Firstly, the word “RentPady” might sound strange to you, notably dubbed the one-stop shop for rent payment. RentPady launched on the 1st of April, 2023, and was a joyous celebration for us all. Before taking you down the lane of all you should know about RentPady, may I remind you that you are privileged to have one of the basic human needs on earth, shelter.
You need not be told what people go through to rent or buy a house. They can call their own. Some people go as far as taking up consumer loans with high-interest rates, so they can rent a place and enjoy the benefits that follow it, which include security, personal safety, and protection against toxic weather.
When there is an income gap due to the loss of a job, low-income skills, the loss of a loved one, Etc, it becomes a struggle to continue rent payments. That is often considered a large financial burden for most individuals and families. It brings me back to RentPady and why it was introduced to the market.
What is RentPady?
RentPady is an innovative solution that will help you solve all your rent problems. It will act as your rent planner, spread weekly or monthly rent for your rent circle, and make the full money available on the due date to pay your Landlord.
We are an inclusive rent economy that works for everyone. We provide an opportunity to plan your upcoming rent. The Landlord, Tenant, and RentPady can redefine rent payment end to end. We help you set aside your rent money.
By combining our expertise, and our Trustees’ credibility with our proprietary technology, we can provide solutions that help you achieve your goal. We came into the market to help tenants tackle some problems, such as:
- Annual recurrent rent payment: According to the Association of Housing Corporation of Nigeria (AHCN), over 90 percent of landlords are pressured to ask for bi-annual rent on the first payment due to the loans they have acquired from Mortgage bank or personal savings that should have been used to fund other ongoing real estate projects.
2. On the other hand, this pressure leaves tenants in a contest to be financially secure to at least pay for a roof over their heads. Why go on a financial treadmill journey to secure an apartment when you can join an all-inclusive financial platform like RentPady to relieve this burden off you?
3. Low returns backed with consumer loans for rent renewals: Due to the current inflation rate of about 21.82% in Nigeria. Tenants who cannot afford to buy their own house because of a spike in goods and services are left with no choice than paying through their nose by acquiring a consumer loan or selling off their properties to rent a place to stay.
And to say the least, they are often frustrated to keep their savings in the bank because it will yield a low return of between 0.25% to 3.00%, and they cannot afford to get an average Nigerian a decent apartment. These pertinent problems and many more brought about the introduction of RentPady into the Fintech and PropTech ever-growing market.
How RentPady works
Take the first step
Our web and mobile application gifts you up to a 25% subsidy to reduce the amount you will pay when you complete your plan. So, you can even spend less on your rent. To get started, you must create your free account with your name, email, and mobile number.
Kickstart your plan
Select the plan that fits your cash flow pattern: a standard plan that allows you to plan weekly or monthly and a premium plan that will enable you to pay 75% of your rent upfront and enjoy a 25% subsidy. Proceed to fund the plan.
Fund your wallet
Once your plan is created, the App automatically makes a payment schedule for the duration of the Rent Plan; you will see the date of payments, fund your wallet, and we set the ball rolling.
Default payment is set to your Wallet, so you must fund your Virtual Account before the next payment. You can set up a standing order on your bank account to fund your RentPady account or set up recurring debit on your card. We push your instructions to ensure you don’t forget to decide to keep the roof over your head.
Rent payment has always been challenging. But the introduction of RentPady will help you plan towards your next rent and inform your decisions on how you plan, save, spend, and invest your finances.
Take the first move to live a debt-free life by getting started on RentPady today.
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