The product allows landlords to access up to $15,000 of property expenses in minutes
MoneyMe Limited (ASX:MME) together with MoneyMe Financial Group Pty Ltd announces the launch of RentReady, a first to market pay later solution to help agents and landlords better manage investment properties.
RentReady, which is available to landlords through real estate agencies, offers the option to cover up to $15,000 of property expenses now and pay later*.
The funds can be used to help landlords and agents make property improvements as well as covering maintenance & general costs, marketing expenses and rent shortfall.
Clayton Howes, CEO and cofounder of MoneyMe said; “Unexpected property expenses are one of the biggest headaches for both landlords and agents. RentReady provides a solution to helping both parties tackle cash-flow and property expenses by allowing them to access much needed funds quickly, safely and efficiently.”
With RentReady, property managers and real estate agents no longer carry the upfront cost for repairs, maintenance or general services as the funding is received in minutes and is automatically dispatched into the business account.
“As a business we aim to provide quick, safe and efficient lending across the property, rental & real estate market. RentReady adds to our ever-growing portfolio of products that aim to solve the failings of traditional lenders by providing technology-enabled payment solutions,” continues Clayton.
RentReady follows the launch of ListReady in May 2019, which provides cash-strapped homeowners with access to funding to assist with the sale with their property. RentReady is another great initiative adding to the ever-growing portfolio of MoneyMe products.
How it works
● Real Estate/ Property Managers create an account with consent from the Landlord
● Landlord receives SMS to complete the account set up
● Real Estate/Property Manager sends an expense request to the Landlord for approval (Eg. $2,000 requested to pay a tradie to replace a dishwasher)
● Landlord reviews and accepts the request
● RentReady sends funds directly to the Real Estate/Property Manager to pay the tradie
About MoneyMe Limited (ASX:MME)
MoneyMe is a high-growth, agile, multi-award-winning fintech that embraces the power of technology to deliver fair and transparent frictionless consumer credit products to more Australians.
MoneyMe listed on the stock exchange in December 2019 with its share price jumping 38% on debut.
Its cloud-based, AI proprietary platform controls for credit management and regulatory requirements and is positioned to take advantage of open banking reforms.
Formed in 2013, MoneyMe has a strong track record of growth in a large addressable market,
distributing more than $300 million across a total of over 210,000 loans, serving in excess of 85,000 unique customers.
MoneyMe has seen over 75 per cent YoY growth in its loan book between FY18-19,
with positive cash flow.
In 2019 MoneyMe was inducted into The Australian Financial Review’s Most Innovative Companies List.
The firm won the Deloitte Fast 50 Award in 2018, was Optus My Business Fintech of the Year in 2017 and 2018, and was a finalist in the Finnies’ Fintech of the Year Awards in 2019.