Flexifi - anyone used them?

eureka2010 · 24-01-2018 2:08pm #1

Hi Guys,

Just wondering if anyone has used Flexifi to finance purchases of goods with retailers?

Am thinking of using their service but unsure as they're quite a new company...

Would you recommend them? Any info much appreciated!

Melendez · 25-01-2018 3:15pm

This post has been deleted.

Farmer Bob · 25-01-2018 9:52pm

Same company that does Flexirent finance for Harvey Norman.

No APR mentioned on their website either, so that would be a no for me...

xboxdad · 26-01-2018 4:07pm

Melendez wrote: »

This post has been deleted.

Interesting. Is there any chance that the 6.99% APR is true?

https://www.bikeworld.ie/site/motorcycle/new-yamaha-yzf-r3/

Finance available. 0% deposit required. 6.99% APR over 2 or 3 years. Learn More.

Melendez · 26-01-2018 7:41pm

This post has been deleted.

Flexigroup · 30-01-2018 6:33pm

Hi all,

Contacting your from Flexigroup.
If you have any queries in relation to Flexi-Fi or Flexirent please feel free to contact us directly via our web contact pages and we would be happy to assist.

Thank you.

Hitman3000 · 30-01-2018 6:38pm

eureka2010 wrote:

Just wondering if anyone has used Flexifi to finance purchases of goods with retailers?

Credit Union, bank even a credit card is cheaper. Avoid like the plague.

L1011 · 30-01-2018 6:41pm

Flexigroup wrote: »

Hi all,

Contacting your from Flexigroup.
If you have any queries in relation to Flexi-Fi or Flexirent please feel free to contact us directly and we would be happy to assist.( @flexigroup.com.au )

Thank you.

Please contact hello@boards.ie to arrange a commercial account

Budget Master · 03-02-2019 12:44pm

Total and utter RIP-OFF!!!!!!!!!!!

"we’re an easy alternative to paying with cash or credit card" - Ya I bet you are!
BUT
"Your monthly repayments will then be debited from the CREDIT or DEBIT CARD PROVIDED"!! HAHA

So you still pay all the fees of the debit or credit card, PLUS +++

a €10 APPLICATION FEE or €35 APPLICATION FEE will apply .. at time of purchase.
"upon purchase a MONTHLY FEE of €3.50 to run your account."
"If you miss a scheduled payment A DISHONOUR FEE OF €9 PER MISSED PAYMENT."

So get ready to fork out a **** tonne of cash and end up paying maybe 200% of the cost of the initial item. RIP OFF!!!

Dedicatedboard · 03-02-2019 1:02pm

Lol how do you expect them to take repayment for your loan? Magic?

Also how do you expect company’s to make money? I think maths isn’t your strong point pal, I just did an application out if interest and it tells you exactly how much you have to repay and it’s less then my loan with the CU.

ASOT · 03-02-2019 1:08pm

Budget Master wrote: »

Total and utter RIP-OFF!!!!!!!!!!!

"we’re an easy alternative to paying with cash or credit card" - Ya I bet you are!
BUT
"Your monthly repayments will then be debited from the CREDIT or DEBIT CARD PROVIDED"!! HAHA

So you still pay all the fees of the debit or credit card, PLUS +++

a €10 APPLICATION FEE or €35 APPLICATION FEE will apply .. at time of purchase.
"upon purchase a MONTHLY FEE of €3.50 to run your account."
"If you miss a scheduled payment A DISHONOUR FEE OF €9 PER MISSED PAYMENT."

So get ready to fork out a **** tonne of cash and end up paying maybe 200% of the cost of the initial item. RIP OFF!!!

A budget master shouldn't need this service infairness.

Dedicatedboard · 03-02-2019 1:14pm

ASOT wrote: »

A budget master shouldn't need this service infairness.

@ASOT I sense he’s a bit ahead of himself with that title. Basic maths doesn’t appear to be his strongpoint ðŸ˜‚ðŸ˜‚ðŸ˜‚

Sinister Kid · 03-02-2019 1:31pm

Flexifi have different plans. In some cases the retailer takes the hit not the customer - thats if they pay within a certain amount of time, all they end out paying is the application fee.
In this case the retailer takes roughly a 10% hit which can be a killer for small businesses, especially during sale time & when every second customer is trying to argue the price down further!!

Budget Master · 03-02-2019 1:34pm

I'd never actually use a service like this, I'm just making the point for people who may see it as an easy way to acquire goods they can't currently afford.

looking further into this company, it's parent company is FlexiGroup, based in Australia.

If you look at the wiki page of Flexirent Capital Pty Ltd, a subsidiary of FlexiGroup Pty Ltd, you'll see that they are not exactly bastions of customer care.

"Flexirent and other similar lending products have been criticised for financial over-commitment and confusion about the leasing or rent-to-buy contracts signed by customers.[3]"

" Gerry Harvey (from Havery Norman) had previously suggested in a January 2008 airing of Today Tonight that Flexirent should potentially be turned down by the average family.[15]

''The Micah Law Centre, a not-for-profit law firm, in a 2007 report[18] postulated that financiers of consumer lease agreements, including Flexirent, sought to circumvent Australian consumer protection laws that apply to loan agreements, citing complex and misleading clauses relating to final ownership.
It also raised issues with the high cost of the agreements and their marketing to low-income consumers. ' - at wikipedia.org/wiki/Flexirent

Just like Flexirent, flexifi are marketing to low-income consumers who are less likely to look into the long term cost implications of these types of financing - Payday loan shark type people with another mask basically.

Financefairy · 03-02-2019 3:01pm

Having a finance advisory blog myself, I have to disagree with your summation of the target market and your reference to “Payday Lenders”. The APR of a payday lender is in excess of 23% and they are severely regulated by the Central Bank. These FlexiFi products bear a significantly lower APR and they offer some products which carry 0% interest.

To be honest, the standard of transparency at which they operate is superior compared to some similar companies offering finance in the Irish market. I understand there is an automatic caution when it comes to Irish customers getting finance which is a legacy fear from the Celtic Tiger madness. But as long as finance providers continue to operate in a manner that is completely upfront from the outset, I commend them for acting as a competitor to the big banks who have held the monopoly in this country for decades.

Budget Master · 06-02-2019 3:01pm

That reply is so positive it sounds almost like an ad for Flexifi, hmmm...

Tzardine · 06-02-2019 6:24pm

Budget Master wrote: »

That reply is so positive it sounds almost like an ad for Flexifi, hmmm...

First post too. Hmmmmmmmm

listermint · 10-02-2019 9:58am

I suppose there are some in here who seem to think there should be no room for short term small credit options....

To be blunt. There's a market for it. It's fairly transparent its small loans.

Maybe reserve your ire for PCP

10 Carrolls · 10-02-2019 10:39am

I've used them and I don't see any problems, interest free if you pay within 12 months and if not its still cheaper than my bank loan. There is an online portal where you can change your payment amount to clear quicker or change your payment dates, a hell of a lot easier than doing the same with a bank. Only thing is you have st spend 1000 or more although I think that may be changing. To the poster who said its a way of buying something you can't currently afford, is that not why you take out any loan?

tigger1962 · 21-02-2019 3:31pm

I used them to pay for a TV! it ended up being cheaper than a loan from a well known irish bank. I paid it off before the 12months and was interest free! the bank wanted 17.4% apr for a year loan of the same amount!

bluetractor · 27-02-2019 11:05am

Flexi-fi charge on average 12% interest. Nothing like the crazy rates of licenced moneylenders such as Littlewoods and Provident that charge 40%+

Flexi-fi leave it up to the retailer to choose how that 12% is charged. Retailer takes a 5% hit and charges consumer 6.99%, retailer takes no hit and charges consumer 11.99% or retailer takes full hit and consumer gets 0% interest. A 12% loan paid over 12 monthly payments costs 6.5% of the loan amount, so the cost of "free" 12 months finance to a retailer can easily be built into a slightly higher price.

Bowlardo · 14-11-2020 3:09pm

bluetractor wrote: »

Flexi-fi charge on average 12% interest. Nothing like the crazy rates of licenced moneylenders such as Littlewoods and Provident that charge 40%+

Flexi-fi leave it up to the retailer to choose how that 12% is charged. Retailer takes a 5% hit and charges consumer 6.99%, retailer takes no hit and charges consumer 11.99% or retailer takes full hit and consumer gets 0% interest. A 12% loan paid over 12 monthly payments costs 6.5% of the loan amount, so the cost of "free" 12 months finance to a retailer can easily be built into a slightly higher price.

Thinking of signing up for flexifi to get the small bathroom\shower down up.
Bar the €40 initial fee and €3.90 account fee there doesn't appear to be any charges untill after 12 months.
Do I I apply for the Flexifi or do I approach the store and then contact flexifi with the total amount?

Sinister Kid · 16-11-2020 11:42am

Bowlardo wrote: »

Thinking of signing up for flexifi to get the small bathroom\shower down up.
Bar the €40 initial fee and €3.90 account fee there doesn't appear to be any charges untill after 12 months.
Do I I apply for the Flexifi or do I approach the store and then contact flexifi with the total amount?

Apply online yourself, once you are approved you can spend it in any shop that deals with flexi-fi, you just give your phone number & they can access your account. You can even spend in multiple retailers if you want.

ozbhan · 07-03-2021 9:42pm

I like your comment. It sounds promising for someone who can afford to repay but can’t get finance from Irish banks. I would love some advise if you would be willing to chat to me.
Thanks
Siobhan

skinny90 · 01-06-2022 1:05am

Bumping this up as I’ve seen it on a few Irish sites. Thinking of upgrading my camera where this may be a nice way to do it

Flexifi - anyone used them?

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