Reporting Highlights
- Wave of Lawsuits: Since introducing the Flex Loan in 2015, Tennessee-based lender Advance Financial has filed over 110,000 lawsuits against its borrowers.
- High Interest and Fees: Flex Loans offer borrowers up to $4,000 at 279.5% interest, trapping thousands of people in debt that can land them in court.
- Sidestepped Federal Regulators: Advance Financial lobbied lawmakers to create the new Flex Loan to avoid federal consumer protection regulations.
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Would be very interesting to see how many of those 100k voted for the Republicans that cleared the way for this to become legal
Well it’s Tennessee, so safe to say A LOT…
These kinds of interest rates are why payday loans got the regulatory hammer to crash down and smash them to bits.
I love the uneducated.
Borrowing 4k for 30 days, results in a total repayment of 4918$. Borrowing 4k and paying it off every 30 days for 12 months, results in a total repayment of 10593$. This doesn’t seem very christian.
