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Understanding Flex Loans in 2019

Flex loans and title loans are often lumped into the same category. The reasons for this vary, but generally, this is because flex loans can be obtained in the same places that title loans can, and the process of getting a flex loan is similar to the process of obtaining a title loan. One of the worst things about flex loans being lumped in with title loans is that they have the same general reputation as title loans do: maligned as another opportunity for someone to take advantage of those with poor credit, these lending avenues are often avoided. The truth about title loans and flex loans is this – they offer a quick and easy application process, a quick payment period, and the ability for those with poor credits to rebuild their credit.

However, there are critical differences between the two types of loans, and it is worth the time and effort to understand which kind of loan is right for you.

The Differences Between a Title Loan and a Flex Loan

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A title loan is almost exactly what its name implies. A potential borrower goes into a lending establishment with their car’s title in hand, and the lender offers the customer a loan on the estimated value of their vehicle. Before this is done, however, the lender checks the potential customer’s title to make sure it has no liens on it, assesses the car itself, and offers a monthly payment amount before disbursing funds. Mainly, they purchase the vehicle from you, and you pay them back to receive the title back. Often, lenders will also check that you have a job and references to assure that you can pay back the amount you say you can pay.

With a flex loan, most lenders also borrow against the title of the car. However, getting a flex loan allows the borrower to take out as much or as little as they want. Whereas title loans require you to take out the full worth of the car, flex loans allow you to borrow an amount that works for your needs and your budget. For instance, if you need $200 for a down payment on a new refrigerator, have a car worth $1,500, but only want to take out the $200 you need for that down payment you can do so.

What is the Flex Loan Process Like?

Getting a flex loan in Kansas City through Midwest Title Loans is a quick and easy process. Those interested in receiving a loan bring in:

  • A lien-free title to a working car. Cars must be drivable and in good condition, and the title must belong to you.
  • Photo identification. This allows our loan experts to identify that the car belongs to you, that you are older than the age of 18, and that you are who you say you are on your application.
  • References. Be sure that you have a few references written down in case we need to verify any income information. This is especially true of contractors, who do not have the benefit of having references built into their job position.
  • A pre-filled info sheet. You can fill this out online before you come into one of our offices and submit it digitally, print it out and bring it in, or you may choose to fill one out in our office. If you fill this out online before coming in, you will not need to bring in any contact information for references, as this is a section on the form.

After the loan officer assesses that all the information provided by you is correct and per our standards, we evaluate the value of your car and give you an estimate of how much we would be willing to provide you with against its worth. From there, you decide upon the amount you would like to borrow against. Then, you walk out of one of our offices with the amount you decide upon. Repayment terms usually last only a few months (and almost always last less than two years), and once you pay the full amount of the loan back, you have the option to either keep the line of credit open or close it out and receive your title back.

The Benefits of Flex Loans

While harmful myths about flex loans can be found everywhere, we believe that there are many advantages to taking out a flex loan over a traditional loan. For instance:

Flex loans are available to people regardless of their credit. Conventional loans, given through banks, are often unobtainable to those with poor credit because banks judge lending terms on credit scores. Even those with good or fair credit scores might have issues obtaining a loan, as national banks are hesitant to lend to anyone with a credit score below 620. Flex loans, as an alternative, require significant collateral (like a title) to determine how much they lend to their customer. An added benefit to taking out a flex loan is that it offers the opportunity to improve their credit, as payment history is reported to credit bureaus.

Flex applications take much less time than a traditional loan application. Many traditional lending opportunities take weeks for disbursement, and loans are usually procured around time-sensitive issues. Emergency medical bills, last-minute student loan applications, and car deals don’t always have two weeks worth of waiting in them.

Flex loans let you choose the amount you want to take out. Unlike traditional lending and title loans, the borrower is allowed to take out as much or as little against the collateral as they like. While many might argue that a traditional loan gives you more money, taking out only as much as you need allows you the opportunity to pay the loan off more quickly and to pay less in interest.

Why Should I Consider a Flex Loan with Midwest Title Loans?

If you are looking to obtain a flex loan in Kansas City, Midwest Title Loans has got you covered. Our experienced loan servicing staff is available at multiple locations in Kansas and Missouri. In Kansas, we have one location in Overland Park, and one location in Kansas City. In Missouri, we have one location in Gladstone, one in St. Joseph, and one in Kansas City. We believe in making loan applications as simple as possible, so for quicker and more personalized service at one of our locations, fill out one of our pre-screening info sheets. For more information on locations, contact numbers, and hours, visit our website.


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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