Spleet launches Rent Now, Pay Later to provide low-interest, collateral-free loans for rent payment

Renting an apartment in Nigeria is an extreme sport. Asides from the stress of looking for a suitable house, there is also the financial burden of exorbitant rent fees which are often required to be paid one or two years upfront. This is why we built Spleet, to help you find a home and pay with flexible schedules monthly, quarterly or annually. And to make that process even easier, we are excited to launch Rent Now, Pay Later, a rent financing product that offers you access to low-interest, collateral-free loans for up to 5 million Naira to pay for your home on Spleet.

Landlords and developers in Nigeria’s real estate market are plagued with challenges, including inflation and rising construction costs. This has led to an increase in the price of accommodation in major cities across the country. Research shows that Nigerians spend as much as 40% of their income on house rent alone.

Rent Now Pay Later was created to give current and prospective Spleet members access to credit facilities in order to make total upfront payments for their Spleet homes on a flexible repayment schedule. Spleet members can access up to 5 million Naira with as long as 12 months in the repayment schedule.

At Spleet, we believe that people should be able to rent a suitable home without nearly going bankrupt, and all our efforts tie into making that a reality.

Rent Now Pay Later is open to all current and prospective Spleet members. Click here or visit spleet.africa/rnpl to get started.

• How does Rent Now, Pay Later work for new Spleet members?

1. Create a Spleet account here.
2. Visit the Spleet Marketplace to explore our carefully curated apartment options.
3. When you find an apartment you like, click on Pay with RNPL under the payment options.
4. Fill in the necessary details, including your bank statement and employment history, to help the team ascertain your eligibility. This takes between 24-72 hours.
5. When your loan request is approved, your apartment will be paid for and you will be ready to move into your Spleet home.
   

Frequently Asked Questions:

• Who is Rent Now, Pay Later for?

Rent Now, Pay Later is for young to middle-aged salary earners looking for a flexible and convenient way to pay for an apartment through Spleet.

• What is the interest rate on RNPL?

We charge 4% per month on the approved amount on a reducing balance basis.

• Can I apply again if my loan request is denied?

Yes, you can apply again as long as you meet the acceptance criteria.

• How soon can I start using Rent Now, Pay Later?

Rent Now, Pay Later is available now.

• Can I apply on behalf of someone else?

No.

• What is the loan recovery process?

Loan applicants consent to monthly direct debits from their linked bank account.

• What does equity contribution mean?

Equity contribution is 16.67% of the rent the applicant is required to contribute to meet the eligibility criteria.

• Is there a grace period if I miss my repayment deadline?

There is a two months grace period (Interest will still accrue daily for every day repayment is missed).

• What happens when I am not able to repay my loan?

In the event that you can still not repay the loan after the grace period is over, Spleet will begin an eviction process.

Visit spleet.africa now to start using Rent Now, Pay Later.