Frequently Asked Questions
About RentSpace
Q: What is RentSpace?
A: RentSpace is a mobile-first financial lifestyle app that tackles Lagos housing affordability through goal-based savings and conditional rent support. You save 70% of your rent target; we add 30% and pay your landlord 100% directly. As you complete cycles, you unlock SpaceDeposit, SpaceAuto, and Market Mingle (groceries).
Q: How does RentSpace work?
A: You start a Rent Goal (rent amount, duration 6–12 months, payment frequency). We auto-generate a savings plan. You fund your SpaceWallet via your unique virtual account (DVA). Once you reach 70% savings, you become eligible for rent support. After document upload and approval, 100% is disbursed to your landlord. You repay the support over your next cycle.
Sign-Up & Onboarding
Q: What do I need to sign up?
A: Valid email (we send an OTP), a secure password (min 8 characters, one number, one symbol), and BVN verification. You then answer 3 rental questions: how many properties you pay rent for, current rent amount, and monthly income. We create a personalized savings plan. Only after completing all steps can you access the dashboard.
Q: What if I skip a step?
A: If you try to skip onboarding, you'll see: Please complete your onboarding steps to access the RentSpace dashboard.
Saving & Rent Support
Q: How much do I need to save before I can get support?
A: You must save at least 70% of your rent goal. Cycle 1 → up to 30% support (Basic KYC + Guarantor + autodebit mandate). Cycle 2 → up to 50% (Enhanced KYC ( income proof, landlord docs, autodebit mandate)). Cycle 3+ → up to 70% (Collateral + Salary Domiciliation (for salaried earners) + autodebit mandate).
Q: Where does the support money go?
A: RentSpace pays your landlord directly—never to you. The full 100% (your savings + our support) is transferred to the landlord's account.
Q: How do I repay the support?
A: Repayment is automated and tied to your next rent cycle. We set up auto-debit from your wallet. You get reminders (in-app, WhatsApp, SMS, email) before due dates.
Wallet & Funding
Q: How do I fund my wallet?
A: You fund your SpaceWallet only by transferring money from your bank to the unique virtual account (DVA) assigned to you. All funds received into the DVA are reflected in your wallet in real time.
Q: What can I use my wallet for?
A: Rent savings (auto-deductions per your plan), rent support repayment, grocery purchases or financing via Market Mingle. Support funds cannot be withdrawn as cash.
Market Mingle & Groceries
Q: What is Market Mingle?
A: RentSpace's grocery module. You can Save-Then-Shop (save a grocery goal monthly, then checkout when full) or Finance-and-Repay (short-term grocery financing if eligible). Your Savings Velocity Score determines your tier and limit (₦20,000–₦100,000). Tier is reviewed every 3 months.
Q: Can I use Space Points for groceries?
A: Yes. You earn ₦200 Space Points for every ₦10,000 saved. Redeem them for discounted groceries, airtime, data, and essentials in the app.
Unlocks (SpaceDeposit, SpaceAuto)
Q: When do I unlock SpaceDeposit and SpaceAuto?
A: SpaceDeposit unlocks after you complete one full rent cycle. SpaceAuto (structured car savings) unlocks after completing 2 full cycles with no default on repayment. The app shows locked features with progress messages.
Safety & Trust
Q: Is my money safe?
A: Yes. Funds are managed through licensed financial partners. We use Providus for virtual accounts, Paystack for payments, and comply with NDPA and regulatory requirements.
Q: Will my landlord accept payment from RentSpace?
A: Yes. We disburse directly to landlords' accounts and issue receipts for both tenant and landlord.
Getting Started
Q: How do I join?
A: Download the RentSpace app, create an account (email, OTP, password), verify BVN, complete the rental questions, and start your first Rent Goal.
Q: Who can use RentSpace?
A: Anyone who pays rent—students, workers, families, and organizations. You must be 18+, reside in Nigeria, and have a Nigerian bank account.
Didn't find your question? Contact us at support@rentspace.tech or chat with us in the app.