FAQs: Understanding the new platform

We’re excited to introduce our new platform, designed to provide an even better experience and support more than just splitting rent payments. This upgrade will help us offer more features and services to enhance your experience with us.

 

Q: Are there any changes to how I use Flex after I upgrade to the new platform? 

There are no changes to how you use Flex. You will be able to continue using Flex as you always have. 

Q: What is the 2% monthly interest charge? 

The 2% monthly interest charge is the cost of using Flex. This charge is calculated based on the rent Flex helps you pay, and it’s non-compounding, meaning you won’t pay interest on top of interest.

Q: How is the fee calculated?

Your total interest charge is calculated based on your statement balance ending on the 6th of each month. Typically, your statement balance is the same as your rent bill. You are only charged interest for the months you use Flex.

Let’s break down with an example: 

  • Your rent amount: $1500

  • Monthly interest charge: 2% of $1500 = $30

  • Total payments for the month: $1530

In this example, if your rent is $1,500, your total cost for using Flex will be $1,530 for the month.

Q: Are there any additional fees or charges associated with using Flex? 

On the new platform, we are no longer charging a membership or a bill payment fee. Your statement balance (emailed to you on the 7th) will include the 2% interest charge, which is the total cost of using Flex.

For any additional questions or further assistance, feel free to contact us at [email protected]. We’re here to help!