Here is a fun fact you probably weren’t aware of: it is generally understood and recommended that only 30% of one’s gross income should go towards house rent. This rule of thumb makes sense because it allows you, an income earner, to allocate your income towards other expenses apart from accommodation. But the truth is that this is far from the case in Nigeria. Renting is still an incredibly expensive and income-consuming exercise for many Nigerians.
According to research conducted by the Pison Housing Company, 80% per cent of the Nigerian population live in rented spaces. And of that percentage, many spend 50% of their income on house rent, thus chafing away at money that could have gone into other expenses and by extension, cutting down their living standards in significant measures.
A Nairametrics report on the staggering rise in the cost of living and how it affects rent prices discloses that food prices have greatly reduced the buying power of many Nigerians, further thrusting many down the poverty line in the process. “Following the increase in accommodation costs, Nigerians who can afford to work remotely are now being creative by living in remote areas at cheaper costs while working in the comfort of their homes. Most young Nigerians now seek remote jobs from foreign companies in a bid to increase their income.”
The growing economic divide demands inventive and creative solutions and opting for a rental loan can greatly mitigate the stress of renting. One of such solution is Rent Now, Pay Later by Spleet. RNPL is a flexible, low-interest loan service with an extensive repayment timeline designed to make rent loans accessible to prospective and current renters. Rent Now, Pay Later offers loan funds of up to 5 million Naira, spread through 12 months with a mouth-watering reducing balance offer.
If you are still unsure whether Spleet RNPL is the best rental loan service you need, look no further. Here are five reasons why Spleet Rent Now, Pay Later is an excellent solution to paying for house rent, without going into bankruptcy.
- Reducing Interest Rate
When you use Rent Now, Pay Later from Spleet you are assured of a low and reducing interest rate. What this means is that the interest you are expected to pay on your loan reduces based on your payment history. One of the major dissuading factors for many renters looking to take a rental loan is the high-interest rate, with very little wiggle room. However, Spleet deeply understands the challenges this can pose to renters and has made it possible for your interest rates to reduce as your loan gets paid off.
- Extensive Payment Plan
When you choose Spleet’s Rent Now, Pay Later feature to take a rent loan, you are provided with the option to spread your payment for up to 12 months! This payment plan exceeds the average industry standard of 6 months that is typically on offer. This extensive payment plan makes it easy to clear up your rent loan without immense pressure while being able to invest in and pay close attention to other parts of your life that also require funding.
- Frees Up Your Spending
With a staggering economic downturn marked by at least a 174.6% rise in the average cost of fuel price, the cost of living, from food to school fees and other daily expenses has also seen an unprecedented hike. Spending the bulk of your income on rent can greatly reduce your standard of living. Shifting your rent expenses into other parts of your life can greatly help you survive the increasingly harsh reality.
- Immediate Access
Rent Now, Pay Later prioritises easy and quick service as we understand how crucial and timely rent payment can be. With a slim timeline (less than 72 hours) between an application submission, application processing, and eventual loan approval, taking a loan to pay rent has become easier, thus cutting out the bureaucracy and drawn-out steps required by traditional loan companies. Spleet understands the importance of securing comfortable living and has developed nimble but highly effective software for background checks and approval.
- Customizable Loan Package
Unlike most loan companies, Spleet focuses specifically on solving and mitigating the housing crisis in the country by making it easy for Nigerians to obtain rental loans and pay them back at a convenient pace. Bringing you closer to the home of your dreams with dedicated loans that can be tweaked to suit your immediate needs is another important feature of Spleet’s Rent Now, Pay Later feature. This means that, depending on your housing needs, we can always arrive at a suitable, fitting arrangement. Let Spleet help you secure your dream home today.
Need money to pay your rent? Get access to up to 5 million naira in low-interest, collateral-free loans! Click here to get started. 🏡 💚