No, the rent advance is not a loan. Nomad is simply your tenant paying you rent for future months. We are paid back as our subtenant(s) pay us rent.

We do not charge you a monthly interest rate. Instead we charge a one-time rent-advance fee that is taken out of the rent before we send it to you.

You are able to draw up to 6 months in advance, or the amount of months left on your lease with Nomad, whichever is lower.

We charge 0.5% for every month you need advanced. For example, if you just need one month, the fee is 0.5%, 1.5% for 3 months or 3% for 6 months.

No, we do not run your credit. We don't even require that you submit an application. Because the rent advance is secured by the rent Nomad collects from our subtenant, we are confident advancing your rent without requiring an application from you.

You can use it for whatever you want just as long as you are able to budget for future months where you will not be receiving rent. Most of our owners use a Rent Advance to cover large expenses at a property, for use as a downpayment on another investment property, or to simply cover personal expenses.

No, we require that we get through the first Rent Advance period before you can request another Rent Advance. You can request a Rent Advance as many times as you'd like as long as there isn't an outstanding Rent Advance on your account.

If you are working with a property management company, they may increase the reserves on your property to cover any future repairs.

If you are working with a property management company, you will be asked to contribute funds to your account if your property manager needs to make a repair and there aren't enough funds in your account.

If you are managing the property yourself, you will continue to be responsible for paying vendors directly.