Zero Deposit for Qualified Renters

We’ve partnered with Obligo. Which means you don’t have to pay a security deposit.

Obligo

Avoid Paying a Cash Deposit – Qualify for Obligo’s Deposit-Free Move-In!

Interested in keeping more money in your pocket at move-in? We’re pleased to offer you the option to qualify for a deposit-free move-in with Obligo. This simple and fast process could save you the hassle and upfront cost of a traditional cash deposit.

How does Obligo’s deposit-free service work?

As an amenity to you, we have partnered with Obligo to let qualified new renters skip paying a cash security deposit at move-in. Obligo charges a fee for our service (a small percentage of your rental’s security requirement), and you keep your cash to invest, save, travel, or spend!

To live deposit-free, simply provide a payment method through the Obligo platform. If there are damages or missed rent at the end of the lease, your property manager will be authorized to charge this payment method – up to the stated amount of security requirement – and you will be billed by Obligo.

Obligo is not an insurance product. You’re still accountable for any charges, but Obligo does offer the ability to repay charges in interest-free installments. Like a traditional deposit, you also maintain the right to dispute charges directly with your property manager.

Frequently Asked Questions

How is Obligo’s deposit-free service better than a traditional deposit?

With a traditional deposit, residents pay a large sum in advance, before there’s any actual reason for charging such an amount. With Obligo, residents only pay for damages or missed rent if your property submits a charge at move-out.
It’s similar to a traditional deposit in that:

  • It gives you incentive to take good care of your apartment, because you’re still accountable if there are damage or missed rent charges.
  • It preserves your property manager’s ability to get cash instantly, as soon as a charge is submitted, as if they had a cash deposit.
  • It preserves your right to dispute charges directly with your property or via a small claims court.

Is Obligo a form of insurance?

No, Obligo is not insurance!

Will Obligo show up on my credit report?

In some cases, we may run a soft credit check to qualify residents for deposit-free living. The inquiry might appear on your credit report, but it won’t impact your credit score.

How do I qualify for deposit-free living?

Qualifying for deposit-free living with Obligo is a breeze! We provide three easy options to qualify in-app:

  1. With a US bank account, checking or savings, connected with Open Banking
  2. With two cards and a soft credit check
  3. With two non-US cards and an ID verification

In the vast majority of cases, you will be able to qualify by connecting one US bank account. Obligo uses an open banking connection to run a lightning fast series of tests to ensure that sufficient funds are available in your account.

If you don’t have access to a US bank account, Obligo offers alternative options to qualify. You can choose to qualify with two US credit or debit cards and a soft credit check, or with two non-US credit or debit cards and ID verification with a passport.

Can I qualify for Obligo using a savings account?

Yes! Renters are able to qualify for Obligo using a savings or checking account.

To better support renters of all financial backgrounds, you can also qualify with two credit/debit cards and a soft credit check or two international credit cards and an ID.

Can I use a debit card to qualify for the Obligo’s deposit-free service?

Yes! You can qualify for Obligo with debit cards that are connected to a bank account. We do not accept prepaid cards.

To use a debit card to qualify, click on ‘See All Ways to Qualify’ in the application. From there, you will see options to qualify with ‘Two cards and a soft credit check’ or ‘Two international cards and an ID verification.’

You can also qualify for deposit-free living by connecting a US bank account or two cards being a combination of credit, debit, or international cards.

What is Plaid? How does Obligo work with Plaid?

Obligo uses Plaid, but what is Plaid?

Plaid is a 3rd party technology vendor that enables you to securely share data about your bank account with Obligo. Obligo will look at data such as your current balance and balance history to instantly qualify you for deposit-free living. If you don’t wish to share this data, other qualification paths are available to you in the Obligo app.

By connecting to 11,000+ financial institutions around the world, Plaid powers many applications people use today, such as Venmo, SoFi, American Express and Wells Fargo.

While Plaid is actively expanding their network of financial institutions, some banks are not yet integrated.

Can I add my bank to Plaid?

While Plaid is actively expanding their network of financial institutions, some banks are not yet integrated. Even if your bank is not on Plaid, you can still qualify for Obligo’s deposit-free living via other methods, which are available for you inside the Obligo app.

If you can’t find a suitable qualification path, chat live with an Obligo support agent to learn more!

How does Obligo’s service fee work?

Obligo charges a fee for the use of our deposit-free service (which allows you to keep your security deposit cash or apply your existing deposit to rent). Because this fee covers the use of our deposit-free qualification and platform, it’s nonrefundable. (Learn more about why living deposit-free is financially smart for renters here.)

The service fee is priced as a percentage of your rental’s security requirement and is typically paid upfront for the initial term of your lease (up to 12 months). If you renew your lease, you will be charged a monthly service fee for any additional months on your lease. The service fee does not cover any charges your property manager may determine at the end of your lease (e.g. for damages or missed rent).

Does paying the Obligo service fee mean I don’t owe anything at move-out?

Not necessarily, since you are still accountable for the condition of your rental unit. Just like the hotel check-in and check-out process, your Billing Authorization with Obligo allows your property manager to charge you for damage, cleaning or missed rent.

If there are any such charges, you’ll be able to pay Obligo back in interest-free installments.

If there are no damages or missed rent charges, you will be notified by email that your Billing Authorization has been released and there’s nothing more to do!

Is the Obligo service fee refundable?

The service fee is non-refundable. Learn more about our service fee here.

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