Does RentCafe offer security deposit replacement?
Summary
- RentCafe partners with Obligo to offer security deposit alternatives you can set up directly from the move-in checklist in your RentCafe account, if available at your property.
- After completing a quick qualification process, you can choose between various deposit options and earn RentCafe Rewards points at sign-up.
RentCafe offers security deposit replacement through its partnership with Obligo. If your property has this service enabled, you can skip the traditional lump-sum deposit and choose a flexible alternative that may better fit your budget, all from your RentCafe move-in checklist.
What is Obligo and how does it work?
Obligo is a RentCafe partner that works with property managers to offer you a better way to handle your security deposit requirement. Rather than writing a check or gathering certified funds for a traditional deposit, Obligo offers flexible electronic options you can complete on your phone.
- If you qualify, you may be able to choose a No Deposit option, which means you won’t need to pay a large sum upfront at all. This option includes a non-refundable fee.
- If you’d rather keep things traditional, you can pay your Full Deposit through Obligo and earn interest on those funds while they’re held.
- Other options may include Reduced Deposits or Deposits-in-Installments.
You’ll see exact fees and terms for your specific situation before you confirm anything.
How to sign up for security deposit replacement
If your property offers deposit replacement through Obligo, you’ll receive an invitation during the application process. You can also sign up directly through your RentCafe account in the “For your lease” section of your move-in checklist.
Here’s what the sign-up process looks like:
1. Connect your RentCafe account
Your account will connect to Obligo while keeping you on RentCafe.
2. Complete a quick qualification step
Obligo verifies your eligibility by securely connecting to your bank account or running a soft credit check.
3. Review your options
You’ll see the available security deposit options for your lease, including all fees and terms.
4. Complete your sign-up
Select the option that works best for you and confirm your choice.
Log in to your RentCafe account to get started.
What to expect when you renew or move out
Renewing your agreement
Your Obligo coverage typically continues under your updated lease terms. If anything changes, you’ll be notified and asked to confirm.
Moving out
If your property manager has no move-out charges, you’ll receive an email from Obligo confirming you owe nothing.
If your property manager submits permissible charges, Obligo handles the payment to your property manager, and you repay Obligo. If you paid a full deposit, any remaining eligible balance is returned to you according to your agreement. Renters can always dispute charges directly with their property manager, and Obligo can help navigate the process.
How to earn RentCafe Rewards points with security deposit replacement
You’ll earn RentCafe Rewards points as a one-time bonus when you sign up for security deposit replacement through RentCafe. You can use your points in the RentCafe Rewards Marketplace on digital gift cards, merchandise from leading brands, experiences, travel discounts and more.
Make sure you’re a RentCafe Rewards member when you set up this service.
FAQ
For some options, like the No Deposit option, there is a non-refundable fee. This fee is personalized based on the option you select and your lease details. You’ll see all fees and terms clearly before confirming, so you’ll know exactly what to expect.
If you don’t see it as an option in your RentCafe account or during the application process, your property may not currently offer it. You can check with your property manager for more details about available deposit options.
The savings depend on which option you choose and your property’s deposit requirements. With the No Deposit option, for example, you avoid paying the full deposit upfront. You’ll be able to compare options and costs during the sign-up process before making a decision.
No. Obligo verifies your eligibility by securely connecting to your bank account through Plaid (a trusted financial connection service) or by running a soft credit check. A soft credit check does not affect your credit score.
You can visit myobligo.com/faq for more answers to common questions.