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Startups Seeks Ways to Lend Rent Money to Millennials

Just take out a loan to pay your rent. What could go wrong....
Gregor
  05/13/19
JD Vance bobbing head in approval
computer warlord
  05/13/19
Lmao
...:........;;.........,;:..........:.;....:::....
  05/13/19
tbf having no payment for 3 months and then spreading 12 pay...
slimp
  05/13/19
Shalom
Wilbat Mercer
  05/13/19
...
....,;:.,.,;,...,.,.,,.,.,..,,,.,.,;:...,;:;:...:;
  05/13/19
i guess, man. first, last, and security deposit was an absol...
slimp
  05/13/19
don't forget the one month broker's fee!
A shrew signs into a Zoom Brunch
  05/15/19
...
dupa
  05/13/19
...
computer warlord
  05/13/19
...
Novaxx Ben Djocovid
  05/13/19
...
Metal Up Your Ass
  05/13/19
...
""""
  05/13/19
...
Huey Lewis and the Jews
  05/13/19
...
Industrial Society and Its Future
  05/13/19
...
therealerikestavillo
  05/13/19
...
north atlantid
  05/15/19
...
.........,,.,.,.,.,,,,,,.,.,.,.,.,.
  12/05/19
...
.........,,.,.,.,.,,,,,,.,.,.,.,.,.
  02/09/20
...
north atlantid
  02/09/20
...
DrakeMallard
  02/09/20
Tony (((Diamond))) - founder
.,,.;..,,...,,...,,.;..,,...,,...
  05/13/19
Seeking arrangements
KamalaSexyFineCleverChocolate
  05/13/19
interest rates under 20%? They are basically giving money aw...
dupa
  05/13/19
I know! Free $$$$$$$$$$$$$
Pernell Whitaker
  05/13/19
how the fuck is a money lending business a "startup&quo...
.,,,.,,.,.,:,..::,,...,:,...,:,.,..:.,:.::,.
  05/13/19
When a new Jew does it, it's a startup.
.,,.;..,,...,,...,,.;..,,...,,...
  05/13/19
...
Buck "The Club" Paulette
  05/13/19
...
Industrial Society and Its Future
  05/13/19
...
north atlantid
  05/15/19
...
1920
  02/09/20
Probably a new business entity
Wilbat Mercer
  05/13/19
(JJC adding his dry cleaning "startup" to rinkedin...
.,,,.,,.,.,:,..::,,...,:,...,:,.,..:.,:.::,.
  05/13/19
...
Wilbat Mercer
  05/13/19
...
north atlantid
  05/15/19
funny thing is these urban goy millennials think theyre soph...
Novaxx Ben Djocovid
  05/13/19
Most of them are from ohio or iowa or vernmont. Thats where ...
Larry Wheels
  05/13/19
Who would have guessed that the huge population of transplan...
Deemed Not Qualified
  05/13/19
...
Larry Wheels
  05/13/19
Cr the shtetl was the heart of western urbaneness
...:........;;.........,;:..........:.;....:::....
  05/13/19
...
and when i started to squeeze the bar brother
  05/13/19
irl burst out laughing that an ugly, mentally retarded law j...
north atlantid
  05/15/19
Lol
\"\"\"\"\'\'\'\"\"\'
  05/13/19
lol they're fucked
,.,.,.,.,.,...,.,.,.,..,.,.,.,.,.,,,,,,
  05/13/19
It’s a brand new app: I lend money to people and they ...
therealerikestavillo
  05/13/19
I hope you've already patented this b/c I am going to steal ...
animeboi
  05/13/19
just what we asked for, competitive rates similar to credit ...
;;,;,;.,;,,;.,;
  05/13/19
More moneylending? Fucking awesome.
Selling England by the Pound
  05/13/19
no better way to pay down debt than with more credit
Porter Stansberry
  05/15/19
...
the gorgon
  02/09/20


Poast new message in this thread



Reply Favorite

Date: May 13th, 2019 8:24 AM
Author: Gregor

Just take out a loan to pay your rent. What could go wrong.

As More Millennials Rent, More Startups Want to Lend to Them

New lenders are entering what was once the realm of payday lending, pitching loans for renters, as cities grow increasingly unaffordable

By Will Parker

May 13, 2019 5:30 a.m. ET

Jennifer Burnes says the paychecks from her work as a model and designer in Hollywood arrive sporadically, posing a challenge to paying monthly rent. “You know the check’s on the way, you just don’t know when, exactly,” the 22-year-old said.

That is why she’s turning to StayTony. It is among a handful of startups—like Domuso, Till and Uplift—offering loans to renters recently out of college, professionals moving to a new city, and others who want to build credit or could use assistance making rent payments.

These companies are stepping into a market long associated with payday lenders. Unlike cash-advance loans, which come with annual interest rates as high as 700% in some states, the rent-lending startups make loans available at a much lower cost. Some are competitive with credit card borrowing rates at less than 20%.

That is a big help for those who rely on irregular paychecks or can’t come up with large move-in deposits.

The pitfall to this type of credit is that loans might encourage some young renters to live beyond their means. Large cities often have high costs of living that can push them deeper into long-term debt and strain their credit scores.

A view of Los Angeles this month. Median rent nationally hit an all-time high of $1,006 a month in the first quarter of 2019, according to Census Bureau data. PHOTO: MORGAN LIEBERMAN FOR THE WALL STREET JOURNAL

Rising housing costs and a several-decade trend of stagnating real wages are making it harder for many tenants to make their rent payments. Median rent nationally hit an all-time high of $1,006 a month in the first quarter of 2019, according to Census Bureau data.

Some renters are now looking to credit as an answer. Outstanding consumer credit, which doesn’t include mortgage loans, exceeded $4 trillion for the first time last year, according to data from the Federal Reserve.

A 2017 survey of more than 100,000 renters by the National Multifamily Housing Council, a landlord group, showed 3% of those surveyed paid rent with credit cards. As many as 16% said they would put the rent on plastic, if their landlords would accept it.

“As rents have gone up, we get more and more emails and phone calls where people would ask us if they could pay their rent over time,” said Tony Diamond, founder of StayTony, which manages upscale apartments in the Los Angeles and Atlanta areas.

The company recently began allowing tenants to finance up to three months of rent over a 12-month period, joining with the loan vendor Uplift, which made a name for itself financing family vacations.

RELATED

Affordable Housing Crisis Spreads Throughout World (April 2)

StayTony hopes its renter loans will appeal in particular to recent college graduates. It offers, through Uplift, loans up to $16,000 that carry no interest for the first six months and an annual interest rate of 15% to 17% on average after that.

Other companies offering rental loans see their products as a backup for tenants in more precarious circumstances. Till, which advertises its loans as four times cheaper than payday shops, pitches rental financing to renters and landlords as a tool to avoid evictions.

Data on how often renters default on their loans is hard to come by, and most of the rental lending companies won’t share that information. Some lenders suggest one measure could be the “serious” borrower delinquency rate on unsecured personal loans, which is defined as borrowers who are more than 60 days behind on payments. It stood at 3.6% in the fourth quarter of 2018, according to the credit agency TransUnion .

At least one startup in the rental loan business has already tightened credit standards. Domuso, a West Coast digital-payment company focused on the multifamily apartment business, this year said it would no longer offer loans to renters with subprime credit.

Domuso co-founder Michael Lightfoot said the decision reflected loan risk and the connotations around subprime lending.

But as long as rents keep climbing, some young people may elect to borrow to live in choice locations.

Alexander Kaplan, a tech entrepreneur, moved back to New York after years of living abroad. He had paid roughly $500 a month to live in what he called “the Soho” of Belgrade, Serbia.

“Coming back here I was quite shocked,” said Mr. Kaplan, who rents a studio apartment on Manhattan’s Upper West Side for $2,800 a month. He borrowed $10,000 last year from a company called Rentlender, which is now restructuring.

Write to Will Parker at Willoughby.Parker@wsj.com

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227326)



Reply Favorite

Date: May 13th, 2019 8:25 AM
Author: computer warlord ()

JD Vance bobbing head in approval

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227328)



Reply Favorite

Date: May 13th, 2019 8:27 AM
Author: ...:........;;.........,;:..........:.;....:::....


Lmao

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227331)



Reply Favorite

Date: May 13th, 2019 8:28 AM
Author: slimp

tbf having no payment for 3 months and then spreading 12 payments over the next 9 months makes a lot of sense for employed recent grads.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227333)



Reply Favorite

Date: May 13th, 2019 8:42 AM
Author: Wilbat Mercer (Crypto Musk Ox)

Shalom

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227349)



Reply Favorite

Date: May 13th, 2019 8:43 AM
Author: ....,;:.,.,;,...,.,.,,.,.,..,,,.,.,;:...,;:;:...:; (jcm)




(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227354)



Reply Favorite

Date: May 13th, 2019 8:47 AM
Author: slimp

i guess, man. first, last, and security deposit was an absolute bitch for me at the time.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227359)



Reply Favorite

Date: May 15th, 2019 11:24 AM
Author: A shrew signs into a Zoom Brunch

don't forget the one month broker's fee!

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238044)



Reply Favorite

Date: May 13th, 2019 8:48 AM
Author: dupa



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227362)



Reply Favorite

Date: May 13th, 2019 8:48 AM
Author: computer warlord ()



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227364)



Reply Favorite

Date: May 13th, 2019 9:34 AM
Author: Novaxx Ben Djocovid (✡️)



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227475)



Reply Favorite

Date: May 13th, 2019 9:41 PM
Author: Metal Up Your Ass



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38231060)



Reply Favorite

Date: May 13th, 2019 10:45 AM
Author: """"



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227707)



Reply Favorite

Date: May 13th, 2019 3:07 PM
Author: Huey Lewis and the Jews



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229082)



Reply Favorite

Date: May 13th, 2019 3:10 PM
Author: Industrial Society and Its Future



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229115)



Reply Favorite

Date: May 13th, 2019 3:11 PM
Author: therealerikestavillo



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229124)



Reply Favorite

Date: May 15th, 2019 11:25 AM
Author: north atlantid



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238048)



Reply Favorite

Date: December 5th, 2019 12:52 AM
Author: .........,,.,.,.,.,,,,,,.,.,.,.,.,.




(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39217384)



Reply Favorite

Date: February 9th, 2020 10:44 PM
Author: .........,,.,.,.,.,,,,,,.,.,.,.,.,.




(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39569095)



Reply Favorite

Date: February 9th, 2020 10:47 PM
Author: north atlantid



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39569107)



Reply Favorite

Date: February 9th, 2020 10:54 PM
Author: DrakeMallard (🦆)



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39569149)



Reply Favorite

Date: May 13th, 2019 8:42 AM
Author: .,,.;..,,...,,...,,.;..,,...,,...


Tony (((Diamond))) - founder

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227350)



Reply Favorite

Date: May 13th, 2019 8:43 AM
Author: KamalaSexyFineCleverChocolate


Seeking arrangements

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227351)



Reply Favorite

Date: May 13th, 2019 8:49 AM
Author: dupa

interest rates under 20%? They are basically giving money away!

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227366)



Reply Favorite

Date: May 13th, 2019 9:55 AM
Author: Pernell Whitaker

I know! Free $$$$$$$$$$$$$

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227510)



Reply Favorite

Date: May 13th, 2019 9:21 AM
Author: .,,,.,,.,.,:,..::,,...,:,...,:,.,..:.,:.::,.


how the fuck is a money lending business a "startup"?

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227432)



Reply Favorite

Date: May 13th, 2019 9:26 AM
Author: .,,.;..,,...,,...,,.;..,,...,,...


When a new Jew does it, it's a startup.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227448)



Reply Favorite

Date: May 13th, 2019 9:48 AM
Author: Buck "The Club" Paulette



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227502)



Reply Favorite

Date: May 13th, 2019 3:10 PM
Author: Industrial Society and Its Future



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229122)



Reply Favorite

Date: May 15th, 2019 11:25 AM
Author: north atlantid



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238049)



Reply Favorite

Date: February 9th, 2020 10:57 PM
Author: 1920



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39569169)



Reply Favorite

Date: May 13th, 2019 9:27 AM
Author: Wilbat Mercer (Crypto Musk Ox)

Probably a new business entity

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227454)



Reply Favorite

Date: May 13th, 2019 9:50 AM
Author: .,,,.,,.,.,:,..::,,...,:,...,:,.,..:.,:.::,.


(JJC adding his dry cleaning "startup" to rinkedin)

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227505)



Reply Favorite

Date: May 13th, 2019 4:19 PM
Author: Wilbat Mercer (Crypto Musk Ox)



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229483)



Reply Favorite

Date: May 15th, 2019 11:26 AM
Author: north atlantid



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238051)



Reply Favorite

Date: May 13th, 2019 9:34 AM
Author: Novaxx Ben Djocovid (✡️)

funny thing is these urban goy millennials think theyre sophisticated and in elite society. they're one or two generations removed from being factory workers and farmers, and are the social trash that their ancestors were.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227473)



Reply Favorite

Date: May 13th, 2019 9:48 AM
Author: Larry Wheels (🇲🇽 X3)

Most of them are from ohio or iowa or vernmont. Thats where most of the white transplants in LA are from

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227503)



Reply Favorite

Date: May 13th, 2019 4:29 PM
Author: Deemed Not Qualified

Who would have guessed that the huge population of transplants in LA largely consists of Iowans and Vermonters.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229521)



Reply Favorite

Date: May 13th, 2019 7:31 PM
Author: Larry Wheels (🇲🇽 X3)



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38230486)



Reply Favorite

Date: May 13th, 2019 12:04 PM
Author: ...:........;;.........,;:..........:.;....:::....


Cr the shtetl was the heart of western urbaneness

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38228093)



Reply Favorite

Date: May 13th, 2019 9:37 PM
Author: and when i started to squeeze the bar brother (http://youtu.be/sqLsqHctThU)



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38231035)



Reply Favorite

Date: May 15th, 2019 11:28 AM
Author: north atlantid

irl burst out laughing that an ugly, mentally retarded law jew married to an abused rajeet fleshlight is opining on "elite society"

it continues to baffle me how you and your ilk completely lack any sense of self awareness

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238060)



Reply Favorite

Date: May 13th, 2019 10:44 AM
Author: \"\"\"\"\'\'\'\"\"\'

Lol

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227701)



Reply Favorite

Date: May 13th, 2019 10:47 AM
Author: ,.,.,.,.,.,...,.,.,.,..,.,.,.,.,.,,,,,,


lol they're fucked

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38227719)



Reply Favorite

Date: May 13th, 2019 3:12 PM
Author: therealerikestavillo

It’s a brand new app: I lend money to people and they pay me back with interest.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229138)



Reply Favorite

Date: May 13th, 2019 3:15 PM
Author: animeboi

I hope you've already patented this b/c I am going to steal this idea.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38229166)



Reply Favorite

Date: May 13th, 2019 9:39 PM
Author: ;;,;,;.,;,,;.,;

just what we asked for, competitive rates similar to credit cards

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38231052)



Reply Favorite

Date: May 13th, 2019 9:40 PM
Author: Selling England by the Pound

More moneylending? Fucking awesome.

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38231059)



Reply Favorite

Date: May 15th, 2019 11:32 AM
Author: Porter Stansberry (1997)

no better way to pay down debt than with more credit

(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#38238077)



Reply Favorite

Date: February 9th, 2020 10:40 PM
Author: the gorgon



(http://www.autoadmit.com/thread.php?thread_id=4260395&forum_id=2#39569064)