All individuals come to a point sometime in their life when they really need a loan to cover a large expense. Whenever you are going to be making a big financial decision, it is important to do research and educate yourself as much as you can so that you make the most well-informed decision possible.
If someone you know has suggested flex loans as an option, or you’ve read about them somewhere online, you may be wondering if flex loans are available in Jeffersontown, Kentucky. ChoiceCash Title Loans can inform you on what flex loans are and what other options you might have in Kentucky, such as car title loans.
First, this article will go in depth on exactly what a flex loan is, how they work, and why car title loans may be a better alternative. ChoiceCash Title Loans has an easy three step inquiry process that may get you the money you need in as little as one business day1!
What Is a Flex Loan in Kentucky?
A flex loan is a particular kind of unsecured loan that works similarly to a payday loan and a line of credit. With flex loans, you get access to a pool of money like you’d have with a line of credit, but you may get approved without having perfect credit.
When you qualify for a flex loan, you qualify for a maximum amount of money and you may borrow anything up to that amount. This means you may borrow less than the maximum if you want. Additionally, if you don’t originally borrow the maximum amount you may go back later and borrow more.
Flex loans, though, do have quite a few downsides. They typically come with some very high interest rates. And instead of having monthly interest charges like other loans, flex loans usually charge interest daily, which means the costs may accrue far quicker.
How a Car Title Loan in Kentucky is Different
Car title loans are different from flex loans in a lot of ways. For one, car title loans are a type of secured installment loan. So, they are secured and not a line of credit–unlike flex loans.
These loans utilize the equity in the borrower’s vehicle as collateral to guarantee the repayment of the loan through regularly scheduled monthly payments. The main qualifying factors for a car title loan in Kentucky include the borrower’s equity in their car and their ability to repay the loan through monthly payments.
Since car title loans are secured, it is possible to get far more favorable interest rates, a higher amount of money, and more flexible loan terms1. But unlike flex loans, the money you are approved for is the money that you will be funded with. If you need more money, you need to apply for a separate loan.
Three-Step Inquiry Process for a Car Title Loan
ChoiceCash Title Loans has put a lot of effort into crafting the most convenient and fast inquiry process for car title loans in Kentucky. The three-step plan may be done completely online so you never have to leave the comfort and safety of your house. It’s easy, straightforward, and lightning fast.
If you would like to get a car title loan in Jeffersontown, Kentucky, then simply follow these steps:
1 – Inquiry Form
The first thing to do in your inquiry for a car title loan is to go to ChoiceCash Title Loans’ website and fill out the simple online inquiry form. The application will ask you a few basic questions about yourself, your finances, and the details of your qualifying vehicle. Once you click submit, the form will be sent automatically to a loan specialist for review and consideration.
2 – Your Documents
After getting a better idea of how to help you, ChoiceCash Title Loans will reach out to you to request that you send in some basic documents to determine your eligibility. You may scan these documents or take pictures and email the files over.
These are the documents that are usually required:
- A government issued photo ID: Driver’s license, passport, or state issued ID
- Qualifying car title: Must be in your name
- Proof of income: Paystubs, pension statement, Social Security benefits statement, tax returns, etc.
- Proof of residence: Utility bill, bank statement, lease agreement, etc.
- Photos of your car: Front, back, sides of the car, odometer and VIN
- Four references: Personal and/or professional
3 – Get Money!
Once ChoiceCash Title Loans comes to a decision regarding your title loan approval, they will reach out to notify you of the terms and agreements of your loan, such as how much money you qualify for. After being approved, you may get your money as fast as the very next business day1!