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This Lender Said Its Loans Would Help Tennesseans. It Has Sued More Than 110,000 of Them. (www.propublica.org)

submitted 16 hours ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 17 points 13 hours ago

The consequences of Flex Loans were predicted when the Tennessee legislature legalized them 10 years ago, and the Consumer Financial Protection Bureau wanted to regulate products like Flex Loans when Congress created the agency in 2011. The Trump administration’s efforts to dismantle the CFPB are currently being reviewed by the courts.

Exploitation on top of exploitation.