What is a Flex Loan?

Sometimes you need cash right away, whether you need to cover an unexpected expense like a medical repair or cover everyday expenses until your next paycheck. No matter what your situation is, a flex loan online can give you quick funds whenever you need them. Fortunately, good credit isn’t required for approval.

How do flex loans work?

A flex loan is an unsecured line of credit that gives you easy and flexible access to cash. With a flex loan, you can borrow as much or as little money as you’d like up to your set credit limit. If you take out this type of loan, you’ll only pay interest on the amount you borrow. You can continue to withdraw more money as long as you don’t go above your limit and your account remains in good standing.

Benefits of flex loans

Here are some of the biggest advantages of flex loans.

Easy application process

You can apply for a flex loan without the hassle. Most lenders offer an easy application process that you can complete online in minutes. You can apply from the comfort of your home instead of having to fill out an application in-store.

Get funds quickly

Flex online loans come with quick funding. Once you apply, you can receive the money you need that same day or within 24 hours, depending on the lender. This is great news if you can’t wait weeks or months.

Easy access to your funds

If you get approved for and accept a flex loan, you’ll have easy access to your funds any time you’d like. The money will be there for you to cover any expenses as long as you don’t exceed your credit limit.

Good credit isn’t necessary for approval

Even if you have fair or bad credit, you can still get approved for a flex loan. Many lenders will look beyond your credit score when considering your application. Note that you may have to meet other requirements, such as showing a steady proof of income.

Drawbacks of flex loans

The key disadvantages of flex loans include:

High interest rates

Some flex loans come with high interest rates that can cost you hundreds or even thousands of dollars. Be sure to compare various offers so you can find the lowest interest rate for your unique situation.

Risk of accumulating debt

With a flex loan, you may take on debt even if you don’t mean to. The ease and flexibility of these loans can cause you to overspend or make purchases you can’t afford. If you opt for a flex loan, it’s important to be mindful of your spending habits.

When should you take out a flex loan?

There are a number of situations where having a flex loan can benefit your financial situation. You can use this type of loan to pay for an unexpected expense like a car repair or vet bill. Flex loans can also help you cover a renovation like a kitchen remodel if you don’t know how much cash you’ll need.

What you’ll need to apply for a flex loan online or in-store

Many direct flex loan lenders, such as Advance America, allow you to apply for a flex loan online or in-store. Before you start filling out your application, be sure to gather the following documents:

  • Government-issued photo ID such as a driver’s license or passport
  • Proof of an active checking account
  • Verification of your Social Security Number
  • Most recent proof of income, like a recent pay stub
  • Check (requirement varies by state)

Upon approval, read the agreement carefully. Don’t sign on the dotted line unless you understand exactly when you’ll be able to withdraw money and when you’ll have to repay it.

Get funds with an Advance America line of credit

Advance America offers lines of credit or flex loans that you can apply for in minutes. If approved, you may receive your funds that same day. You don’t need good credit to get approved for our lines of credit. Visit our line of credit page to find out if flex loans (line of credit) are offered in your area, to see you’re eligible and what your maximum borrowing amount could be.

There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
157+ million
loans issued
800+ stores
and online loans
25+ years
providing loans