Numerous tennesseans that are cash-strapped looked to pay day loans in a down economy.
However a brand new item called a flex loan is quickly becoming the industry norm.
It’s an open-ended personal credit line with an astonishing 279per cent yearly rate of interest.
Tennessee is among the very very first states where you could obtain the new flex loans. Like payday advances, these loans also provide high interest levels.
And even though those who work within the industry say loans that are flex a lot better than conventional payday advances, both experts and customers we chatted to say you need to be cautious because flex loans could be hard to pay back.
When you are quick on money, a flex loan might appear to be the solution.
However for folks like Malia Andrews, it had been the answer that is wrong.
“we more or less had a total meltdown within the automobile,” Andrews recalled, explaining the minute she understood it could just simply just take years to cover down her flex loan. Read More