FLEX LOAN RAYS ENTER THE VALLEY OF SUNSHINE – ARIZONA
Arizona was ranked first for employment per capita in solar energy industry. Bio-sciences is rapidly growing industry in Arizona as stated by state commerce authority and the number of firms increased by 31% in this sphere. There is acceleration in high tech manufacturing including defense because of stable climate. Mining and tourism are rapidly contributing to the economics of Arizona.
A relatively low cost of living, good job market and sunny weather , sprawling 2000 square miles desert mountain is good enough to attract people here. It is ranked at 26th position for the best place to live. Around 20 million visitors visit here, weather can be tough for the newcomers. Mexican and Hispanic Americans with others weave the texture of life here.. As it is considered to be the best place to live in by the retirees, still its average age comes out to be less than 20 years, thanks to the Arizona University students for keeping it young.
22% people live below poverty line.
This is something of concern, this means these people are barely able to move inch by inch through the month. This is disheartening, in case some financial emergency arises then such people fall prey to loans which come with their own tag price.
Arizona Payday loans banned in 2008
Because of their predatory nature Payday loans were banned, so the lenders have something else to offer and it is FLEX LOANS which has loopholes to get around interest caps. Lenders in Arizona are able to find a way out to earn money by imposing different types of fee like
Transaction fee
Sending billing
Sending statements
Maintaining account information
All such charges amount to $150 but the annual fee accumulates to triple digits. It seems the payday loan which was chucked out in 2008 has come back in different incarnation called Flex loan.
FLEX LOAN works on Open line of Credit
This loan works on open line of credit means the borrower can borrow money who cannot qualify for credit card, this kind of loan is not required to be renewed till it is watered by some amount by the borrower. This lures the borrower of Arizona, who falls into the debt trap from which it may be difficult to come out.
Suppose you avail loan of $500 under the name No Credit Check Flex Loan, and you make payment of $25 per month, it will take you to return the amount borrowed in three years but the fee and interest will sum up to be shocking $19,00. Is it worth it?
This is debatable. There may be people who believe there is no price tag for the one that rushes in at the right moment. Imagine, somebody has no health insurance and his loved one borrows flex loan and saves his life .Is it not worth it? Or imagine a child requires money for fee and costume to participate in competition, which can take him/her forward in life and can help him grow wings of confidence. Is the timely help given by FLEX LOAN not worth it?