Obligo (Rent affordability screening+Open Banking)
Obligo facilitates the renting of apartments without paying a deposit by setting up a billing authorisation connection between renters and their landlords.
Landlords can withdraw claims for the renters’ damages up to an agreed deposit amount when the lease ends. In case the renter is out of cash, Obligo pays the landlord, allowing the renter to pay them back in installments.
This way Obligo replaces the need for security deposits.
Open Banking use:The company underwrites credit (and determines rate of monthly service fees) by pulling data through Open Banking AIS and screening renters for affordability. It also checks bank balances before initiating renters’ payments (to reduce NSF (non-sufficient fund fees).