🟢 Can I Make My First Installment Later? And How Is It Determined?
No, your first installment and origination fee are due immediately when you split your rent. This payment activates your loan and allows Livble to pay your landlord the full rent amount upfront. The amount is determined by our system, and it represents the only payment option we can provide.
📘 Detailed Explanation
💵 Why Is My First Installment Due Immediately?
When you choose to split your rent through Livble, the first installment and fee are required right away. This immediate payment activates your loan and allows Livble to cover your rent on time. Without this payment, your split plan cannot be completed. You cannot adjust the amount or timing of this installment.
🧮 How Is the First Installment Amount Determined?
The first installment amount is calculated based on factors like your rent amount, financial situation, timing of splitting rent, and payment history.
Each month you choose to split rent, your eligibility is assessed as part of creating a new loan agreement.
The amount of your first installment may vary month-to-month depending on these factors.
The initial first installment amount displayed before you choose to split rent is only an estimate. The exact first installment and options will be available after you complete underwriting and are approved.
📅 Understanding the Rent Window
Livble’s Rent Window usually opens between the 20th and the 25th of the previous month and closes on the 10th (or the business day prior) of the following month (e.g., April 22nd to May 10th as May's Rent Window).
You can sign up anytime, but you must complete your application, go through underwriting, and opt to split rent within the Rent Window to use the service that month.
Your first installment is always due immediately upon confirming the split, regardless of when you initiate it within the Rent Window.
❗ Important to Know
Once your rent is split, the first installment and fee are automatically debited from your connected bank account.
The first installment activates your loan, allowing Livble to pay your rent on time.
To adjust subsequent installment(s) after confirming the split (not the first installment), contact Livble Support.
✅ Best Practices
Plan to split your rent by the 1st to align your financial schedule and avoid increased fees.
Split rent earlier to avoid a higher first installment amount.
Ensure sufficient funds are available in your bank account when confirming your split.
Reach out to Livble Support if you have questions about your payment or need assistance.