After enrolling with Flex, we automatically make your rent payment directly to your property when it's due each month.
Each month, you pay us back in two payments - half (your "initial payment") when your rent is due and half on the 15th of the month or your rescheduled date within the month. You can manage your 2nd payment through the Flex app. Read more on rescheduling HERE.
For example, if your rent payment is $1,000 each month:
- Flex will pay the full rent payment amount ($1,000) on the due date.
- Flex will collect your initial payment of half of your rent ($500) on the due date, typically no later than the 5th calendar day of the month.
- Flex will collect your 2nd payment ($500) on the 15th of the month, or your rescheduled date within the month.
There are no interest rates or late fees when you use Flex! The Flex Services are offered for a monthly membership fee of $14.99, which includes access to a Flex Line of Credit account from Blue Ridge Bank at 0% APR. Flex also charges a payment processing fee, a percentage of the monthly rent payment based on the chosen payment method (0.75% for debit card and 3% for credit card), assessed on each repayment.
For example, if your rent amount is $1,000, the payment processing fee for a debit card is $7.50 ($1,000 * 0.0075).
If your rent amount is $1,000 and you pay with a credit card, the payment processing fee is $30 ($1,000 * 0.03).
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