Can I collect or pay rent weekly, biweekly, or on a payment plan?
After enrolling, a renter can get their landlord’s permission to enter a payment plan different than the rental agreement accrual schedule. For example, if a rental agreement says rent is due on the first of every month, a renter and a landlord can agree to receive payment on the first Friday of the month instead.
A renter can visit “My Payment Plan” on their dashboard to set their payment schedule. RentHelper customer service can also set payment plans based on email or text message instructions.
The following payment plans are available:
- Biweekly (e.g., every other Friday)
- Semimonthly (e.g., 1st and 15th)
- Monthly on the first weekday (e.g., the first Friday of the month)
- Pay in full when due
In addition to a preset plan, renters can always enter a “payment date adjustment.” These take precedence. Payment date adjustments let a renter make a non-repeating deviation from the plan. A renter can skip a weekly payment, move a biweekly Friday payment to the Thursday before, or come up with any other custom payment plan.
RentHelper is designed for continuous renewed consent, meaning renters get text reminders and can always stop or pause a payment by texting back.
Notes on Weekly and Biweekly Payment Plans
With weekly and biweekly payment plans, the minimum payments are monthly rent divided by 4 and 2, respectively. This tends to move a renter’s balance over time from positive through zero to slightly prepaid territory. (Some months have five weeks or three Fridays.) Some states do not allow a landlord to require prepayment, so weekly and biweekly plans are a renter’s choice. Lots of renters choose weekly plans when they receive their income weekly. The most common payday is Friday.
RentHelper will automatically notify weekly and biweekly renters if they have prepaid enough to skip one payment. This will happen only if a renter is ahead by two full payments even after accounting for the accrual forecast.
Weekly and biweekly plans with prepayment can fulfill a social purpose. For instance, when RentHelper debits correspond with pay check deposits, renters find themselves much more stable financially as a result. Our average biweekly plan is stable for longer than our average tenancy overall.
At eventual move out (if ever), there needs to be a final settlement debit or credit to match the rental agreement amount exactly.
Do payment plans hurt credit?
A renter meeting their obligations on a chosen payment plan will continue to receive a good credit report, even if arrears are substantial, provided they have truthfully communicated their situation to us. The most important thing is open and honest communication and intent to pay down the balance over time.