Obligo charges a fee for the use of our service, which allows you to skip paying a security deposit or choose from additional ways to fulfill your security requirement.
The service fee is a percentage of your security deposit requirement and is determined by each renter's individual profile. This includes a variety of factors utilized by our machine learning model, including but not limited to a renter’s geography, property type, bank account balance, and security to rent ratio.
It is typically paid upfront for the initial term of your lease (up to 12 months).
If you renew your lease, you may be charged a second upfront service fee for 12 months, unless you opt into monthly payments. Renters who chose the "Installments" option will not be charged an Obligo Fee in their second year.
The service fee does not cover any charges your property manager may determine at the end of your lease (e.g. for damages or missed rent).
Because this fee covers the use of our qualification technology and platform, it’s non-refundable.