Frequently Asked Questions

Have more questions? Your answers are here.

How does RentPady work?

RentPady works like a personal rent manager on your smartphone, helping you to plan your upcoming rent by making weekly or monthly recurrent payments to qualify for Rent Subsidy to pay your rent on due date.

Yes. All payments are held and managed by CBN Licensed Banks.

We offer virtual accounts to users. Any user can generate their Virtual Accounts so long they provide their BVN and other bank information.

Our payments are held and managed by regulated Third-Parties and SEC Licensed Managers.

There are two ways to fund your RentPlan(s). This can be done by setting up recurrent payment on your Card, and by making transfers to your virtual account on RentPady. Every user can generate their virtual account.

Users can terminate their rent plan at any time, but not earlier than first three months after creation. Termination of plan is only enabled during the payout window of 25th to 5th of every month. When a plan is terminated, current value of payments and a 0.5% monthly return is payable on the plan.

When you fail to fund your rent plan, you earn RentPady strike. This is a 5% surcharge on unpaid instalment over a period of one month. All strikes are lodged on your wallet to clear at your earliest convenience. Strikes can only be applied twice to your plan.

If after the second strike, plan remains unfunded, the rent plan will be downgraded, and users loses rent subsidy.

Please read our terms and conditions on downgraded plans here  

If the plan changes on maturity date, RentPady offer users cash cover to meet your rent payment. However, cash cover must not exceed 30% of current value of plan and must be supported by two paddies with active rent plan.

Sure, you can. Your rent plan matures 24 hours to due date. You can transfer the funds directly to bank account of your landlord without first sending to your bank account.

RentPady is loaded with rewards, commissions and cash backs.

You earn instant N1000 when your refer creates a plan on the app You can be a rentpady influencer and earn influencer commission each time your refer funds their plan.
You get cash back each time you buy and pay bills using RentPady bill module

With RentPady App, Users can buy airtime and pay bills like Cable subscription, Electricity bill, and others on the App.

This is a loyalty plan designed to gift users convertible loyalty points for using other services on the App like airtime purchase and bills payments.

Both Premium and Standard earns 25% subsidy. However, actual value is higher for premium because all payments are made at the beginning of the plan, while standard makes weekly or monthly payments through out the rent circle. The actual value is a function of the time the funds are held by RentPady.

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