September 9, 2019
Flex loans are a great option for quick cash in Kansas cities like Overland Park and Kansas City and Missouri cities like Gladstone and St. Joseph. As we shall see, a flex loan is one of the simplest and most convenient forms of financing available today.
Whether you’re looking at flex loans online for a new purchase, for the consolidation of debt, or simply to pay bills to avoid fees, you’re not alone. Kansas and Missouri residents are increasingly turning to flexible car title loans as a means to simplify their finances.
Understanding Flex Loans
A flex loan is similar to a credit line that you always rely on. Once you’ve applied for a flex loan, we let you know how much your credit limit is, and you’re free to borrow up to that amount. There’s no limit to what you spend the cash on.
In many ways, your flex loan works like a credit card. Interest is calculated daily, so if you repay a portion of the loan then you’ll pay less interest every day in the future. This can make a flex loan much cheaper to avail in the long run compared to credit cards or personal loans.
Flex Loans Put You in Charge
One of the best things about a flex loan is that you’re able to make repayments that suit you. If you’ve just been paid a bonus or made a bigger profit than expected this month, you can pay down a portion of the loan and your interest repayments will reduce dramatically.
You can pay the entire loan off when you choose, so you’ll pay much less interest than if you had taken out a bog-standard traditional loan with a set period to repay and a set monthly amount. Banks only offer you these terms for a reason – they make more money from you if you take out a bigger loan than you need and you pay it back slowly.
Similarly, when things are tight you can choose to make the minimum repayment or indeed borrow more until you’re in a better position to repay the loan. It’s better to wait to repay your flex loan with its relatively low interest rate than default on other repayments you might have and to be forced to pay hefty fees.
Traditional banking institutions have been slow to innovate, typically only offering standard loan options to people with a great credit rating. Modern, versatile, flexible lending solutions like flex loans are far from ubiquitous, and to date, very few banks offer a rolling credit line to the average consumer.
Small flex loans are available without security at some lenders, but for the best deals and a bigger credit line, the loan should be secured against a property or vehicle.
Most people looking for a flex loan tie their loan to their car. This means the title of the car will have a lien on it while you have the credit line with the company.
A lien on your vehicle’s title essentially says that the car will be turned over to the lending organization if you consistently fail to make the repayments on the loan as specified. Lending companies never want this to happen, as it’s a lot of extra work for them to sell on a vehicle that has been repossessed, so every attempt will always be made to help you keep up the minimum repayments on your flexible car title loan.
Once you’re repaid the credit in full, the lending organization will remove the lien from the vehicle and you’re back to where you began at no extra charge. Many people, though, prefer to keep the credit line open on their vehicle so they can choose to borrow again on it in the future if they so please.
Car Title Loans Are Easy to Get
Forget messing about with credit ratings and long waits at the bank only to be refused a loan. Car title loans are easy for all involved. Typically, all you need is to be over 18 years of age, own the title of your car, have no existing lien on the vehicle, have proof of income, and a photo ID.
The Perfect Emergency Fund
Many Kansas City, Overland Park, St. Joseph, and Gladstone car title loan customers like to use their flex loan as an emergency fund. It’s like a credit line you can rely on when you need it that doesn’t charge you when you don’t use it. You’re also likely to get a larger credit limit with a car title flex loan than you do on your credit cards, as the loan is secured on your collateral – your car.
When you’re not using your flex loan’s credit line, it costs you nothing.
When considering whether flex loans are good for quick cash in Kansas City the answer has to be a resounding yes – once you’ve set up your open-ended credit line with the provider you’re able to instantly get cash when you need it. Even if you don’t need quick cash right now, there may come a time in the future that you sorely need it, so a flex loan is a great companion to have ‘just in case’.
Flex Loans Are the Future
The old ways of banking are being phased out and replaced by better lending options like flexible credit lines and versatile car title loans. Banks are constantly turning people away for loans that they’re well within their means to repay because the banks have failed to adapt their antiquated credit rating model.
Instead, choose a flex loan that you’re in charge of. Repay the loan quickly when you’ve got extra money to spare or extend your credit when you’ve got an emergency expense. All the while, you only pay daily interest on what you’ve borrowed, so you’re never paying too much. You keep your car and can use it daily as usual, and when you decide to sell it, you simply pay off any outstanding balance on your flex loan.