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The 5 Important Things To Know About A Flexible Loan

Many people are discussing the advantages of a flexible loan but still have questions about this alternative financing option. At Tennessee Title Loans, Inc., we want our potential borrowers to understand flex—or line of credit—loans before deciding if it’s the right option.

With that in mind, keep reading to discover five things you should know about getting a flexible loan in Tennessee.

What Should I Know About Flexible Loans In Tennessee?

1. It's A Line Of Credit Loan

A flexible loan is also called a line of credit loan. It's a hybrid loan option falling between a traditional title loan and a personal line of credit. The primary advantage of a flex loan is that you don't have to use all the borrowed money at once. 

Under a flex loan, you are approved up to a specific limit and can take out money for emergency needs up to that limit. The account stays open, and the money becomes available as you repay the borrowed amount. 

2. It Can Help With Unexpected Expenses

It's an option for people who may have periods where they need quick cash to remedy problems like home or car repairs where they don't know the exact cost. It gives you access to money quickly without requiring a new loan approval process every time. 

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3. You Only Pay Interest On What You Borrow

The way interest works with this kind of loan here is that you only pay interest on the amount you pull to borrow instead of the total amount approved. There are periods for keeping the loan open and paying it off, which can be explained to you. 

4. Your Vehicle Title Guarantees It

A flex loan is secured by your lien-free vehicle title, just like a conventional title loan. The application process is also similar to that of a title loan. Using your lien-free title as collateral allows for easier approval for most people.

As with a title loan, there needs to be a credit check to get approved for a flexible loan, and your loan or application needs to be reported to the major credit bureaus.

5. It Can Be Used For Several Types Of Emergencies

A flexible loan can be used to pay for the same types of emergencies that a title loan is used to pay for. You can use an adjustable loan to pay for emergencies at different times as long as you maintain payments. A title loan usually pays for one big trouble.

With a flexible loan, you can use it for a minor home repair, to get a battery for the car, and for dental work. The other big difference is that you only pay the interest on what you use instead of the whole amount as you would with a title loan. That can save you money over time.

With a flexible loan, there could be a time when you don't need loan money at all and are paying it down and times when you have a home repair where you need to access it. The money you've paid down is there for use. 

Getting A Flex Loan In Tennessee

Tennessee Title Loans, Inc. offers flex loans with a maximum borrowing limit of $4,000. The requirements are simple for applicants:

  • A driver's license or state-issued ID
  • A lien-free title to your vehicle
  • The vehicle available for inspection
  • Proof of income

As a trusted lender, we don’t require that you have excellent credit to apply for a flex loan. We welcome all types of credit, including no credit, to apply.

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How Does The Process Work?

Getting a flex loan is quick and can take as little as 30 minutes. Here’s how it works:

  1. You can find out if you qualify for a flexible loan with Tennessee Title Loans, Inc. by completing the inquiry form online. It isn't an application but connects you with a loan representative from the nearest store location to you. 
  2. A loan representative will call you to explain more about the flexible loan and answer your questions. They will help you make an appointment to go to a store with your required items to apply. 
  3. When you arrive at the store, your items will be verified, and a loan representative will quickly inspect your vehicle.
  4. After this, they will help you through the final parts of the application process and guide you as you complete the simple paperwork.
  5. If approved, you will get access to emergency money either the same day or the next business day. 

Get Your Flexible Loan Today!

Submitting an online inquiry can help you learn more about the flexible loan option. It doesn't obligate you to a loan but will put you in touch with a loan representative from Tennessee Title Loans, Inc., who can talk to you more about this new type of alternative financing. 

A flex loan may be the right option when several emergency situations need funding over months. Fill out the online inquiry form to see if it is a solution to meet your needs!

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.