But a brand new item known as a flex loan is quickly becoming the industry norm.
It is an open-ended credit line with an impressive 279per cent yearly interest.
Tennessee is amongst the first states where you are able to obtain the brand new flex loans. Like pay day loans, these loans also provide high rates of interest.
And even though those into the industry say flex loans are a lot better than conventional pay day loans, both experts and customers we chatted to say you have got to be mindful because flex loans may be hard to repay.
If you are quick on money, a flex loan may look like the clear answer. Read More “Numerous cash-strapped Tennesseans have actually looked to payday advances in a down economy”