Program Features

Rent Reporting

PayRent provides renters with an opportunity to build credit by reporting positive rent payment history to all three credit reporting bureaus (Experian, Equifax, Transunion). To qualify for this special opportunity, you must make on-time payments through our platform a specified amount of times in order to “unlock” the RentCred benefits. Please see below for the requirements needed to qualify for this program’s benefits: 

3 on-time rent payments (Silver status):

  • Reporting to 1 credit bureau (equifax)

6 on-time rent payments (Gold status):

  • Reporting to all 3 credit bureaus

  • RentCred Loans - Borrow up to $500 toward a rent payment.

9 on-time rent payments (Platinum status):

  • Reporting to all 3 credit bureaus

  • RentCred Loans - Borrow up to $500 toward a rent payment.

  • Late Fee Forgiveness (1 forgiveness credit per 9 on-time payments)

How does it work?

To opt-in to rent reporting, the renter can add their birthdate and social security number on the RentCred screen. This will enable reporting rent payments automatically when they are made. There is nothing else the renter needs to do to start reporting.

Rent Reporting FAQs
  • Why do I have to provide my birthdate and SSN?
    In order to accurately add your rent payments to your credit record, we must have your birthdate and SSN. This information is tokenized and stored in a hacker-proof electronic vault that protects your identity. No one at PayRent can see or has access to this personal data.

  • What is considered an on-time payment?
    For credit reporting purposes rent is considered paid on-time if paid within 5 days of the payment due date unless your landlord has specified an alternate late payment cutoff.

  • When is my payment reported to the credit bureaus?
    Payments are reported to the bureaus on the last calendar day of each month.

  • When does the payment appear on my credit report?
    Payments appear 48-72 hours after submission.

  • Can I dispute a reported late payment?
    Yes. All disputes can be handled by filing a dispute with the credit agency. We are obligated by law to respond to the dispute with payment details which either support or contradict the reported information. All disputes are settled between PayRent and the credit reporting bureau. You do not need to contact us directly. Erroneous payment data must be removed from your credit report within 1 week of settlement.

  • What happens if I skip making a payment through PayRent?
    Because we are obligated to accurately report rent payments, we can only report payments made through our platform. If a payment is made through some other means it will not be reported to the bureaus. This will have neither a negative or positive effect on your credit score.

  • Do payments made through check or cash count as an on-time payment?
    Payments made outside of the PayRent app do not count towards on-time payments because we cannot verify the payment was made at the date and time provided.

  • Can I stop rent reporting at any time?
    Once opted in to reporting you must contact us to be removed. It's not possible to start and stop reporting intermittently.

  • Can I keep reporting my rent payments if I move and my new landlord does not use PayRent?
    You can let your landlord know that you would like to use PayRent to maintain rent reporting and request that they sign up. We even pay you a referral fee when they do. Contact us for an email template that will make it easy for you to recommend us.

RentCred Loans

As part of your RentCred benefits, you can borrow emergency cash for rent should the need arise. Qualifying renters can borrow up to $500  no interest. Renters will incur a one-time transaction fee of $20 at the time of acceptance.

How does it work?

Once you’ve qualified as a RentCred Gold renter (6 on-time payments), you will have access to a new payment method on the payment panel. Choosing this payment method will take you through a checkout process where you will set up your installment payment plan and accept the terms of the loan. You will need to pay any amount in excess of your loan amount at the time of checkout with subsequent payments scheduled for every two weeks for a total of 6 weeks.

RentCred Loans FAQs
  • Is it really interest free?
    Yes. PayRent charges a one-time transaction fee of $20 up front. There are no interest payments on the outstanding loan balance.

  • Who am I borrowing the money from?
    PayRent has partnered with a third-party lending platform to finance the loans.

  • What are the terms and conditions for the RentCred Loan?
    The customer agreement and installment contract can be found here.

  • Who gets the proceeds from the loans?
    Proceeds from the RentCred loan are paid directly to your landlord through PayRent.

  • How many times can I get a RentCred Loan?
    You are allowed to have 1 RentCred Loan outstanding at a time. Since the payback period is six weeks, you could get a new loan every 6 weeks. There is no lifetime limit on RentCred Loans.

  • When does my landlord receive the money?
    Your landlord will receive a notice when you complete the transaction and funds will be transferred to them the following day.

  • Can I use a RentCred loan for a scheduled future payment?
    Not at this time.

  • Can I cancel a loan?
    Once you have accepted the loan it cannot be canceled.

  • Can I pay off a loan early?
    Yes, please review the terms and conditions outlined in your loan agreement. 

Late Rent Forgiveness

As a RentCred Platinum renter, you earn one Late Rent Forgiveness credit for every 9 on-time payments. These credits are applied automatically to offset any late fees imposed by your landlord should you incur them.

How does it work?

Every on-time payment gets you closer to qualifying as a RentCred Platinum renter. After completing 9 on-time payments, you will automatically be granted one Late Rent Forgiveness credit. Every subsequent 9 on-time payments will earn you an additional credit. Once you have one or more credits, we will work with your landlord to waive a late fee should you incur one which will then use up one of your credits. You can view your credits from the RentCred screen in the PayRent app.

Late Rent Forgiveness FAQs
  • Do these credits expire?
    Late Rent Forgiveness credits expire at the end of your lease.

  • Can I use more than one credit in a rent cycle?
    Only one late fee credit can be used per rent cycle.

  • Does my landlord know about my late fee forgiveness?
    Yes, your landlord will be notified if a late fee is waived. It is part of the terms of use to accept the waiver.