Terms of Use for RentSpace

1. Eligibility and User Registration

To use RentSpace, you must:

• Be at least 18 years old.
• Reside in Nigeria with valid identification and an active Nigerian bank account.
• Complete Know Your Customer (KYC) processes including Bank Verification Number (BVN) verification.
• Provide honest and accurate information during onboarding.
• Agree to be contacted through the app, SMS, email, and WhatsApp for important updates.

You are responsible for maintaining the confidentiality of your account credentials. We will not be liable for any loss or damage from unauthorized access caused by your negligence.

2. Platform Purpose & Scope

RentSpace is a financial lifestyle platform designed to:

• Enable users to save consistently towards housing rent.
• Offer conditional rent support (up to 30%) after a savings milestone is reached.
• Integrate Market Mingle for grocery access via savings or short-term financing.
• Incentivize disciplined savings with financial unlocks such as car and deposit saving plans.

All features are subject to your compliance with terms, financial behavior, and creditworthiness assessments.

3. Wallet, Transactions, and Disbursements

• Each user is assigned a unique virtual account to fund their SpaceWallet.
• Wallet funds can be used for rent savings, support repayments, and grocery purchases.
• Rent support is disbursed directly to your landlord; no cash withdrawal is permitted for support funds.
• Withdrawals of personal funds (excluding support funds) are permitted per app policy and subject to verification.

4. Rent Support Policy

To qualify for rent support:

• You must save a minimum of 70% of your rent goal in the app.
• Additional documentation and requirements (e.g., proof of income, guarantor, and ID) will be requested based on your cycle.
• Repayment for rent support is automated and tied to your next rent cycle.
• Missed payments may trigger escalation procedures, including contacting guarantors and recovery processes.

For full terms, refer to the Rent Support Policy Document.

5. Market Mingle & Grocery Financing

• Users can opt-in to Market Mingle, RentSpace's affiliated grocery marketplace.
• You may pre-save or access short-term, zero-charge grocery support repayable in weekly or biweekly installments.
• Discounts and rewards are based on savings behavior and transaction history.
• All payments are handled via your SpaceWallet.

6. Data Usage and Privacy

RentSpace takes your privacy seriously. We collect and process your data in compliance with the Nigeria Data Protection Act (NDPA).

• Your personal and financial data is used to deliver services, assess risk, and provide support.
• We do not sell your data.
• For details, refer to our Privacy Policy.

7. Security & User Conduct

You agree to:

• Use RentSpace only for lawful, personal purposes.
• Not upload misleading documents or impersonate others.
• Not use the platform to launder money or conduct fraudulent activities.

We reserve the right to suspend or terminate your access if suspicious or non-compliant activity is detected.

8. Modifications, Updates & Termination

We may update these Terms from time to time. Users will be notified of significant changes. Continued use after changes implies consent.

We reserve the right to terminate or suspend accounts that violate these Terms or harm the integrity of the platform.

9. Limitation of Liability

RentSpace is not liable for:

• Loss of data due to user negligence or device issues.
• Delays caused by third-party financial partners.
• Rejections of applications based on eligibility or risk assessments.

10. Contact & Support

Have questions or concerns?

Email: support@rentspace.tech