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Progress Economic explained its flex loans are fewer pricey than payday loans, but that is only real If your loan is compensated off within a couple of weeks -- and critics claim that hardly ever takes place.
"We have published a hundred thousand flex loans last calendar year, and nearly all of our shoppers enjoy them," Tina Hodges advised NewsChannel 5 Investigates
Even so the chief government officer of Advance Monetary, certainly one of the largest flex loan lenders inside the point out, is bought on them.
And whilst she's persuaded flex loans are an even better product for shoppers, not all buyers are confident.
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Hodges defined, "It really is fifty percent the price of a pay out day loan. So I believe It is definitely good for these consumers -- and that is why they like it so much."
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In a statement to us, Hodges said his company understands "which the FLEX loan isn't the proper suit for every consumer."
But immediately after federal regulators signaled that a crackdown on All those so-named predatory loans was on the way in which, lenders like Progress Money developed this new item called flex loans.
Late very last calendar year, the Center introduced a scathing report describing flex loans as "excessively priced" and "laden with expenses."
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