Who is eligible for a Line of Credit?
Currently, Real Line of Credit is only available to select agents in Canada. If you are eligible, you will see your offer along the right side in your Wallet Tab in reZEN. If you are not, you will not see an offer.
What is the Interest Rate?
The interest rate for money borrowed from a Real Line of Credit is 10%.
How much can I borrow through Real?
Your borrowing power - or the amount you are able to borrow - is displayed on the right side of the Wallet tab in reZEN for eligible agents.
How long does the approval process take?
About a day to get approved. The funds are then sent through your payment method on file with us and that has a normal ACH processing time.
Can I lock in my line of credit?
Your borrowing power - or the amount you are able to borrow - is displayed on the right side of the Wallet tab in reZEN. Your credit limit is based on your history with Real.
Your available borrowing amount adjusts weekly based on your listings and revenue share activity. It’s normal for it to go up or down as your business evolves. Keep this in mind when looking to make a purchase.
When is payment due?
A minimum payment is due on last business day of the month.
What is the minimum payment amount?
The minimum payment each month is 2% of the outstanding balance at the end of the previous month.
How do I send repayment?
There are three ways to repay your loan: e-transfer, Mobile Cheque Deposit, or Mailing in a Cheque. The fastest, easiest way is with Interac E-Transfer. All you need is:
- A Canadian bank account
- Online banking access
How do I pay back my line of credit?
Once you borrow against your line of credit, you are responsible for paying your minimum payment monthly.
However, you have the ability to make payments at any time.
What happens if I'm late with repayment? - Why was I charged $30 on my line of credit?
You will be assessed a $30 late fee if you do not make your minimum payment on your line of credit each month.
If further assistance is needed, please reach out to wallet@therealbrokerage.com.
The Real Brokerage is a real estate technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC Insurance available for funds on deposit through Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when Thread Bank places them at program banks in its deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program. Pass-through insurance coverage is subject to conditions.