Xspaced, a flexible rental payments platform that makes renting simpler and more accessible, today announces a new feature called FlexRent. FlexRent allows tenants to split their rent payments into smaller payments over the month to align their monthly rent with their income schedule.
“For so long we’ve looked at making a rent payment as just that, a single payment. But with the advancements of fintech, renters of all socioeconomic statuses can align their rent with the cadence of their income,” says Brady Harris, CEO of Dwolla. “We’re proud to associate ourselves with FlexRent and this incredible initiative.”
What makes FlexRent more attractive to American renters compared to existing alternatives is that it doesn’t require tenants to go through additional credit checks, it’s not restricted to specific states or cities, and is available nationwide. FlexRent is also 2x-3x cheaper compared to existing flexible rent payment products, and it doesn’t require a prior approval from the landlord for tenants to enroll.
“Our team is excited to provide this service at a time when rent payments are challenging for millions of Americans,” says Alex Pelin, co-founder at Xspaced. “FlexRent will have a positive impact on renters’ ability to make timely rent payments during the current pandemic, curb the growth of consumer debt and bring renters one step closer to financial wellness.”
Xspaced is adding FlexRent to its existing financial product line that currently includes: installment plans for missed rent and security deposits.