Flexible Rent credit line impact on payments

Rent Payments

Your credit line amount will not impact the rent payments we make on your behalf, and as long as your initial payment is successful, your rent bill will be paid in full directly to your property regardless of what your credit line amount is.

Payment Schedule

Your credit line amount will impact your payment schedule because it dictates the maximum you can finance or pay as your 2nd payment each month with your Flexible Rent line of credit. However, there is a limitation to keep in mind: your 2nd payment amount cannot exceed half of your total rent amount. 

In cases where your credit line exceeds 50% of your rent amount, a credit limit equal to 50% of your rent will be established. You can learn more about credit line utilization by following the link.

Here are a few examples that illustrate how a credit line amount could impact a payment schedule:

	Rent Amount	Flexible Rent Credit Line Amount	Possible Payment Schedule
Example 1	$1000	$400	1st payment: $600 2nd payment: $400
Example 2	$2000	$600	1st payment: $1400 2nd payment: $600
Example 3	$1000	$600	1st payment: $500 2nd payment: $500 (up to credit limit)

You can adjust how much of your credit line you want to use for the month up to half of your rent amount directly in the Flex app (Settings > Payment schedule). We recommend exploring that feature to maximize the benefits of your credit line! Please note that the credit line allocation you select will become the new default every month unless you manually update it again. 

You can view your payment amounts and schedule in the Flex app at any time by navigating to the Payment schedule screen.