Your rent is probably one of your biggest monthly expenses. If your income takes a hit for any reason, you may struggle to pay it. Unlike other debts, it’s hard to negotiate rent, and if you fall behind on payments you have very few options.
For Americans living paycheck to paycheck and renting, any money problems can mean eviction and a black mark on your credit score. Domuso is a new payment technology designed for apartment renters on a mission to ease that burden.
What Is Domuso?
Domuso helps turn the rigid process of paying rent into a more flexible, renter-friendly system. As opposed to getting hit with late fees or possible eviction when you miss rent payments, Domuso offers loans that you can pay back in six months to a year to cover the cost.
Even if you’re not struggling with rent, Domuso streamlines the payment process once they partner with property managers. Most people still have to pay rent via checks or cash, so Domuso brings payment into the online era.
How Does It Work?
Domuso’s payment plans are only available if your property manager has signed up with them. If it’s already available to you, signing up and automating your rent payments only takes a few clicks.
You can make your payments directly online, or opt into a Domuso Installation Loan. Instead of paying your landlord a lump sum for rent, you’d instead make monthly payments to Domuso as a middle man. Applying for a loan is quick and simple and can give you some extra flexibility.
Overall, Domuso’s platform makes paying rent a more modern, simple process, whether or not you’re interested in their installment loans.
Why Should I Take Out A Loan For My Rent?
Everyone’s financial situation is unique, so it may only make sense for a handful of people to look into installment loans, but it can be a big difference for those people.
The biggest advantage of Domuso’s loans is flexibility. Above all else, it presents another option to cover payments when money gets tight. Whether you’ve lost your job, been injured, or taken on debt for any reason, Domuso wants to help you avoid worse trouble when it comes to your rent.
Even in a situation where you’ll have the money a few days late, Domuso can help you dodge costly late fees. Plus, if you pay off your loan as scheduled you’ll end up boosting your credit score.
Are There Any Risks?
There’s always an inherent level of risk involved with taking out a loan, but how risky it is depends on your personal situation. If you’re fully confident in your ability to pay back the loan within a year, it’s a smart solution that can save you short-term headaches.
On the other hand, taking out a loan from Domuso when you can’t pay it back would only compound your financial issues. Not only would you be falling behind on rent, but you’d also be struggling to pay off your loan while it accrues interest.
Domuso loans shouldn’t be viewed as a primary way to pay your rent, but they can help you come up with the money on those occasions that you find yourselves short.
Should I Use Domuso?
Domuso is still working to onboard new property management clients to bring their service to more apartments across the country so it might not be available for you just yet.
If your property does use Domsuo, it can be a simple, modern way to pay your rent. Cash and checks are less and less common, so the freedom to pay your rent online would be a benefit for most people.
While installation loans should never be your primary way to pay rent, Domuso offers a unique option for renters in the gig economy that experience month-to-month fluctuations in income.
We’re long overdue for an upgrade in how we rent apartments.