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Experts Phone 279% Loan A ‘Debt Trap’

Experts Phone 279% Loan A ‘Debt Trap’

Numerous cash-strapped Tennesseans have actually looked to pay day loans in a down economy.

But a product that is new a flex loan is quickly becoming the industry norm.

It is an open-ended personal credit line with an impressive 279% yearly interest.

Tennessee is amongst the very first states where you could obtain the brand new flex loans. These loans also have high interest rates like payday loans.

And even though those who work in the industry say loans that are flex much better than conventional payday advances, both experts and customers we chatted to say you have got to be mindful because flex loans could be hard to pay back. Continue reading