Flexible line of credit loans are changing the way Tennessee residents access emergency cash. Unlike traditional loans, a flex loan gives you flexibility, hence the name, and lets you borrow what you need when you need it, without taking a lump sum upfront. Instead, you can draw funds as needed, without exceeding the set limit, and repay only what you borrow.

Let’s explore how flexible line of credit loans work and why they might be the right loan option for your financial needs.

What Are Flexible Line Of Credit Loans?

Flexible line of credit loans are a type of loan that allocates credit to a borrower with a set limit for a certain period.

If you need access to emergency cash, you can borrow from the line of credit you have been allocated. You can borrow all of it or a fraction of it, and only pay back and pay interest on what you borrow.

Through Tennessee Title Loans, Inc., you can qualify for flexible credit lines of up to $4,000.

Best Uses For A Flexible Line Of Credit

Many Tennessee residents rely on flex loans for unexpected expenses and emergency cash. They could be a good personal loan option for covering the following:

• Late bill payments.
• Emergency car or appliance repairs.
• Required appliance replacement.
• Medical expenses.

These loans can be used to cover any expenses that cannot wait until your next paycheck from work and must be addressed as soon as possible.

How Flexible Lines Of Credit Loans Work?

If you are approved for online flex loans Tennessee through one of our lender locations, you will be allocated a line of credit. We will inform you how much credit we have been able to extend to you (a maximum of $4,000).

For as long as this line of credit exists, you can draw from it up to your credit limit. You don't have to take the maximum amount of cash all at once, you can withdraw a minimum and save the remaining amount for later. It's up to you. You could be allocated $3,000 and only draw $100 if you want.

Your repayments will cover only the money that you have borrowed, not your entire line of credit. This means that if you only borrowed $100 from your line of credit, you would only need to make repayments on the $100 loan.

When you have repaid any cash that you have borrowed against your line of credit, that money becomes available to be borrowed again. For example:

• You have a line of credit of $3,000.
• You borrow $500.
• You now have $2,500 left that you can borrow.
• You repay the borrowed $500.
• You now have $3,000 that you can borrow again.

How Flex Loans Are Changing The Way Tennesseans Borrow Money

This unique method of borrowing has helped to shake up how Tennessee residents borrow cash.

By having a line of credit, they know in advance that they have cash if they need to tap into it. This means that they do not have to worry about what is in their savings accounts or go through the process of inquiring about borrowing every time they need emergency cash.

Of course, they won't be paying anything unless they use the line of credit. This means that they do not have to worry about extensive bills tied to something that they are currently not making use of.

Eligibility For Flex Loans

Tennessee Title Loans, Inc. does have a few requirements in place to determine who may be eligible to obtain our services for flexible line of credit loans.

Our most important requirement is that you have a lien-free title to your vehicle. If you do not own a car, van, or truck, then you won't be able to obtain a flex loan. We will also need your vehicle for a quick inspection, not to keep. Your vehicle will be returned to you after it is inspected.

You must be able to provide us with details of your income, normally in the form of your most recent pay stub as proof of income. Make sure to also bring your government-issued ID showing that you are older than 18.

Tennessee Title Loans, Inc. may also use a credit check on those who apply for flex loans. But don’t worry, your credit doesn't have to be perfect, like traditional bank loans, since we welcome all credit histories with this type of alternative lending. If you are wondering about the interest rate on the loan, interest rates may vary depending on the amount borrowed and your current situation.

When you inquire about flex loans from Tennessee Title Loans, Inc., one of our representatives will walk you through everything that you need to know.

Common Questions About Flex Loans

What are the advantages of a line of credit?

At Tennessee Title Loans, Inc., all credit types are welcome to apply for flex loans. You have a chance to qualify and be approved even if your credit is far from perfect. You can get same-day cash and keep driving your vehicle as usual. We work with all types of income. While banks require monthly income that meets the set requirements, we consider all sorts of income to get you the cash you need. And with us, the application and approval process for your flex loan is fast – you can walk out of the store in as little as 30 minutes!

Can I increase my credit line?

At Tennessee Title Loans, Inc., you can get up to a maximum of $4,000 cash with flexible cash loans. You can borrow as much or as little money as you need with a flex loan, as long as  you don’t exceed your set limit, and your account remains in good standing.

How To Get A Flex Loan With Tennessee Title Loans, Inc.

The process for qualifying for a line of credit loan is easy:

• Fill in a short online form for flexible line of credit loans.
• One of our representatives will get in touch with you to inform you of the requirements, answer any questions you have, and provide further instructions, including a scheduled appointment with you.
• Once you have the requirements ready, you can go to your appointment at your local Tennessee Title Loans, Inc. location. Here, we will inspect your vehicle and documents. This will enable us to determine how much credit you may be extended.
• If you are qualified, you can sign a few forms to finish the process, and you’ll have access to your funds on the same day or the following business day.

Apply For A Flexible Line Of Credit Today!

Flexible line of credit loans, or flex loans, are changing how people in Tennessee can borrow cash. By having a line of credit available, people know that they have the funds there if they need to cover emergency expenses.

If you are interested, check your eligibility for a line of credit loan now! Fill out the short inquiry form to get started, and a customer service agent from Tennessee Title Loans, Inc. will call to help you get approved today. 

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