- What a rent plan is
- How much
- Length and limits
- How you pay
- If you miss a payment
- Paying early
- Cancelling
- Moving out
- Our licence
1. What a rent plan is
A rent plan is credit. We pay your landlord the yearly rent for your home, and you repay us in equal monthly instalments. Your full credit agreement is shown in the app before you sign, and you get a copy.
2. How much
You pay an origination fee of 3% or less of the yearly rent when your plan is approved. Interest is charged at 3% or less a month on the reducing balance — only on what you still owe — so it falls as you repay. Your rate depends on your credit check and is fixed for the life of the plan. On a ₦2,400,000 rent over 12 months at 3% a month, you pay ₦72,000 at approval and ₦241,109 a month — ₦2,965,308 in total, of which ₦565,308 is the fee and interest. That is an APR of about 42.2%. Across our plans, the APR ranges from about 36% to 47%. Your exact rate, APR and total cost are shown before you sign.
3. Length and limits
Plans run for 6, 9 or 12 months, for yearly rents up to ₦3,000,000 during our pilot. Your monthly instalment should be no more than 40% of your take-home pay.
4. How you pay
By direct debit on the date you choose after payday, or through payroll if your employer is a Vaqnt partner. Before your plan starts you sign a debit mandate covering accounts linked to your BVN, which we use only if a scheduled payment fails.
5. If you miss a payment
We remind you before every debit. If one fails, we retry over 5 days and contact you to agree a way forward. After 7 days a late fee of 2% of the missed amount applies. If payments stay missed, we may collect under your mandate and report the arrears to licensed credit bureaus.
6. Paying early
You can repay in full at any time with no penalty. You won’t pay interest for the months you don’t use. The origination fee isn’t refunded.
7. Cancelling
You can cancel free of charge at any time before we pay your landlord.
8. Moving out
Give notice in the app. Your caution fee is refunded after the move-out check, less any deductions agreed with your landlord. If you disagree, our dispute process includes an independent mediator.
9. Our licence
Vaqnt is applying for a digital lending licence from the Federal Competition and Consumer Protection Commission. We will only offer rent plans once it is granted.