Flex - Rent On Your Schedule

Flex is a financial technology company that offers a unique solution to help individuals pay their monthly rent on time, improve their cash flow, and build their credit history. This is achieved by splitting the monthly rent into smaller, more manageable payments, making it easier for individuals to budget and stay on top of their rent payments. This can provide a sense of relief and peace of mind for individuals who struggle with paying their rent on time each month.

To access this service, individuals must first apply and undergo a credit assessment. The credit line amount offered may vary based on eligibility, and timely payments are required each month to maintain access to the credit line. For secured lines of credit, a security deposit is required, while unsecured lines of credit have a recurring monthly membership fee of $14.99. A bill payment fee of 1% of the total rent is also charged when using Flex to pay rent, with an additional card processing fee if paying with a credit card.

Flex is not a bank, but rather partners with Blue Ridge Bank, N.A. and Lead Bank to offer lines of credit, banking services, and payment transmissions. The APR for secured lines of credit ranges from 0-36%, depending on the individual's creditworthiness. Flex also reports positive rent payment history and credit line information to national credit bureaus, which can help individuals build their credit history.

Individuals have the flexibility to choose their payment dates within the month, allowing them to align their rent payments with their financial situation. This can be especially helpful for those who may have fluctuating income or expenses throughout the month. Memberships automatically renew until canceled, and other third-party fees may apply, so it is important to carefully review the terms and conditions before signing up for Flex.

Overall, Flex offers a convenient and innovative solution for individuals to manage their rent payments, improve their cash flow, and build their credit history. With the support of Blue Ridge Bank, N.A. and Lead Bank, Flex provides a secure and reliable service that can benefit individuals who struggle with paying their rent on time each month.