Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below.
Transportation Alliance Bank, Inc dba TAB Bank, originates loans that are then serviced by MyFlexLending. The company advertises installment loans on its website at myflexlending.com.
If you’re looking for a personal loan, you may have come across FlexLending. This company has been gaining popularity in recent months, so we decided to investigate and see what they’re all about.
As part of our investigation into their website and terms and conditions, we came across some interesting facts.
- Loans are made by Transportation Alliance Bank, Inc. dba TAB Bank.
- Loan amounts of up to $2,500 are available.
- Example of their terms and APR on their site: Weekly payments of $36 for a loan amount of $900 will have a finance charge of $939 and a total amount of $1839. The APR for this loan is 165%.
- They provide access to installment loans with a unique twist – simple interest and equal payments all online.
What is FlexLending?
My FlexLending is the company that originates and services loans for TAB Bank. It is located at 901 W Yamato Rd STE 260 in Boca Raton, Florida, and can be contacted by phone at (855) 536-3440.
Flexlending is not accredited by the Better Business Bureau (BBB). The company has only 1 star out of 5 ratings, with an average of 5 customer reviews and 3 complaints closed in the last 3 years.
With FlexLending, you can get a standard consumer installment loan with simple interest and equal payments, all online.
How does FlexLending work?
If you’re in need of quick cash, Flexlending offers unsecured loans up to $2,500 and will work with you to tailor a payment plan that is suited to your unique financial situation. They’ll look at a variety of factors when determining your eligibility, so you can select the loan amount that’s right for you.
Flexlending also offers flexible terms, so you can choose the repayment option that makes sense for your lifestyle and budget. With no hidden fees, no prepayment penalties, and a simple application process, getting the cash you need has never been easier. And with a customer service team that’s available to answer your questions, you can rest assured that you’re in good hands.
How to qualify for FlexLending?
In order to qualify for a loan with this loan company, applicants must be 18 years of age or older (21 in MS) and have a valid SSN/ITIN, email address, phone number, mailing address, and bank statement. In addition, applicants must have a minimum monthly income of at least $1000 per month and an active checking account in good standing. Unfortunately, they do not offer loans to active duty service members at this time.
FlexLending BBB Reviews
Flexlending is not accredited by the Better Business Bureau (BBB), and they have a B rating from the BBB. With an average of 5 consumer reviews and 3 complaints, the company has a 1 out of 5-star rating.
Here are some FlexLending BBB Reviews:
This company took it upon itself to mail out a letter to me THREE TIMES, telling me I was pre-approved for a loan up to $2500. When I finally decided to give them a chance and take them up on their offer, they told me my application was denied despite nothing in either my financial situation or credit had changed. So, not only did I have my time wasted, but I also received an unnecessary hard inquiry on my credit report for absolutely no reason. Not only do I meet all of the requirements that they outlined on their website that supposedly determine if you qualify for a loan with them, but I EXCEED them. I don’t know what they’re getting out of lying to and conning people like me into submitting an application with them, but I hope it’s worth it.
This company is the definition of a predatory, conniving, company that seemingly gets joy out of helping to ruin random, innocent, already struggling, people’s credit without any reason or provocation. RUN FAR AWAY FROM THIS COMPANY, and I use the term company extremely loosely!!
“My Flex Lending” is absolutely the worst financial institution I have ever attempted to perform a transaction of any kind with. My review can only begin to outline the experience a consumer can expect if they fall for the lies this bank uses to draw them in. Some of their practices should be (and I have found “our”) illegal. I was not surprised to find that they are already being examined by reputable people such as the BBB and Banking Affairs. There’s not anything I would enjoy more than to elaborate in more detail about the deception tactics they practice and the effects they can have up to and including destroying the common consumer’s life. Under the advisement of an attorney, all I can share with my fellow society is BEWARE and do your homework before committing your good word.
Check with the ones that know better than I do, such as the Better Business Bureau. I am giving these folks a One (1) Star rating for the only reason being that there is not an option to provide a “negative” value of a Stars rating.
I believe *** C put it best. And their response is WRONG. What regulatory practices do they adhere to? They’re a predatory lender, period. Present one thing, and give another, with terms that accommodate only them. Essentially, they are loan ******. 100%+ interest rates. What state would allow this legally if you’re not jumping through some loophole? It’s BAD business practice. Even worse – TAB bank gives the funds – and SST/Flex (one and the same) manages the account. So my guess is, Flex/SST are the interest gougers, and TAB gets some cut.****.
My Flexlending FAQs
What are Flex Loans on FlexLending?
Flex Loans are a great option for those who are looking for personal loans with flexible options. You can choose the amount you want to borrow and the length of time you need to pay it back. There are no prepayment penalties so you can pay back the loan whenever you’re ready. Applying for a Flex Loan is fast and easy and once you’re approved, you’ll have access to the funds you need. With its flexible options, it’s a great option for debt relief.
What is the interest rate on FlexLending?
According to their website, their APR is 165%. If you were to take out a loan of $2500, here is an estimate of what you would pay back.
You will make weekly payments of $97 for a loan amount of $2500. The finance charge will be $2534 and the total amount will be $5034. The APR is 165%. These amounts are estimated. As you can see this company doesn’t offer low-interest rates.
How do you pay back FlexLending?
Assuming you have provided the required information and documents, they will fund your loan within 72 hours. You can manage everything related to the loan from their app or website – making payments, checking balances, etc.
After 52 weekly payments, the loan will be paid off in full.
At that point, the borrower will no longer owe any money on the loan and will be free to use the money they had been paying towards the loan for other purposes.
What happens if you don’t pay FlexLending?
If you fail to make your FlexLending payments on time, you may be subject to late fees. Additionally, if a payment is returned unpaid, you may also be charged Dishonored Check fees. It is important to ensure that payments are made on time and in full to avoid these potential fees. It is also advisable to check with FlexLending to make sure that your payment was received and processed correctly.
What is the minimum credit score for a FlexLending loan?
Flexlending is a great loan option for people who don’t have perfect credit. Even if your credit is not the best, you may still qualify for a loan. Flexlending will still check your credit as part of the loan application process, but having bad credit is not an automatic disqualification. This makes Flexlending a great option for people who need a loan but don’t have the best credit.
How does FlexLending affect your credit?
Having a good credit score is important for many reasons, such as qualifying for a loan or getting a good rate on a loan. During the application process, lenders may check your credit score using a hard credit inquiry, also known as a “hard credit pull”. This process can have a potential impact on your credit score, so it is important to be aware of this before you apply for any type of loan or credit card. It is important to understand the potential impacts of a hard credit inquiry and take steps to protect your credit score.
How to cancel FlexLending?
Unfortunately, cancelation is not an option with FlexLending. It is not possible to cancel or reverse your personal loan application once the loan amount has been credited to your bank account. If you need to cancel your loan, you must do so before the money is disbursed.
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 work out a payment plan that’s more manageable for you.
Is FlexLending Legit or a Scam?
As per our research, myflexlending.com is a legitimate company. They are not accredited by the Better Business Bureau (BBB), but they do have a B rating from them. Most of their reviews with the BBB are negative, resulting in a 1 out of 5-star rating from consumer reviews.
When looking for a company to do business with, it is important that you research thoroughly and read as many customer reviews as possible. This way you can be sure that you are making the best decision for your needs.
Have you had any experience with FlexLending? We’d love to hear about it in the comments below.
Thank you for reading.