Will Parker

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780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Millennials Renting in Cities Attract a New Crop of Lenders · 14 May 2019 podcast

And they told me that they had cut out the subprime part of their lending operation just because there's a certain amount of risk there and there's connotations with being a quote-unquote subprime lender that they no longer wanted to partake in.

I mean, the companies don't necessarily share that much information about their lending standards, where the cutoff is, who they will and won't lend to.

I think it's a complicated formula for some of them.

So it's unclear whether there are enough companies that are doing that.

There is one called RentLender, though, that is, I guess, temporarily inactive.

And the man that founded this company, he did it for, I guess, a couple of years, sort of decided maybe I don't want to be the guy doing something called rent lender.

That's what he told me.

And so he said that he's going to change the product into something that would be like a monthly subscription plan.

So you'd pay a monthly subscription, maybe along with your rent, and then you'd have access to credit at no interest in the case you needed to draw from it to make a rent payment.

So it's hard to know exactly.

I mean, in the past, for example, as we mentioned, you know, the payday loans are always sort of seen as sort of last resort for someone who is coming up on the first of the month and really needed, you know, cash from somewhere.

But there's some indication that, you know, renters in general want the ability to pay with credit.

Now, that can be for a few different reasons.

For example, if you have credit cards that give you lots of frequent flyer miles and that kind of thing, I mean, who wouldn't want to do that if they can do it responsibly?

As long as the landlord allows it.

Right.

But yeah, but many landlords don't.

There was a survey from a couple years ago that showed that only 3% of renters were paying with credit cards, but something like 16% wanted the ability to.

So some of these companies are also just trying to push landlords into a more modern payment standard, allow tenants to basically do everything online from their phone, and sometimes that includes financing their rent.

Thanks very much.

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