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.
  • Corkyskog@sh.itjust.works
    link
    fedilink
    arrow-up
    1
    ·
    16 hours ago

    Do you mean that first month? It’s an annual rate, so you would pay $932 a month, plus compounding every month after.