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 APR?
The APR (Annual Percentage 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. Each week it is reassessed so the amount can go up or down.
When is payment due?
Payment is due the first of every month
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.
To make your payment, simply return to the Wallet tab in reZEN or the reZEN mobile app. Then, simply click Pay Bill to view payment options.
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. In addition to the $30 fee, you will pay an increased penalty APR of 20%.
Once you’ve made all past due payments including any incurred late fees, the penalty APR will be removed and reduced back to the standard APR.
What is the late fee?
If you do not make your minimum payment by the first of the month, penalties will apply. The penalties for a missed payment include:
- A $30 late fee
- Increased penalty APR of 20%
Once you’ve made all past due payments including any incurred late fees, the penalty APR will be removed and reduced back to the standard 10% APR.
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