What is flex financing?
Flex financing is a type of flexible borrowing solution that helps ensure that you have sufficient funds available in the event of an unexpected costly situation. Our flexible line of credit loan is an example of this type of financing.
How does a flexible line of credit work?
A flexible line of credit loan works very similarly to a credit card in that you can access and use funds when you need them. The amount that you withdraw can be as little or large as necessary, provided that it does not go over the total loan amount.
What is a line of credit used for?
A line of credit is often used for emergency situations, home repairs, and other unexpected expenses where one is unsure what the total cost will be.
What is the interest rate on a personal line of credit?
TitleMax offers competitive interest rates on these flexible financing products.
What are a title pledge and a line of credit?
A title pledge is a secured loan for a specific amount of money that the borrower receives all at once and must pay back with interest. A line of credit is a secured loan treated like credit, in that you can borrow money from it as needed.
What is the difference between a loan and a line of credit?
With a line of credit, you are approved for a certain credit amount that you can withdraw from immediately or at a later date. You can withdraw funds from a line of credit all at once, or you can take them out a bit at a time as you need them. With a loan, however, you are approved for and given a specific amount of money all at one time.
Do you need collateral for a line of credit?
Here at TitleMax, collateral in the form of a vehicle with its clear title is required to get a line of credit loan.
Are secured loans easier to get?
In most cases, a secured loan such as a TitleMax line of credit is easier to get than an unsecured loan, as it presents less risk to the lender; however, if a person does not have the appropriate collateral, this type of loan is not an option.
Is having a line of credit bad?
No: A line of credit is not bad when it is used properly to cover unexpected emergencies and payments are made on time.
How do you get a TitleMax flexible line of credit loan?
You can begin the application process online, and we can help you complete it at any of our Tennessee TitleMax stores.