Reposted by Jenn
The Flex Loan, a new type of payday loan pioneered by Advance Financial in Tennessee, allows residents to borrow up to $4,000 at a 279.5% interest rate.
It has burdened low-income borrowers while generating huge profits for lenders.
(Published May with @tennesseelookout.com)
propublica.org
This Lender Said Its Loans Would Help Tennesseans. It Has Sued More Than 110,000 of Them.
The Flex Loan, a type of payday loan pioneered by Advance Financial, has burdened low-income borrowers while generating huge profits for lenders. Tennessee lawmakers declined to rein in the lending bu...
