Flex is an innovative financial tool designed to make rent payments more manageable and flexible for renters. Here’s an overview of what the product does and its key features:
What Flex Does
Flex allows renters to split their monthly rent into two smaller, more manageable payments, rather than having to pay the full amount at the beginning of the month. This helps in improving cash flow and reducing the financial stress associated with large lump-sum payments.
Key Features and Functionality
Flexible Payment Schedule
- Users can create a rent payment schedule that fits their financial needs. For example, if the rent is $1,000, a user might pay $500 on the due date and the remaining $500 later in the month, such as on the 15th.
Automated Rent Payments
- Once enrolled, Flex pays the full rent to the landlord on the due date, using a combination of the user’s initial payment and a Flex line of credit. This ensures that the rent is paid on time, avoiding late fees and interest.
Credit Line and Membership
- Flex offers a line of credit from Blue Ridge Bank at 0% APR, included in a monthly membership fee of $14.99. There is also a 1% bill payment fee on the total rent, and an additional card processing fee if a credit card is used.
Credit Building
- On-time rent payments through Flex may be reported to TransUnion, helping users build their credit history.
Integration with Properties
- For properties integrated with Flex, the rent is paid directly to the property. For non-integrated properties, Flex provides a bank account or debit card for the user to submit the rent through their rent portal.
User Control and Flexibility
- Users have the flexibility to choose their second payment date, which can be any day up to the last day of the month. This allows for better alignment of rent payments with their income and other financial obligations.
Additional Fees
- Besides the membership fee and bill payment fee, users may be subject to an additional $3 property passthrough fee each month, depending on the property. There is no processing fee when using a debit card, but a 2.5% processing fee applies when using a credit card.
Overall, Flex is designed to make rent payments more manageable, reduce financial stress, and help users build their credit history through timely payments.