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How To Know if a Flex Loan is Right For You

We’ve established many times before that the traditional lending process is not always the best choice for people. It requires people to have good credit, and even when they do have good credit they often must wait weeks for the loan. However, sometimes taking out a title loan against the full value of your car is also not the best option. When you need a little flexibility with your lending options but are unable to take out a new credit card, a great alternative is a flex loan. Luckily for Kansas and Missouri residents, Midwest Title Loans has this lending option available, and it is just as easy to apply for as a title loan.

What is a Flex Loan?

Flex Loan

A flex loan is a line of credit that is offered to you by evaluating the worth of your car and allowing you to borrow money against that worth. In many ways, it is like a credit card, but you get real money rather than a card to use. Unlike a loan, you only pay back the amount and interest that you borrow against rather than paying back the entire value of the car.

How do Flex Loans Differ From Title Loans?

The application for a flex loan and a title loan are quite similar. It is merely the outcome of each that differs. With a title loan, the borrower is given the full amount for the aftermarket value of the car and is expected to pay back that total value to legally own their vehicle again. With a flex loan, your car is evaluated in the same way, but you get to choose how much money you want to borrow against it. For instance, if you need to go to the doctor but don’t get paid for two weeks, you might take out a flex loan and pay back the amount you owe once you get paid. In this way, you are not taking out a full loan for your car, and you build credit in the same way you would a credit card.

How a Flex Loan With Midwest Title Loans Works

Flex loans are only available to adults age 18 and older. If you are younger than this, you will need to speak with your parent to see about their taking out a flex loan for you. Under no circumstances are we able to lend to someone younger than 18. If you are 18 and plan on taking out a flex loan with Midwest Title Loans, You will need to bring in:

  • Income verification: this will help us determine how much we can lend to you.
  • Photo identification: preferably a driver’s license, as you need a driver’s license to operate the car.
  • A title without a lien on it: although some flex loan providers will allow car titles with liens, we do not accept car titles that are not outrightly owned by you.
  • Your vehicle: even if you bring your title in, you must also bring your vehicle in for evaluation. Information about the car will only tell us the Kelly Blue Book value of the car. The interior and exterior conditions will also tell us more about how much your car is worth.

Other than needing these items, you should have no issue taking out a flex loan through our establishment.

Once we evaluate your vehicle and verify you are who you say you are, we take ownership of your lien, and you walk out of Midwest Title Loans with a flex loan for the amount that you requested. Just repay the loan per the terms, and once we receive payment in full, you receive your title back. There are no workarounds or hidden conditions.

What Are Some of the Benefits of a Flex Loan?

Flex loans and title loans look similar, but as you have seen, they have their differences. For those with poor credit, a flex loan might be more appealing than a traditional title loan. Here are only some of the many benefits of a flex loan:

  • A flex loan is a line of credit. This differs from a traditional loan because it allows you to borrow as much or as little as you need when you need it, rather than having to borrow the whole amount and pay for that entire amount for years.
  • Interest rates are based on the days you need them. Traditional lines of credit have interest rates that stay effective the entire time their line of credit is open. Flex loan interest rates only apply to the days that flex loans are taken out. For instance, if you take a flex loan out for a day to make a payment the few days before your paycheck, you only have to pay interest on the days you have your money. So, if you take out a flex loan a few days before your paycheck and pay back the loan in its entirety when you get paid, you only have to pay back interest for those few days you had the money.
  • Flex loans can be closed out or kept open. With traditional loans, you pay back the loan, and that is effectively the end of that borrowing event. With a flex loan, when you pay off the original loan, you can choose to keep that loan open and take more out.
  • As you successfully pay off your loan amounts, your line of credit increases. Much in the same way that successful credit card payments often increase your credit amount, so too do flex loan payments. Upon successful and on-time payments, your line of credit often increases.

I’ve Considered These Questions, But I Still Have More. What Should I Do Now?

So, perhaps you’ve read through these and have a pretty good understanding of what a flex loan is and might be considering taking one it. If you still have more questions that is normal. Flex loans are not talked about as much as conventional loans or lines of credit, and therefore they might not seem as easily accessible to you. Rest assured that the experts at Midwest Title Loans will be able to explain your flex loan and line of credit options better. Stop by one of our locations in Kansas City, St. Joseph, or Gladstone, Missouri or Overland Park, or Kansas City, Kansas. Or, to set up a meeting, contact us for more information.


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330 W. 85th Street
Kansas City, MO 64114
Phone: (816) 363-8600
M-F: 10:00am – 6:00pm
Sa: 8:00am – 1:00pm

6420 North Oak Trfwy
Gladstone, MO 64118
Phone: (816) 436-7711
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm

8212 Metcalf Ave.
Overland Park, KS 66204
Phone: (913) 381-2222
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm

2500 State Ave.
Kansas City, KS 66102
Phone: (913) 281-9997
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm