Some renters will soon be able to pay their rent using a buy now, pay later plan through financial technology company Affirm, which offers installment-based payment plans for consumers at a wide variety of retailers.
Affirm will partner with fintech company Esusu to provide renters with “a flexible option for managing one of their largest monthly expenses,” an Affirm spokesperson said in a statement provided to CNBC Make It. Esusu offers memberships starting at $10 a month for services to help users build credit, including reporting rent payments to credit agencies.
Eligible renters will be able to use Affirm through Esusu to pay their rent in two equal, biweekly payments with 0% interest and no late fees, the spokesperson said. The offering is rolling out through a pilot program, and the companies have not yet announced a launch date.
Esusu’s recently launched split pay option already allows its plus and premium membership subscribers to break up rent payments throughout the month after an initial down payment, according to its website. The partnership with Affirm will give Esusu members another option to split their rent into two payments. Plus and premium memberships, which cost $35 and $50 a month, respectively, are only available to residents at Esusu-partnered properties, according to its website.
