Startups are pitching rent loans to young tenants, stepping into a market long associated with payday lenders
New lenders are entering what was once the realm of payday lending, pitching loans for renters, as cities grow increasingly unaffordableJennifer Burnes says the paychecks from her work as a model and designer in Hollywood arrive sporadically, posing a challenge to paying monthly rent. “You know the check’s on the way, you just don’t know when, exactly,” the 22-year-old said.
That is why she’s turning to StayTony. It is among a handful of startups—like Domuso, Till and Uplift—offering loans to renters recently out of college, professionals moving to a new city, and others who want to build credit or could use assistance making rent payments.
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