FLEX Loans vs Title Loans: Understanding the differences
Meeting your unplanned financial requirements between two paydays is a huge struggle. However, there are various ways you can quickly get some monetary aid to feed your immediate needs. You can turn to FLEX Loans or Title Loans in such difficult times. But what are the differences between the two? FLEX Loans or Title Loans? Let’s find out.
What is a FLEX Loan?
A FLEX Loan comes with open-end line of credit that is renewable and it gives you the utmost financial flexibility to meet your unexpected expenditures. With FLEX Loans, you can withdraw as much as or as little money as you need within your credit limit. Repayment tenure is in your control and so you can access additional money whenever you need.
What is a Title Loan?
First things first, Title Loans are limited to people with vehicles. In most cases, to avail a Title Loan, you need to have a free & clear title of a vehicle. The cash inflow you get through the loan depends on your state of residence and value of the vehicle. A Title Loan is a limitation for someone like you who needs abundant cash inflow. Loan repayment is not flexible and is fixed at the time of agreement.
Here are the vital differences between FLEX Loans and Title Loans:
- Most states require you to have a free & clear title on your vehicle to get a Title Loan or Title Pledge
- Some of the states require you to provide a key to the lender along with a power of attorney
- The extent of approval for a Title Loan is only a fraction of the actual value of the vehicle
- Your car is collateral, if the debt is not paid, you will lose your vehicle
- FLEX Loans allow you to borrow any amount up to $4000, which is offered as a line of credit
- You do not need to borrow the entire amount. Only borrow what you need and the rest stays in your line of credit available to you whenever you need it
- You only pay interest for the amount you borrow not your entire line of credit
- FLEX Loans are about flexible tenure. You can repay on your own terms.
- With FLEX Loans, there is no fear of repossession
Get your freedom from the fear of repossessions. Apply Now for Title Loan Alternative.