However 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 279% yearly rate of interest.
Tennessee is amongst the very very first states where you could obtain the flex that is new. Like pay day loans, these loans also provide high rates of interest.
And even though those who work into the industry say loans that are flex much better than conventional payday advances, both critics and customers we chatted to say you need to be cautious because flex loans may be hard to pay back.