Flex Review

The App That Lets You Pay Rent On Your Schedule

flex rent review
Photo by Erik Mclean on Unsplash

Housing for most Americans is the #1 expense category. A recent study from the Bureau of Labor Statistics shows housing is 35% of the average American’s annual expenses. It’s not getting any cheaper to be a homeowner or renter. Rent across America continues to rise significantly. A study from Apartmentlist.com shows rents nationwide are up over 17% year or year. What can you do to fight back? Your best option is to move to a lower cost of living city. However, that’s not a possibility for most people. 

Most Americans live paycheck to paycheck as inflation and rents continue to climb! Data from lendingclub.com show 64% of Americans are living paycheck to paycheck. Technology solutions like Flex give consumers a new layer of flexibility. Flex is disrupting the historical tradition of paying rent on the first of the month. What took so long?!

What is Flex rent?

Flex is an app that aims to make paying rent easier and more convenient. The app is available in the Apple Store and on Google Play. Customers split their rent payments into smaller amounts throughout the month. 

Here’s the standard setup:

  1. Flex pays your rent on the 1st of the month. 
  2. You pay Flex 50% of your rent on the 1st of the month. 
  3. You then schedule a second payment, the other 50%, two weeks later in the middle of the month.
  4. You can also reschedule that second payment if you need a more flexible rent payment date.
  5. Additionally, you can break that second payment into smaller amounts if required. 

The default payment option for new users is a debit card. So you pay Flex with your debit card, and Flex pays your landlord with an ACH. Debit card transactions are secure, safe, and clear instantly from your bank account.

How does flex rent work?

Flexible rent payments are not new. Many landlords provide some flexibility with tenants in need. But the flex app is productizing the experience for the masses. 

Flex pays your bill, and you pay them back in two or more installments. Note you must pay 50% of your rent with the first installment. Managing the second payment two weeks later is done through the Flex app. It’s as close to paying rent on your own schedule as I’ve seen in the marketplace. 

Paying rent in smaller amounts can help users avoid late fees from their landlord. It can also eliminate overdraft fees from your bank.  If your bank still charges overdraft fees, consider switching to Capital One. I’ve had my capital one checking account for two decades, and it’s great. 

Does Flex rent build credit?

Yes. Using and paying through the Flex app can positively affect your credit score. It acts as a revolving line of credit, just like a credit card, when it comes to your credit score. There are fancy factors that calculate your final score. But, you build a good credit score by being a good borrower of money. Borrow money and pay it back on time, every time. Eventually, you’ll have a good credit score.   

How do you qualify for flex pay?

Download the app and create an account to apply. You’ll likely be approved to use the app if you have fair or better credit. The approval process is like applying for your apartment. If your landlord approved your application, expect Flex to do the same in more cases. 

Flex rent payment options

The standard payment option for the Flex app is a debit card. So, you pay Flex with a debit card linked to your checking account. A debit card appears to be the only payment option available right now. 

How does Flex make money?

There are no late fees or interest charges when you use Flex. You pay Flex a monthly membership fee of $19.99. There are no fees for missed payments, but Flex may suspend service for your account. That’s going to create a headache for you. 

Flex rent payment reviews

I love user-generated content, and I love reading user reviews for anything. 

  • Google Play Store
    • Rating: 4.6 · ‎5,689 votes. Not bad at all. 
  • Apple Store
    • Rating: 4.6 · ‎11,372 reviews. Also good. 
  • Trustpilot
    • There are zero reviews on Trustpilot. 
  • Facebook
    • Rating · 1.1 (39 Reviews). Woof. Lots of complaints about customer service on the Facebook page.

Why landlords should offer flex pay

Flex is an exciting service to offer renters if you’re a landlord. Increased rent payment flexibility is all handled by Flex. Offering this flexibility to potential tenants can help you stand out. You’re also getting an ACH from Flex from all your customers on the first of the month. No need to worry about chasing people down for rent. That’s all handled by the Flex app. Your renters apply within the app, and the account gets approved in real-time.

It can also help improve retention for existing tenants. You residents won’t have to worry about being late at the first of the month or getting charged a late fee. 

Flexible Finance

The company behind flex rent payments is Flexible Finance LLC. The company’s simple app aims to change the way people pay rent. According to their LinkedIn page, the company is privately owned, headquartered in New York City, with 203 employees. 

Founded in 2019, this New York City FinTech company is rated five stars on Glassdoor. The company’s two co-founders, Shragie Lichtenstein and YeTong Shao have raised $5.8M in funding over two rounds

Mission statement: “Flex helps people pay bills on a schedule that works for them.”

The flex app currently provides services for paying rent. However, the company’s ambition is to expand into additional bill categories. If anyone from Flex reads this, contact me when you launch a mortgage product. I’ll be a beta tester for you! 

Bottom Line

Flex is an effective service for people that need to split rent into two payments. The company is young, and there will be bugs in the app. That’s how technology develops goes. Expect the app to improve over time as Flexible Finance continues to invest in its product. The monthly fee is reasonable. But the value will increase with the addition of other services. A one-stop-shop for flexible bill pay could be a winner. 

So many Americans are struggling with rising costs and inflation. If cash flow at the beginning of the month is a problem, Flex would be a good fit to help. If your landlord accepts ACH payments, and you have a debit card. Flex may be a good fit and worth a try.