Numerous tennesseans that are cash-strapped looked to payday advances in a down economy

Numerous tennesseans that are cash-strapped looked to payday advances in a down economy

But a brand new item known as a flex loan is quickly becoming the industry norm.

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

Tennessee is amongst the very very first states where you are able to obtain the flex that is new. Like payday advances, these loans have high interest levels.

And even though those who work within the industry say flex loans are a lot better than old-fashioned payday advances, both experts and customers we chatted to say you need to same day payday loans in Arkansas be cautious because flex loans may be tough to pay back. Read more