May 6, 2019
You’ve probably heard of a title loan – a loan that you can take out against the worth of your car’s title. But if you haven’t heard of a flex loan, it’s time you took advantage of their ability to help you out of a tight financial spot. A flex loan, available at Midwest Title Loans, is a flexible line of credit you are able to take out against the worth of your car. Essentially, you are offered the loan and should you choose to take it you pay it back like you would any other title loan. However, unlike a traditional title loan, when you are finished with a flex loan you have the option to keep this line of credit open.
If you’re new to the world of flex loans, you might be thinking, “what are the advantages of taking out a flex loan over a regular title loan?” Stick around to read more about why a flex loan might be right for you.
You Can Use Your Title as a Form of Collateral
Not all flex loan companies do this, but Midwest Title Loans uses customer car titles as a form of collateral over our customer’s credit limit. This is unique to many flex loan companies – some require potential borrowers to run a credit check. For many who seek out flex loans, this can automatically be a turnoff. Not everyone has a perfect credit score, and those who don’t often feel stuck by the credit check system.
Midwest title loans work by using your title as a form of collateral. After all, the credit score system was originally designed as a way to standardize collateral to help big banks and lenders. Where it went wrong is that the credit score is not always the big picture – sometimes credit scores are lower because of a missed payment or two, but sometimes they are lower because of high credit card balances or too many loans. With physical collateral, in the form of a title, you are assuring us your terms of repayment with your title, which actually helps people lower their scores over time.
Flex Loan Lenders Will Often Work With You to Align Your Payment Schedule With Your Paydays
One of the hardest things for people paying off loans is getting those loan payments to align with paydays. It sometimes feels as though you are stretched thin for money between payments, which can make consistent payments hard. Flex loan lenders, like Midwest Title Loans, will often work with your monthly or bi-monthly payment schedule from your job to create options that benefit their company as well as you. Never feel like you are hurting for money again!
Lines of Credit are Renewable, Like a Credit Card
Credit cards are often a first choice among borrowers because of their ability to be repaid and then used again as needed. Loans are not like that – once they are repaid, borrowers have to go through the application process again. It’s a tiring, cyclical process that discourages people from reapplying for a loan. Flex loans through Midwest Title Loans can be thought of as a line of credit – the company holds onto your collateral (in this case, your title) until you pay off the remainder of your loan. Have other things you want to pay for but don’t have the money to immediately pay for? You have the option to keep your line of credit open. The company just holds onto your title loan until you pay it off again! It’s that simple.
Midwest Title Loans Offers a Daily Interest Rate
Why pay for something that you’re not using? This is a question asked by many borrowers, yet many lenders ask borrowers to pay for something they are not using. This happens in the form of tacking on interest for days when lines of credit are not used. Unique to Midwest Title Loans, our flex loans offer interest rates that are specific to the day, meaning that our borrowers do not pay a penny more in interest than they expect. Need your loan only for a few weeks? You only pay interest on the few weeks that you keep your loan open. Once you are done using that money, you are completely done. Still confused about this? Set up a meeting with one of our loan officers who will walk you through the process today!
What Do I Need to Get Started?
To get started with Midwest Title Loans, you only need to meet the requirements and bring the signed documents into Midwest Title Loans. The requirements that we have are:
- You must be 18 years of age or older to take out a loan, even if you have a car in your own name.
- Your car’s title must not have a lien. This means that you must own it outright – it can’t be in repayment mode from a bank or a dealership.
- Your car must be driveable. This will help us evaluate its worth and get you the most for your money.
- You must have verification of income. This is as much a benefit for Midwest Title Loans as it is for the person taking out a loan – we want to make sure that you never get stuck between a rock and a hard place!
- You must bring in your photo ID, preferably a driver’s license, in order to verify you are who you say you are.
Midwest Title Loans is one of the most trusted lending authorities in Kansas City. Apply for a flex loan today by visiting one of our offices in Missouri or Kansas. We’re located in Kansas City, Gladstone, and St. Joseph, Missouri as well as in Overland Park and Kansas City, Kansas. Save time by going to our website and filling out an application beforehand – once you’re approved, all you’ll need to do is bring your vehicle, lien, and license and we’ll get you a quote for the amount of your flex loan.
Don’t get stuck in traditional lending terms. Experience the flexibility and ease of a title loan and see how much a flex loan can help you today.