TLDR Tech / Fintech
Rent fintech Flex applies for ILC charter
Rent payments fintech Flex has applied for an industrial loan company (ILC) charter, a move that would let it issue its own credit products instead of relying on sponsor banks. Flex lets renters split a monthly rent payment into smaller installments that better align with when they get paid, helping users avoid late fees without compounding interest or stacking loans. Since 2019, the company has processed more than $40 billion in rent payments for 3.2 million users and says it has helped customers avoid more than $780 million in late fees.
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