As part of RentCred benefits, gold status renters can borrow emergency cash for rent should the need arise. Qualifying renters can borrow up to $500 of rent at no interest. Renters incur a one-time transaction fee of $20 at the time of loan acceptance.
How does it work?
Once a renter has reached RentCred Gold Status, (6 on-time payments), they will have access to a new payment method on the payment panel. Choosing this payment method will take them through a checkout process where they can set up an installment payment plan and accept the terms of the loan. Renters will need to pay anything in excess of their loan at the time of checkout with subsequent payments scheduled for every two weeks for a total of 6 weeks.
RentCred Loans FAQs
Are RentCred loans really interest-free?
Yes. PayRent charges a one-time transaction fee of $20 upfront. There are no interest payments on the outstanding loan balance.
Who finances the loans?
PayRent has partnered with a third-party lending platform to finance the RentCred 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 the renter's landlord through PayRent.
How many times can a renter get a RentCred Loan?
Renters are allowed to have 1 RentCred Loan outstanding at a time. Since the payback period is six weeks, tenants could get a new loan every 6 weeks. There is no lifetime limit on RentCred Loans.
When does the landlord receive the money?
Landlords will receive a notification when their renter has completed a transaction and funds will be transferred to them the following day.
Can renters use a RentCred loan for a scheduled future payment?
No, not at this time.
Can a loan be canceled?
Once a loan has been accepted it cannot be canceled.
Can I pay off a loan early?
Yes. Please refer to the loan's Terms and Conditions to pay off the loan early.