🟢 When Is My First Payment Due and How Is It Determined?
Your first payment - comprising the first installment and origination fee - is due immediately upon confirming your rent split. This initial payment activates your loan and enables Livble to pay your full rent to your landlord upfront.
📘 Detailed Explanation
💲 Immediate Payment Upon Splitting
Once you select “Split My Rent,” Livble pays your full rent amount to your landlord immediately.
Your first installment and origination fee are debited from your connected bank account at this time.
This payment cannot be delayed or rescheduled, as it activates your loan and ensures timely rent payment.
🧮 How is the First Payment Amount Determined?
The amount of your first installment is calculated based on factors such as your rent amount, financial situation, and repayment history.
Livble reassesses your account each month, so your installment amounts may change over time.
The initial first installment amount displayed when you first split rent is only an estimate. The exact first installment and subsequent installment options will be available after you’ve completed underwriting and been approved.
📅 Understanding the Rent Window
Livble’s Rent Window usually runs from the 25th of the previous month to the 9th of the following month (e.g., April 25th to May 9th for May’s rent). Dates may vary, so check for updates.
You can sign up anytime, but you must complete your application, go through underwriting, and opt to the split-rent within the Rent Window to use the service that month.
✅ Best Practices
Plan to split your rent before the 5th to align with your financial schedule.
Ensure sufficient funds are available in your bank account when confirming your split.
Contact Livble Support if you have questions about your payment or need assistance.