Numerous tennesseans that are cash-strapped looked to pay day loans in a down economy.

However a brand new item called a flex loan is quickly becoming the industry norm.

It really is an open-ended credit line with an impressive 279per cent yearly rate of interest.

Tennessee is among the very first states where you could have the brand new flex loans. Like pay day loans, these loans likewise have high interest levels.

And even though those who work into the industry say flex loans are much better than conventional payday advances, both experts and customers we chatted to say you have got to be cautious because flex loans could be hard to pay back. Continua a leggere