This Lender Said Its Loans Would Help Tennesseans. It Has Sued More Than 110,000 of Them.
www.propublica.org
The Flex Loan, a type of payday loan pioneered by Advance Financial, has burdened low-income borrowers while generating huge profits for lenders. Tennessee lawmakers declined to rein in the lending business, even as other states did.

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.
  • w3dd1e@lemm.ee
    3·
    2 days ago

    I just told a story about doing this in another comment

    It wasn’t on a whim. I had a plan and it worked. I don’t think most people are doing what I did and they are just taking these loans out without a plan or understanding on how bad they can be.

    https://lemm.ee/comment/20387513