PadSplit was founded in 2017 with the mission to open doors to new opportunities. We’re achieving this goal by breaking the traditional renting mold.
Unlike traditional renting, PadSplit is a membership program. For a fixed weekly payment, you get a private, furnished room, utilities, internet access, and laundry facilities. The rooms are hosted by property owners or managers. PadSplit facilitates the relationships between everyone and manages all the paperwork like payment processing and background checks.
PadSplit is a great alternative to traditional renting. It’s intentionally designed to help Members improve their financial situations and reach their goals. Here’s how.
How PadSplit Helps Your Finances
According to RentCafe’s Atlanta 2020 Rental Market Report, the average rent for an apartment in Atlanta is $1,467 per month, or $338.54 per week. That doesn’t include utilities, internet, or laundry.
The average cost of a PadSplit? About $200 per week. And that includes utilities, internet, and laundry facilities. As a result, PadSplit Members save an average of $420 a month, and Members can use that money towards their personal and financial goals.
What’s more, PadSplit doesn’t require any security deposit. A security deposit is an amount of money a renter pays when beginning to rent a property. Most landlords require a security deposit that equals two months’ worth of rent (first and last month). Take the average monthly rental in Atlanta of $1,467 and multiply it by two and you get a $2,934 security deposit. That’s a lot of money you have to pay upfront.
With PadSplit, the only upfront cost you have is your $29 application fee. That money is used to pay a third-party to run your background check. PadSplit is intentionally designed to be nothing like traditional renting. It saves you money all around.
Saving money is great, but it’s even better when you can save money while building your credit.
When you apply for a loan or credit, the lender likes to know the level of risk they have by lending you money. That’s why they order a copy of your credit report and request your credit score. They evaluate this information and use it to determine whether you qualify for a loan or credit. Credit scores are a key indicator of financial health and we’re here to help our members.
PadSplit has partnered with Esusu, a third-party service, to report weekly payments to Equifax and TransUnion. This helps our Members build their credit histories.
Esusu reports payments every month. The credit bureaus factor the information into their credit score reporting. It typically takes between 2 to 8 weeks before reported payments appear on a credit report.
Building good credit takes time, but it can open doors for our Members. We’re here to help you on your financial journey.
Do you dream of starting a business or owning a home? Do you want to travel or retire early? We all have dreams, goals, and aspirations. Many of them require financial stability and freedom. It can feel overwhelming, but it doesn’t have to be.
PadSplit helps you achieve financial security by saving you money and helping you build your credit.
PadSplit also offers resources and advice to help you along the way so you can reach your goals, whatever they may be.
We’ve helped more than 5,000 Members reach their goals. Here are some of their stories.
Your goals are within reach. Let us help.
Interested in learning more about PadSplit and how we can help you find an affordable room for rent in Atlanta? Apply today.