Q: What if I pay on time, but my roommate pays late? Will I be penalized?
A: No, you won’t be penalized. Each of you have a separate profile, so only your roommate will be charged the late penalty for their late payments.
Q: What happens if I want to break the lease early?
A: You will need to follow the agreement with your landlord laid out in your lease if you want to break it early. But if you and your landlord agree, then just go to your rentlit.com profile dashboard select My Account in the upper right hand corner and select “delete account”.
Q: My property isn’t showing up in my profile when I try to set up an account. What do I do now?
A: When your landlord set up their account, we invited them to enter your email which would have sent you an invitation to join. If you didn’t receive an invite in your email, then go ahead and sign up and enter their email when prompted. We’ll send them an invitation to sign up for rentlit.com and link you to their property. If they’ve already made a profile, ask them to send you another invitation from their dashboard which will make it easy for you to link to their property.
Q: I’m having problems understanding the micro deposits. What are they are why do you use them?
A: We understand your frustration! We use micro deposits in order to verify that the bank account you entered into your profile is actually yours. This helps keep everyone’s accounts safe and secure. The system works by making two small deposits of less than a dollar each into your account. These deposits will take anywhere from one to three days to clear into your account depending on your account. Once the two small deposits have landed in your account, log back into your rentlit.com profile and select the button on your dashboard that asks you to verify your micro deposits. This process will verify to us that the bank account you provided is actually yours.
Q: Can each of my roommates use a different method of payment?
A: Sure, when you set up your individual accounts, you will be prompted individually to establish your preferred payment method. But we encourage you to use automatic bank payments; it’s the easiest!
Q: Can roommates pay different amounts?
A: They sure can. Each roommate is listed as a separate tenant, giving you rent control from person to person.
Q: How many roommates can I split rent between?
A: You can split the rent between as many roommates as you wish. Each roommate will just need to set up an individual account in order to set up their payments.
Q: Is it safe to put my banking information on Rentlit?
A: We’ve got you covered! Rentlit uses bank-level encryption throughout our site, and all sensitive data is stored in a PCI compliant system that is globally recognized. See the details here.