Your credit line amount will not impact the rent payments we make on your behalf, and as long as your initial payment is successful, your rent bill will be paid in full directly to your property regardless of what your credit line amount is.
Your credit line amount will impact your payment schedule because it dictates the maximum you can finance or defer to your 2nd payment each month with your Flex line of credit. However, there is a limitation to keep in mind: your 2nd payment amount cannot exceed half of your total rent amount.
In cases where your credit line exceeds 50% of your rent amount, a credit limit equal to 50% of your rent will be established. You can learn more about credit line utilization here.
Here are a few examples that illustrate how a credit line amount could impact a payment schedule:
|Rent Amount||Credit Line Amount||Possible Payment Schedule|
1st payment: $600
2nd payment: $400
1st payment: $1400
2nd payment: $600
1st payment: $500
2nd payment: $500 (up to credit limit)
You can adjust how much of your credit line you want to use for the month up to half of your rent amount directly in the Flex app (Settings > Payment schedule). We recommend exploring that feature to maximize the benefits of your credit line! Please note that the credit line allocation you select will become the new default every month unless you manually update it again.
You can view your payment amounts and schedule in the Flex app at any time by navigating to the Payment schedule screen.