What:
NYC-based provider of an alternative to cash deposits Jetty announced its newest product – Jetty Rent – “a flexible rent payment solution.”
Why:
Helps residents with irregular pay cycles spread out their monthly rent obligations and avoid penalties for late payments. It also gives leasing teams guaranteed on-time payments, and eliminates the hassle of tracking down late rent.
How:
- Jetty pays rent on the first of the month on behalf of residents. Residents will then have until the 24th of the month to repay Jetty.
- They don’t pay interest charges or late fees, but rather a monthly subscription fee ranging from $15 to $25, depending on the renter’s risk profile.
- If the renter fails to pay back the money during the agreed-upon time, they will not be able to borrow more for the following month.