Launch HN: Xspaced – Flexible rent and security deposit payments (fintech)
xspaced.comHi everyone, I’m Alex, one of the co-founders @ Xspaced.
The pandemic has affected the US rental market in a particularly challenging way. Millions of rent payments are delayed by COVID‑19.
76.4% of tenants paid rent as of September 6, 2020. This number only reflects payments made to large multifamily operators and does not include rent payment defaults in the single family market.
So we launched free tools to help landlords and tenants affected by #Covid19.
Xspaced is providing support by allowing anyone to: - create installment plans for missed rent or security deposits; - safely pay monthly rent. It works for both Commercial and Residential properties.
As of today we are live in all 50 states.
A few cool things about Xspaced: - No credit checks; - No time consuming on-boarding; - Creating a plan takes less than 1 minute; - Did I mention it's free?
About us. We are a fintech startup based out of Oakland, CA. Our mission is to make housing more accessible by bringing modern financial services to the rental industry.
If you or anyone you know is finding Rent Payments during Covid challenging, please share with them our product (www.xspaced.com). Thanks!
P.S. Happy to answer any questions / listen to any feedback.
> No credit checks;
I don't understand how you avoid fraud. Do you accept this plan for the first payment, or the contract must have a minimal amount of good months?
> Did I mention it's free?
How are you going to get money? Will you charge for a similar service once the pandemic is over? Are you going to use this to offer insurance?
Thanks for the questions.
> I don't understand how you avoid fraud. Do you accept this plan for the first payment, or the contract must have a minimal amount of good months?
We decided that the best and quickest way to help is to offer a platform that allows landlords or tenants create installment plans between themselves.
> How are you going to get money? Will you charge for a similar service once the pandemic is over? Are you going to use this to offer insurance?
The installment plan and monthly rent payment tools will remain free during and after the pandemic. We will be working on paid features in the future.
Perhaps I totally misunderstand:
If the tenant can't pay the rent, do you give the money from your pocket to the landlord and collect that money split in small parts during the following months?
Happy to explain - we don't front money.
Landlords and tenants decide on the payment plans with the monthly amounts that work for both sides. Tenants make payments directly to landlords.