Fintech groups are seeking to capitalise on the growing number of Americans who struggle to pay for housing, offering “rent now, pay later” loans as the cost of living pushes up demand for short-term financing.
Affirm, a Nasdaq-listed company that is one of America’s biggest “buy now, pay later” lenders, recently partnered with fintech Esusu to pilot so-called rent-split loans. Three other companies that specialise in these housing loans told the FT that their customer bases were rapidly expanding.
Rent-split lenders cover a tenant’s monthly payment to their landlord and receive the money back in instalments spread over the course of the month, in effect splitting up the borrower’s rent bill into smaller sums.
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