Flex Loans Online

» Up to $5000 Loan

» Available for bad credit

» Fast, Easy and Flexible

3 Steps Loan Process:

  1. Fill out a form, your inquiry will be submitted to our lenders. You can have a response from one of our lenders within minutes.
  2. You will be redirected to the lender’s website where you can review the terms of the loan, including details about all the applicable rates and fees.
  3. If you accept these terms, the lender will deposit money directly into your bank account as quickly as the next day.

Payday loan statistics

Payday Loan Statistics 2020

Data and statistics about the payday loan industry sometimes seem to be lacking. The industry is also constantly under attack from legislators, consumer advocacy groups, and sometimes the media. It’s difficult to make balanced, subtle, fact-based calculations about what the payday loan industry is. Flex Loans Online aims to bring together payday statistics and academic research from a variety of lenders and sources to shed light on the historical and market background of products offered by the industry as a whole and the alternative financial services industry: Was presented. ..

Flex Loans Online

  • In the United States, about 2.5 million households take at least one payday loan each year. This means that about one in fifty Americans use the products offered by the industry each year. (Economist) [1]
  • US Payday Loan Legality by State (Wikipedia) [2]
  • The average payday loan borrower earns about $ 30,000 a year, and about 58% struggle to cover their monthly costs. (Pew Charitable Trust) [3]
  • About 70% of payday loan borrowers use them for regular recurring expenses such as rent. (Pew Charitable Trust) [3]
  • About 12 million Americans use payday loan products each year (Federal Reserve) [4]
  • About 25% of Americans “do not have a bank account” and do not have access to traditional consumer finance options (CNBC) [5]
  • Approximately 12% of the US population has low or poor credit scores, so alternative loans such as payday loans are available as one of the few options available (Experian) [6]
  • The states with the most US payday lenders include New Mexico, Kentucky, Louisiana, Alabama, Mississippi, Utah, and South Dakota (CreditRepair). [7]
  • States with the highest US interest rates and ARP (Responsible Lending Center) [8]

Payday loan statistics topic

  • Borrower Demography

A typical payday loan borrower is not who thinks. Often depicted as the working poor, the average payday loan borrower has an annual income of $ 47,620 and may be a homeowner.

  • Short-term credit costs

Payday loan fees are often described as an annual rate or APR. This is the same standard as car loans, credit cards and mortgages, which take years to repay. Most payday loans will be repaid within two weeks, but others, such as overdraft fees, can result in significantly higher interest rates when expressed as APR.

  • Loan practices

Many are led to believe that payday loan lenders are licensed loan sharks that prey on poor people who do not fully understand the product. However, poor people are not typical payday loan customers. In the credit card industry, only 20% have a complete understanding of the cost of services.

Flex Loans Online has a financial interest in the payday loan industry and fully discloses that fact. However, although Flex Loans Online is not a direct lender, we work with so many people that we hope we can provide a unique perspective and shed light on the industry and the trends within it.

Payday loans are a short-term solution, but they are often mentioned in terms of APR or annual rates, which is incorrect. It will be repaid by the next payday.

Using the same “thinking” here, there are some other examples I’ve never heard of, but it’s actually even more expensive.

You can save money by renting online!

* Progress is not annual. Numbers provided for comparison only
APR with equivalent charges and credit costs
If you have a $ 100 bounced check and a $ 34 NSF fee and will be repaid within 10 days Pay 1,241% in April
If you have a $ 100 debit card overdraft and the $ 37 fee is repaid within 5 days Pay 2,701% in April
If you have a $ 100 utility bill with a $ 46 delay / reconnection fee paid within 14 days Pay APR 1,203%


[1] https://www.economist.com/finance-and-economics/2017/04/08/payday-lending-is-declining [2] https://en.wikipedia.org/wiki/Payday_loans_in_the_United_States

[3] https://www.pewtrusts.org/en/research-and-analysis/fact-sheets/2016/01/payday-loan-facts-and-the-cfpbs-impact

[4] https://research.stlouisfed.org/publications/page1-econ/2019/04/10/fast-cash-and-payday-loans

[5] https://www.cnbc.com/2019/03/08/25percent-of-us-households-are-ether-unbanked-or-underbanked.html

[6] https://www.experian.com/blogs/ask-experian/what-is-the-average-credit-score-in-the-u-s/

[7] https://www.creditrepair.com/blog/finance/states-with-most-payday-loans/

[8] https://www.responsiblelending.org/research-publication/map-us-payday-interest-rates

Online Fast Payday Loan

Online Fast Payday Loan

Applying for a quick payday loan or cash advance online can be confusing, especially if you have never received a short-term loan before. However, if you are in an emergency and need quick cash, then an online payday loan may be your best option. However, before...

read more
No hard credit check for payday loans in San Antonio, Texas

No hard credit check for payday loans in San Antonio, Texas

It is easy to get a payday loan in San Antonio, Texas. With a simple application, you can get answers quickly and quickly get the funds you need. Online payday loans or installment loans are an excellent solution for all your urgent cash needs. The application process...

read more
Payday loan, Rock Hill, South Carolina

Payday loan, Rock Hill, South Carolina

Payday loans in Rock Hill, South Carolina are available to qualified consumers. Everyone sometimes runs into financial difficulties, and Flex Loans Online understands that this often happens at the worst of times. Fortunately, our online process makes it easy to...

read more