Flex Lending Summary
If you’re looking for a personal loan, you may have come across Flex Lending. This company has been gaining popularity in recent months, so we decided to investigate and see what they’re all about.
What is Flex Lending?
Flex Lending loans are typically unsecured, meaning they don’t require collateral like a car or home.
Flex Loans can be a good option if you need money for a short-term goal, such as consolidating debt or paying for an emergency expense.
However, you should be aware that many customers have complained that Flex loans often come with high-interest rates and fees, so it’s important to compare offers from multiple lenders before choosing one.
How does Flex Lending work?
Myflexlending.com is a personal loan company that offers Flex loans of up to $2500.
MyFlexLending offers a unique twist on standard consumer installment loans – simple interest and equal payments all online.
They provide access to this convenient, easy-to-use service so you can get the cash you need without any hassle.
MyFlexLending services loans that are originated by Transportation Alliance Bank, Inc. dba TAB Bank. TAB Bank is the bank that provides loans, and MyFlexLending services them.
How to qualify for Flex Lending?
Flex Lending offers loans to qualified applicants. In order to qualify for a flex loan, you must:
- Be at least 18 years of age
- Have a regular source of income
- Be a US citizen or permanent resident
- Have a valid email address and phone number
- Decent credit history
If you meet these qualifications, you can apply for a flex loan by filling out an online application.
Once your application is approved, you will be asked to provide additional information such as your Social Security number and bank account information.
Once your flex loan is approved, the funds will be deposited into your bank account within one business day.
What are Flex Loans on Flex Lending?
Flex Loans are personal loans that give you the flexibility to choose how much you want to borrow and for how long. You can pay back your flex loan over time, with no prepayment penalties.
With Flex Loans from Flex Lending, you can get the cash you need when you need it. Whether you’re facing an unexpected bill or need some extra cash to tide you over until your next paycheck, Flex Loans can help.
You can apply for a Flex Loan online or in person at a Flex Lending location near you. Once you’re approved, you’ll have access to the funds you need, when you need them.
What Is The Interest Rate On Flex Lending?
Personal loans from this lender come with high-interest rates, For example, a $900 loan from Flexlending comes with an APR of 165% and a monthly payment of $36.
How Do You Pay Back Flex Lending?
Paying your bills doesn’t have to be a hassle with automatic payments through Automated Clearing House (ACH).
Your weekly payments will be automatically deducted from your account, so you don’t have to worry about remembering to make a payment.
If you miss a scheduled payment, you may be charged a late fee. And if a scheduled payment is returned unpaid, you may be charged a dishonored check fee.
What Happens If You Don’t Pay Flex Lending?
If you don’t pay your Flex Lending personal loan, there are a few things that could happen. First, we will contact you to try to arrange a payment plan.
If we are unable to do so, the account will be turned over to a collections agency and be reported on your credit history.
This could result in damage to your credit score, credit limit, and additional fees. Finally, if you still do not make payments, legal action may be taken against you. So it’s important to make sure you keep up with your payments!
What Kind Of Loans Does Flex Lending Offer?
MyFlexLending is a unique online lender that offers standard consumer installment loans with simple interest and equal payments.
Their twist on traditional lending makes it easier and more convenient for borrowers to get the money they need when they need it.
They provide loans of up to $2,500, depending on your individual financial situation. They will evaluate a variety of factors to determine your eligibility, and you can choose your loan amount based on the approved amount.
What Is The Minimum Credit Score For A Flex Lending Loan?
Unfortunately, there is no clear answer. The lender does not publish a minimum credit score requirement, and when we asked customer service representatives, they were unable to give us a straight answer. This lack of transparency is frustrating for potential borrowers who are trying to compare personal loan options.
How does FlexLending affect your Credit?
Flex Lending’s network of lenders does a hard pull on your credit, which can ding your score and credit limit.
In addition, if you’re late on payments, Flex Lending will charge you a fee and also report that to the credit bureaus and it will show up on your credit report.
That can also lower your credit score. So, if you’re thinking about using this personal loan lender, be aware that it could affect your credit negatively.
How to cancel Flex Lending?
Unfortunately, cancelation is not currently an option with Flex Lending. If you’re having difficulty making payments or otherwise need to cancel your flex loan, the best thing to do is reach out to their customer service team to see if they can help you out.
In the meantime, here are a few tips that may help you:
- Make a budget and stick to it: This will help you make sure that you’re only spending what you can afford, and not putting yourself in a difficult financial situation.
- Talk to a financial advisor: They can help you figure out your options and come up with a plan that’s right for you.
- Reach out to their customer service team: As we mentioned, they may be able to help you cancel your loan or work out a payment plan that’s more manageable for you.
Conclusion For My Flex Lending Reviews
So, is Flex Lending a legit company or a scam? They are a legitimate personal loan company. However, there are some red flags that you should be aware of before doing business with them.
If you’re considering taking out a loan with this lender, make sure you do your research first on My Flex Lending Reviews and know all the potential risks involved. Read more articles on activateenter.