What is Rent Now Pay Later ?
Rent Now Pay Later - Ghana is a no upfront fee integrated rental loan platform. It's secure and convenient platform allows Salaried Workers and Owners of Registered Businesses to pay MONTHLY for their rental homes without having to worry about forking out 2yrs rent advance.
How does Rent Now Pay Later work ?
It's easy to use Rent Now Pay Later (RNPL). You first have to make sure you qualify to use our services before discussing or looking at available rental properties. RNPL works in two ways:
• OPTION 1: You complete a short online signup form on this platform and we match you to available rental properties from our own in-house inventory, after we have approved you on verifying the details and supporting documentation you provided in your online application. No upfront fee with this option.
• OPTION 2:You find your own rental property if we are unable to provide you with any from our in--house inventory, or even choose to search for your own rental property without waiting for ours. Once you have located this property, you will be required to get the Landlord to complete some small paperwork for us (including GRA Rent Tax Forms). Once all the paperwork are done, we will pre-finance the asking rent advance to this landlord and then you pay us monthly. No upfront fees if you are looking for this qualified rental property yourself. However, upfront fee required if you want us to help you find an available rental property.
Do I need to be a full-time employee before I can access this service ?
Yes, you need to be a full-time employee of a Limited Liability Company incorporated in Ghana. You must be SSNIT-registered and possess a TIN before you can use our services. Owners of Business(es) registered in Ghana also qualify.
We require PROOF of regular & sustainable flow of income. Anyone who can provide that proof is a potential Rent Now Pay Later - Ghana customer. Your monthly rent cannot be more than 50% of your net monthly salary.
Does Rent Now Pay Later - Ghana charge any Registration or Signup Fee ?
No, it's free to sign-up on our website, and subsequently be matched with available in-house rental properties. However, an upfront sourcing fee is required if you want us to help you find an available rental property, in instances whereby we are unable to match you with one from our inventory.
Does Rent Now Pay Later - Ghana own Rental Properties ?
Yes, we have a growing property investments portfolio from which we mostly rent out. However, our in-house inventory is currently not enough to meet the huge rental demand that we are currently dealing with so we provide rental sourcing services for serious prospective tenants as well at a small fee.
Irrespective of the source of the rental property, we facilitate monthly rent payments.
Can I find my own rental property and request funding from Rent Now Pay Later ?
Yes, you can come with your own property and Rent Now Pay Later Ghana will provide funding. But take note that this rental loan will be paid directly to the landlord and not to you.
There is a flat 10% interest rate per month if opting for an outside property.
Does Rent Now Pay Later - Ghana charge any Viewing Fees?
No, we do not charge any ‘viewing’ or agency fee if you're renting any of our in-house rental properties. However, you would have to take care of the transportation with you to view subsequent rental properties after offering FREE viewing for the first one. This is to prevent abuse of our systems and platform.
How do I make my monthly rent payments ?
You pay the monthly rent via post-dated cheques that are handed over on the day of move-in.
Alternatively, you can make prepayments through Rent Now Pay Later - Ghana’s website using either your mobile money or bank account.
How does Rent Now Pay Later - Ghana make money ?
Our premium is built into the monthly rents quoted when renting any of our in-house rental property inventory.
However, we charge a flat interest rate of 10% per month when borrowing from us to pay for rent with an external landlord.
Does Rent Now Pay Later - Ghana take any collateral from the tenant ?
No, we do not require any collateral from the tenant. We advance this rental loan to working persons with steady income and guaranteed future income.
Is there a Security Deposit ?
Yes, we would typically require 2-3 months' rent as a security deposit. This deposit will be used to cover your any damages you do to our property (if renting any of our in-house properties). This may also be used to offset any outstanding rents overdue. In the event that none of the forgoing occurs, we will refund the security deposit in full within one month of tenant move-out.
How much does Rent Now Pay Later - Ghana charge for its verification process ?
Rent Now Pay Later - Ghana does not charge any fees to verify your application.
What is Buy Now Pay Later (BNPL) ?
It's exactly as the name suggests. You buy something from our partner stores and businesses from your client area… then you pay us back later.
Buy Now Pay Later is a payment method that allows you to buy products and services from partners companies and/or outfits now and pay later over several months, up to 5yrs.. We pride ourselves in making hire purchases as easy as possible.
If you're an existing tenant of ours, you can buy Home/Kitchen Appliances, Phones, Computers, Office/School Supplies, Food, Groceries, Kitchenware, Hotel Stays, etc at ease and pay flexibly.
Are there requirements to use Buy Now Pay Later on this platform ?
Yes, you obviously need to be an existing tenant of this platform with valid login details.
What do you mean by Existing Tenant Loans ?
If you need cash to take care of some emergencies, you can simply login to your client area of this platform and borrow, instead of going to your bank or some other lender who may disappoint you.
You are automatically approved to borrow because we would verified you, know where you live, where you live and/or what you do.
What are some of the existing tenant loans options do you have ?
On this platform, existing tenants have access to three (3) main loan options: Salary Advance, Personal Loans and Business Funding.
What are the terms of the Salary Advance ?
Once you're a salary earner, you can apply on this platform to access your salary (which we already know about by virtue of our earlier verification processes), and then you repay it when your salary is paid together with your monthly rent payment.
You can borrow up to full outstanding salary (minus rent payment threshold) and repay by the next pay day interest-free.
What are the terms of the Personal Loans ?
You can borrow up to 7X your monthly net salary, with repayment not exceeding your unexpired tenancy term.
No collateral required for this type of loan. Interest rate can range from 2% per month up to 5% per month.
How does one access the business funding ?
You obviously need to be an existing tenant with us possessing valid login credentials.
Just login and apply.