How do I get approved for a flex loan?

You can get approved for a flex loan if you have enough income to repay the loan, a Social Security number, and a bank account. Payday and title lenders typically don’t require a credit check for a flex loan, so you can get approved even if you have limited or bad credit.

Not all flex loans have the same approval process, however. Flex loans are also offered by online lenders and credit unions as well as banks, like Chase, Citi, and Wells Fargo. For most bank and credit union flex loans, you will need to receive an offer for a flex loan via your existing account, which banks tend to give to customers at their own discretion. In other words, you must be invited to accept bank-issued flex loans in many cases, and you won’t be able to get them otherwise.

What You May Need to Get Approved for a Flex Loan

1. Proof of employment, like bank statements, 1099 forms, or recent pay stubs
2. Government-issued form of identification
3. Social Security number
4. Proof of home address
5. A valid checking account, possibly with the lender
6. A voided personal check to validate your bank account or for direct deposit of your borrowed funds
7. An existing credit card or bank account with the lender
8. An offer for a flex loan on an existing account with the lender

How Flex Loans Work

Flex Loans from Online and Payday Lenders

The application process for a flex loan from an online or payday lender can typically be completed online or in-person within minutes. Once you’re approved, you’ll usually have access to funds within 24 hours.

When you take out a typical flex loan, a credit line is set up by your flex loan provider. You can then withdraw from your flex loan credit line when you need it, and each time you make a payment, your available credit gets replenished, like with a credit card.

Flex Loans from Banks and Credit Unions

The flex loans offered by banks and credit unions work a little differently. These small loans are offered through the banks’ websites or apps, and are paid back in set monthly payments – much more like a loan than a line of credit. Wells Fargo flex loans are paid back in four payments, for example. Most banks don’t perform an additional credit check when you open a flex loan because they’ve already qualified you based on an existing account you have with them.

Notable Places to Get a Flex Loan

*Chase’s loan product, My Chase Loan, works just like other bank and credit union flex loans, even though Chase doesn’t call it a “flex loan.”

**WalletHub does not recommend any loan product with an excessive APR.

To learn more, check out WalletHub’s guides to personal loans and lines of credit.