If you’ve been searching for rentals over the past few months, you’ll notice a lot has changed since the pandemic. State and federal moratoriums have ended, causing a rise in foreclosures and evictions. Although you’d think this would be the perfect time to find a place, property availability has decreased, driving values and market rates through the roof.
As there are several requirements for renters in the US, ONE is making it easier for its customers to check off every box.
What Is ONE?
ONE is a Sacramento financial agency that offers banking solutions to consumers in the US. It’s a checking account with add-on features including direct and mobile check deposits, pockets (sub-accounts), lines of credit, and credit builder opportunities.
Increased Savings Opportunities
One of the hardest things about securing a house or apartment to rent these days is finding the money to set aside for a deposit and other expenses. ONE has a solution for that. The account is free to open for starters, and customers don’t have to worry about traditional banking fees (minimum balance, maintenance fees, wire transfer fees, insufficient funds fees, etc).
ONE account holders can also take advantage of Pockets or sub-accounts that simplify budgeting and saving. The primary Spend, Save, and Auto-Save Pockets give you a real-time view of what’s available to spend and enable users to set up transfers into savings pockets. With 3.00% APR, ONE customers can earn more interest, resulting in more cash in the bank.
Pockets can be customized to include as many or as few expenses as you want. Transfer funds from your Spend account into the pockets as frequently as you’d like. Such features make it easier to reduce wasteful spending and increase savings, getting them to their rental goals faster.
Improving Poor Credit For Better-Looking Rental Applications
If you’re going to find a house or apartment for rent, you have to beat out the competition. That starts with having an excellent application. Property managers should see a positive financial record and a high score when completing a credit inquiry.
With landlords still trying to recover from going months (or even years) without rent, they’re more interested in creditworthy tenants. A credit score of 650 or higher and financial accounts in good standing can put you ahead of other applicants.
If you’re a ONE account holder with a low or nonexistent credit score, you may want to consider using products like ONE’s credit builder card. It’s a sub-account you can add to your existing ONE checking account.
You can transfer balances, pay bills, and complete other transactions with the money you’ve deposited into the credit builder account. The positive payment history is reported to credit bureaus, which can help increase your credit score in just a few months.
Access To Cash For Higher Deposits And Advance Payments
Most landlords ask their tenants to pay a month or more in rent as a security deposit. The deposit is placed in an account to be used for unpaid rent and damages. It provides peace of mind for property owners. Tenants that offer to pay more can come off on top.
When completing your application, you can suggest that you pay the security deposit and the first two to three months’ rent in advance. Although it means coming up with more money initially, it creates a sense of peace and trust that encourages landlords to offer you the vacancy.
ONE customers in the rental market can take advantage of the credit line. Qualified consumers can borrow up to $10,000 and repay it over time. With interest rate options as low as 12% APR, they save hundreds of dollars each year. Customers can use the funds for a security deposit or advance rent payments, providing added security for property managers.
There’s no denying that the current economic climate has created many challenges for renters. Property availability has decreased, market values have increased, and with so many foreclosures and evictions, there’s more competition than ever. Fortunately, financial agencies like ONE make it easier for renters to stand out and secure a place to call home.