Tennessee is one of the first states where you could get the new flex money. Instance payday loan, this type of financing supply high rates of interest.
Although those who work in the state bend finance operate better than traditional cash advance, one another experts and you will customers we talked to say you’ve got to be careful once the flex fund would be tough to pay.
“I recently on had a whole meltdown on the car,” Andrews appreciated, explaining once she understood it would capture many years to blow from the girl flex financing.
The latest single mom asserted that, if she would understood how much the mortgage do finish costing her, she never might have taken it out
She explained, “And simply like $20 off my fee was going to the main plus the rest was, such as for example $300, are going with the rate of interest.”