Credit Line: The Credit Line represents a predetermined amount of credit that a customer has been approved for.
Credit Limit: The Credit Limit refers to the maximum amount of credit from the approved Credit Line that a customer can use at any given time.
Credit Utilization: Credit Utilization refers to an amount of the customer’s credit line that they choose to utilize in a given month, up to their credit limit.
How it Works:
The Flex app offers you the flexibility to choose the portion of your credit limit that you want to utilize for your rent payments. Whether you prefer to use up to the full available credit limit or a lesser amount, the choice is yours.
With this feature, you have the freedom to decide if you want to pay more or less of your rent upfront. However, there is a limitation to keep in mind: your 2nd payment amount cannot exceed your credit limit or half of your total rent amount.
This condition only comes into effect if your approved credit line currently exceeds 50% of your total rent. In such cases, we will automatically split your rent into two equal payments. And if your rent amount increases, you will be able to utilize even more of your credit line.
Let’s break down some examples:
|$600 (half of rent amount)
|$1200 (half of rent amount)
|$500 (up to credit limit)
To review your personalized payment schedule and make changes to your 2nd payment amount, please visit the Flex app by clicking here.