Congratulations! You’ve been approved for a secured line of credit with Flex, giving you flexibility in paying your rent while maintaining financial security. Below, we'll outline the key components and processes involved in utilizing your secure line of credit effectively.

How Flex works:

You have been granted a credit line equivalent to 100% of your rent amount. To access this credit line you will be required to hold a security deposit each month, this will allow us to ensure your rent is paid at the beginning of each month. Once a security deposit has been received and rent is paid, you will receive a billing statement illustrating your payment schedule based on whether or not you have opted to “pay with security deposit” or “pay with debit card”(examples below). The amount of your security deposit is based on factors such as your credit report information and credit score.

Repayment terms:

During the repayment period, you are required to pay back the entire line of credit, not just the unsecured portion. This repayment includes both the rent amount covered by the credit line and any additional charges. The amount that you will cover each month will be equivalent to your full rent amount plus fees, if you opted to “pay with debit card”, your security deposit will be used to pay your second payment, if you did not “pay with debit card”, your security deposit will remain in your Flex Funds within your Flex app and you will be required to make two payment each month (meaning your first month will require a security deposit plus two payments to Flex for you to stay current on your secure line of credit with Flex).

Benefits of paying with security deposit:

By opting to make your second payment with your security deposit, you can utilize that deposit to pay your balance in full each month. This flexibility allows you to manage your finances effectively and keeps you from needing to pay three payments in any given month.

For example:

If you pay with security deposit (default)

• Your rent: $2,000
• Security deposit: $1,200 (dependent on credit report information and credit score).
• January 28th: You pay your security deposit of $1,200, satisfying the requirement.
• February 1st: Flex pays your $2,000 rent.
• February 11th: You receive a billing statement for $2,000.
• February 15th: You make your first payment of $840 (including your 2% fee), covering the unsecured portion of your credit line
• February 28th: You use your security deposit to pay off the remaining balance.
• February 29th: With no security deposit remaining, a new security deposit will be required.
• March 1st: You refill your security deposit, becoming eligible for rent payment again.

If you pay with debit card

• Your rent: $2,000
• Security deposit: $1,200 (dependent on credit report information and credit score)
• January 28th: You pay your security deposit of $1,200, satisfying the requirement.
• February 1st: Flex pays your $2,000 rent.
• February 11th: You receive a billing statement for $2,000.
• February 15th: You make your first repayment of $840 (including your 2% fee), covering the unsecured portion of your credit line, additionally our membership fee of $15 may be assessed and charged separate from your first payment amount
• February 28th: You make your second payment of $1,200 to clear the remaining balance.
• February 29th: Since your security deposit is still in place, a new security deposit will NOT be required.
• March 1st: The bill payment process begins and your rent is paid via flex.

Following this payment structure allows for you to pay your rent in two payments a month while your full rent amount is paid at the beginning of the month (so long as a security deposit is available). If you have any further questions or need assistance, please don't hesitate to reach out to our support team.