. A driver’s license, passport, state ID, or student ID card can work.
• Lien-free vehicle title – You will need to secure your line of credit with high-value collateral when working with us. We accept lien-free vehicle titles, which means you own the vehicle outright. You must pay off any liens, debts, or judgments before applying. The vehicle title must also be in your name and match the name on your ID to qualify.
• Your vehicle – We determine the value of your vehicle and how much you can borrow with a flex loan with an in-person vehicle inspection. We will look at your car’s age, make, model, condition, mileage, modifications, and maintenance history.
• Proof of income – You will also need to prove that you have current income to prove that you can afford repayment. We will accept your most recent pay stub to get the best look at your current earnings.

Do you have the items mentioned above? If so, you can proceed with the quick flex loan approval process. You will need to complete just a few steps, all of which can be done on the same day. Read on to learn more about how to get approved for same-day flex loans.

How To Get Approved For Memphis Flex Loans

The approval process for a Memphis line of credit loan doesn’t take very long. In fact, you can get approved the same day you begin the process and begin drawing from your credit line by the next business day. You can apply online with our inquiry form and get approved at one of our Memphis stores in just 30 minutes.

The following is the step-by-step guide to getting flex loan approval:

• Fill out our online inquiry form with your basic details
• Answer our phone call to discuss flex loan terms
• Bring your required items to the nearest Tennessee store location for verification
• Get your vehicle inspected for its value
• If approved, sign the loan agreement to complete the process
• Begin borrowing from your line of credit later that day or by the next business day

Now that you understand how flex loans work and the process for getting approved, you can begin the process to get same-day approval. However, it’s also vital to understand how repayment works and whether you can continue drawing on your line of credit. Learn more about flex loan repayment below.

How Does Flex Loan Repayment Work?

After borrowing from your line of credit, you will have to repay what you borrow. You need to replenish your line of credit before you can borrow again. As long as you keep your line of credit in good standing, you can continually borrow to afford emergency expenses.

For example, you have to repair your car after getting rear-ended, and it costs $1,500. You can get approved for a $2,000 flex loan. After borrowing the money for your auto repairs, you will have to repay the $1,500 with interest. The interest only applies to what’s used, not the full amount you qualify for. Once you have repaid what you borrowed, you can borrow for different emergencies.

You may need to pay a $500 charge to replace a broken window or $1,000 for urgent travel costs. You can do so as long as you continue to repay what you’ve borrowed.

Can You Get Bad Credit Flex Loans In Memphis?

Are you worried that your bad credit may affect your approval? You don’t have to worry about this when working with Tennessee Title Loans, Inc.; we accept borrowers of all credit types. Approval for these loans is based on your vehicle’s value, your income, and your ability to repay the loan.

Since this is a collateral loan, the lender has security should you fail to repay the loan. This is why you won’t need to prove your creditworthiness to qualify. As long as you meet our requirements, you can get approved for bad credit flex loans in Memphis.

While a line of credit loan offers many advantages for those faced with emergency expenses, it’s not your only option. Consider some alternatives before proceeding with the approval process.

Flex Loans Vs Loan Alternatives: Which Can Help Fund My Emergency?

Before applying for a flex loan, you should consider possible alternatives to find the best loan to fit your financial situation. We also offer title loans, which allow you to borrow up to $2,500 based on your vehicle’s value. You must own your car outright to qualify. It won’t help you fund multiple emergencies over a few months like a flex loan can, but the smaller loan amount may make repayment easier.

For those looking for an unsecured alternative, a payday loan can help. You can borrow up to $400 by proving your income. You can fund smaller emergencies and repay what you owe with your next paycheck. This won’t let you borrow as much as flex loans and can only help for a one-time emergency.

For those looking to have emergency cash for multiple emergencies over a few months, a line of credit is your best option. You can borrow the most money to fund large financial emergencies and can borrow from it multiple times.

Get Approved For A Flex Loan In Memphis – Borrow Up to $4,000 Today!

Do you need fast emergency cash to handle urgent expenses? Not only can a Memphis line of credit give you the money now, but it can also help you with future emergencies. As long as you can continue to repay what you borrow, you can fund emergencies for weeks or months with a flex loan.

Get qualified at Tennessee Title Loans, Inc. by filling out our online flex loan form and visiting us in person to get a 30-minute approval!

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