FAQs: Understanding the updated terms
We’re excited to introduce some new updates, designed to provide a better rent payment experience for you. This upgrade will help us offer more features and services to enhance your experience with us.
Product experience questions
Q: Are there any changes to how I use Flex after I accept the new terms?
A: No, there are no changes to how you use Flex. You can continue to make two payments and split rent as you always have.
Q: If I don’t use Flex to split my rent for a month, will I be charged any fees?
A: With the updated terms, you will no longer have to pay a monthly membership fee or the monthly rate if you do not use Flex to pay your rent. Make sure to turn autopay off to avoid automatic payments if you are not planning to use Flex for the month.
Pricing questions
Q: What is the monthly rate?
A: The monthly rate is the cost of using Flex. It is calculated based on your statement balance ending on the 6th of each month. Typically, the statement balance is the same as your rent amount. There are no late fees from Flex associated with the monthly rate, and this rate is non-compounding.
Q: How is the monthly rate calculated?
A: Your total monthly rate is calculated based on your statement balance ending on the 6th of each month. Your statement balance typically is the same as your rent bill. You are only charged a monthly rate for the months you use Flex.
Let’s break down an example using a $1500 rent payment and a 2% monthly rate:
| Current pricing | New pricing | |
|---|---|---|
| Membership fee | $14.99 | None |
| Bill payment fee | $1500 * 1% = $15 | None |
| Monthly Rate | None | $1500 * 2% = $30 |
| Total fee cost | $30 | $30 |
Q: When is the monthly rate charged?
A: Your monthly rate will be charged with the 2nd payment you make to Flex. This is typically a mid month payment depending on the date you’ve selected for your payment schedule.
Q: Are there any additional fees or charges associated with using Flex?
A: With the updated terms, we are no longer charging a membership or bill payment fee. Your statement balance (emailed to you on the 7th) will show total payment amounts that will include the month rate cost.
Q: Does Flex charge a late fee?
A: Flex does not charge a late fee, however, your property may. We encourage you to have funds ready as soon as the rent pay cycle starts, which can be as early as the last day of the prior month.
Security deposit and credit line questions
Q: What is a secured credit line?
A: A secured credit line is a form of credit backed by collateral. In our case, your security deposit allows you to access your credit line.
Q: What happens to my credit line after I accept the terms?
A: Your unsecured line of credit will convert to a secured line of credit, and your secured credit line amount will equal your entire rent amount.
Q: What is the security deposit?
A: The security deposit allows access to your secured credit line. You will fund a security deposit at the beginning of the month (similar to how you provide your first payment today). Lead Bank will have a security interest in the funds held as a security deposit for your secured line of credit. See your Secured Credit Line Agreement for more information.
Your right to opt-out
If you decide these changes are not for you, you have the right to opt-out by canceling your Flex account. You can cancel in the app at any time.
Once you cancel your Flex account, you will no longer have access to Flex’s services or a Flex line of credit to pay your rent in the future.
We will close your Flex account once your remaining balance is $0 and we confirm that no additional charges are due.
For any additional questions or further assistance, feel free to contact us at [email protected]. We’re here to help!
