Ad Disclosure: We receive referral fees from advertisers. Learn More

If you have been affected by debt, you are not alone. With an increasing number of people turning to online lenders for their loans, FlexLending or MyFlexLending is one company that may have come up in your search. But does myflexlending.com deserve a chance? In this review, we will research its track record and see if customers who borrowed money from them were satisfied with the service they received.

FlexLending is a company that provides personal loans to consumers who may need a helping hand with their debt. However, MyFlexLending has been accused of bait and switch tactics to lure customers in. The company allegedly promises one thing but delivers another. For example, they may promise a low-interest rate in the approval process but then charge a higher rate once approved.

FlexLending is not accredited by the Better Business Bureau (BBB). The BBB gives this online lender a rating of B+. Additionally, it currently sits at a 1-star rating from customer reviews and complaints.

So, is FlexLending a scam or not? It’s difficult to say for sure. With many red flags popping up online and offline about this company, it may still be legitimate though. If you are considering taking out a personal loan with them, be aware of the alleged bait-and-switch tactics that have been accused of recently, and read through all terms before signing any documents.

Flexlending Rating

FlexLending Pros and Cons

When considering taking out a personal loan with FlexLending, it is important to weigh the pros and cons. Here’s what you should know about this lender:


  • The lender is quick and easy to work with. They do not require too much information or documentation once you are pre-approved for their services, which means that the funds will be in your account within 72 hours of approval.
  • You won’t have to worry about prepayment penalties with this loan, which is great because the interest rates are high enough already.


  • The lender’s loan limit is quite low, at only $2,500. This means that if you need more it would not be the right fit and we recommend finding another provider who can offer what exactly are looking for in terms of financing options.
  • The annual percentage rate on their loans is 165%. That’s considered incredibly high and customers have reported that the total repay amount ends up being more than double what was originally borrowed.
  • Their payment plans are 52 weekly payments instead of monthly, which can make it difficult to stay on top of the repayments. Additionally, customers have claimed that interest is compounded every week but not always disclosed during discussions about the terms.

Make sure to do your research and read customer reviews and complaints before applying so you know what to expect from their service.

FlexLending Web

What is FlexLending?

FlexLending is an online lender that offers personal loans for people in need of quick cash. These loans are typically unsecured loans, meaning they do not require collateral such as homes and cars.

Their quick loans can be a good option for customers who need money quickly. However, many people have complained of bait-and-switch tactics – this means that the company may advertise one thing such as low-interest rates but then try switching terms on you at the last minute without notice.

How does FlexLending work?

FlexLending is a loan company that offers installment loans of up to $2,500 with a repayment plan of up to 1 year. The application process is advertised as quick and easy, providing a code to potential customers to inform them they have been pre-approved without even going through an application process. However, they look over many factors when determining eligibility but don’t share what those might be.

They offer 52 weekly payments and an APR of 165%, which is considered incredibly high. These types of loans typically only come in handy when someone needs quick cash, which means they won’t notice how much more difficult it will be for them to repay, especially if they are on a tight budget.

Additionally, this lender has been accused of not fully disclosing the terms and conditions which can leave customers feeling tricked and blindsided when hit with weekly compounds as well as additional charges.

It’s important to note that FlexLending services are offered by a bank, Transportation Alliance Bank (TAD), which has connections with the transportation industry and is the one that originates the loans.

How to qualify for a MyFlexLending personal loan?

myflexlending.com usually invites its potential customers through a pre-approval code that must be submitted when applying for the loan. In order to qualify, you’ll need:

  • Be at least 18 years of age (21 in MS).
  • Have a minimum monthly income of at least $1,000.
  • Provide a valid SSN or ITIN, email, phone number, and address.
  • Maintain a checking account in good standing.

If you meet the above qualifications, you may proceed to apply for your personal loan using their online application form. Once you are approved, you will be asked to provide the documentation and the loan amount will be transferred to your account within 72 days, according to their website’s FAQs.

What are Installment Loans?

FlexLending Review

Installment loans are a type of loan that is typically repaid over a series of fixed, equal payments. These payments are usually made on a monthly basis, and the loan term can vary from a few months to several years. Installment loans can be used for a variety of purposes, including home improvement projects, medical bills, or other large expenses.

While installment loans can be helpful in some situations, they can also be risky. If you’re not able to make your weekly payments, you may end up defaulting on the loan, which could lead to serious financial consequences. Before taking out an installment loan, make sure you understand the risks and decide if this type of loan is right for you.

You can apply for a FlexLending installment loan by applying online or in person at their Boca Raton, FL location. Once you are approved, TAB Bank will transfer the approved amount into your bank account.

What kind of loans does FlexLending provide?

FlexLending’s short-term loans are a convenient way to get quick cash when you need it most. But customers should be aware that these high interest rates and improbably repayment periods may not work for their needs in the long run.

The company offers 52-week plans, which makes paying back seem easier than ever before. However, with an APR as large as 165%, FlexLending loans could quickly turn from saving money into costing more due to compound increases on top of each other, so make sure this is really what you are looking forward to by doing some research first.

What interest rate does FlexLending offer their customers?

The FlexLending company has a fixed interest rate of 165% APR. However, it’s important to note that there isn’t much information available detailing how they calculate this number and what considerations go into determining your weekly payments, so make sure you do plenty of research before taking out any loans from them. You may end up paying far more than necessary simply because the terms were not fully disclosed to you.

Repayment methods for FlexLending

FlexLending Loans

FlexLending installment loans are a great way to get the money you need for your business or personal affairs, but it’s important to be aware of what happens if things don’t work out. The repayment schedule will require 52 weekly payments so make sure to budget carefully and stay on top of repayments.

The company offers a wide range of payment options for you to choose from, including Automated Clearing House (ACH) payments that will be automatically deducted from your account each week.

If you miss a payment, you will be charged a late fee but they do not disclose the amount. A dishonored check fee may also apply if a scheduled payment is returned unpaid.

What happens if you don’t pay back FlexLending?

FlexLending will contact you if payment isn’t made on time. They are persistent about getting their money and may turn the account over to a collections company which could damage your credit score, limits, or even result in additional fees for not following through with something like this.

If you default on your loan, MyFlexLending is likely to pursue legal action in order to get their money back. So before taking out an installment plan from this lender make sure that it’s affordable for both parties.

What is the minimum credit score for a MyFlexLending loan?

The minimum credit score for a FlexLending loan is unclear, but there’s no need to worry as long you have good enough finances. This is particularly good for customers with a less than perfect credit score, but is also means that it is uncertain to be sure of whether or not you will be approved until you apply.

How does FlexLending affect your credit?

FlexLending performs a hard credit inquiry when you apply for a loan. This can affect your report by shaving off some points and it’s temporary, but could remain on file for two years.

You might think that the company is approving loans for poor or mediocre credit, but be mindful of how a hard credit pull can affect your score and make things more difficult for you.

How to cancel a FlexLending loan?

Unfortunately, the lender does not currently provide an option to cancel a loan. If you have any difficulties with your weekly payments or questions about this program, contact them directly to their customer service team to find solutions. Customers have claimed the customer service is not very helpful, though.

In the meantime, here are a few tips that may help you gain control of your finances:

  • Making a budget is essential for staying on top of loan repayments. Keeping track of your finances and expenses during one month can help you understand where all your money goes so that when it’s time to make payments, they are guaranteed to not be missed or eaten up by unexpected expenses.
  • Working with a financial advisor may also be of help for you to start developing better and smarter financial decisions. They can offer you guidance on how to take care of your loan repayments while still meeting your other financial goals.
  • If you’re struggling to make your loan repayments, contact FlexLending’s customer service team. They may be able to offer assistance, such as deferring payments or restructuring your loan.

FlexLending BBB Reviews

As previously advised, FlexLending is not accredited by the Better Business Bureau (BBB). This means that the BBB does not have high confidence in their business practices. Their current BBB rating is B+. As far as complaints go, they have received 1 complaint since they opened their BBB file in January 2021 and closed it within the last 12 months. Their customer review rating is 1/5 stars.

If you’re thinking about doing business with this lender, make sure to read up on their less-than-stellar track record before making any decisions. Here are some reviews from FlexLending’s BBB page:

Tim C 06/22/2022

When you receive your pre-approved notice for a loan from MyFlexLending, throw it away. They are not providing you with all the information. Their loans are set at 165% APR. 165% APR?! Yes, and this is just the beginning of a bad deal. What they are not telling you is that they are compounding the interest weekly and not annually, thus your interest rate increases quite heavily. A $2,000 loan with an annual APR will come with an annual interest of $1,160, making your total repayment amount $3,160 if they were compounding on an annual basis.

But since they are compounding weekly, which they do not disclose in their terms or agreement, you end up totaling $2110 in interest, making your total repayment amount over $4,000. This is more than double your original loan amount which in the real world, is 200% annual interest. Don’t bother calling them to ask them to explain how the APR is calculated because the person who answers the phone simply reads what you see on the website. So basically, they know nothing. For the other reviewer that left a review for being denied a loan, it was a blessing.

Sherry W 05/24/2022

I am going through a hardship and have 100% on time payment history and still get denied for just a small loan. Ridiculous and frustrating that lenders and creditors don’t give a crap!!! Good luck to anyone else who needs help, hopefully they’ll help you.

Is FlexLending a scam or legit?

FlexLending is a relatively new company that has only recently been filed on the BBB and as such its website does not provide many reviews or information. This makes it hard for potential customers to make informed decisions before signing up – especially since the FAQ page provides only the basic details of the terms.

In conclusion, this loan provider has been accused of using bait-and-switch tactics to lure customers in with promises of low interest rates, only to switch them to a higher rate once the customer signed up. Additionally, the interest on flex loans from myflexlending.com is compounded weekly, which can make it difficult to pay off the loan in a timely manner.

So is FlexLending a scam or is it a legitimate company? It is difficult to give a definite answer. If you’re looking to apply for a personal loan with them, you should be aware of the many red flags and questionable business practices that previous customers have reported online. It is imperative that you do your research to avoid getting caught in a tricky financial situation.

Have you done business with FlexLending before? We’d love to hear about your experience in the comments below.

Thank you for reading!

Best Debt Consolidation Companies

National Credit Foundation
Average rating:  
 0 reviews