Let’s face it, rent fees can be challenging at times. Every month we are faced with bills, miscellaneous expenses and unexpected costs. Also, with the increase in the cost of living, managing rent payments can be tough, but you are not alone. This is where rent financing comes in as a helping hand, it offers you flexible options to sort your rent without breaking the bank. Here are a few things to know about rent financing, 

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What Is Rent Financing? 

In simple terms, rent financing allows you to break up your rent payments into smaller, more manageable payments. Instead of paying a large sum, you can spread your payments over a period of time. 

It is perfect for those who are just starting out and need more breathing room to handle all their bills. Also, this doesn’t exempt those who need extra help in prioritizing their rent bill among the long list of bills they have to tackle every month. It is like an unlocked chest with benefits that will sustain your finances 

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How Does Rent Financing works? 

You just need to follow three simple steps to get started with rent financing. 

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Application

Firstly, you apply for a rent financing plan with a provider. You will be able to book a call with their experts. All the necessary information and documents you need to be eligible for the service will be made known to you. Learn how to calculate your rental loan here

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Approval 

Then your application will be reviewed. If approved, the rent financing company pays your landlord the required amount. 

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Repayment 

Finally, you begin to pay the rent financing company back based on your agreement during the application process over your set period of time. You can set the repayment time based on your income or financial strength. 

Let’s look how rent financing can really soothe your worries, 

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Benefits of Rent Financing 

Rent financing is a game changer and here is why we think so, 

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Flexibility

The annual rent payment system we embrace in Nigeria can make paying one big chunk of money very stressful. However, with rent financing these payments become less overwhelming as you can spread the money across months. 

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Budget Management

A number of people draw up a running budget to sort their bills. It is always a headache when an unplanned expense shows up, it means a compromise has to be made. Rent financing helps you manage your money better, and make smart decisions when settling your bills. 

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Better Housing option. 

When house hunting, one of the barriers that people face is the cost of the total package, which is an aggregate of the rent fee annually, agency fees and commission fees as well as other tenancy fees. As a result, this huge sum discourages people from going for the house they truly want. You can secure a place that feels like home to you without worrying about the big pile of cash upfront.

 

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Affordable Interest Charges. 

Rent financing may have interest charges for the service but they are comparably lower than to the cost of payday loans or the penalties for late payments. 

It is a small price to pay for the peace of mind it affords you. It is worth it!

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Credit building

As a bonus, Paying your rent on time could help build your credit score. This necessity turns into an opportunity that will improve your financial health in the long term. A credit score impacts how likely you will be approved for a loan, mortgage, or any type of credit. 

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Join the conversation 

If rent fees have been a source of stress for you, maybe it’s time to consider how rent financing can work for you. Ule Homes is the perfect solution for you. Visit ulehomes.com to get started. Sign up for new updates in our newsletters here