Florida Dem presses CFPB to probe ‘rent now, pay later’ companies as housing costs climb

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Democratic Rep. Maxwell Frost (Fla.), the youngest member of Congress, wrote a Wednesday letter urging the Consumer Financial Protection Bureau (CFPB) to investigate companies offering “rent now, pay later” plans for tenants across the country as housing costs rise nationwide.

Financial services Flex and Livble have offered users the option of paying tenants’ rent up front while splitting the cost into two or more installments with added interest.

Flex charges a monthly subscription for access to its services, in addition to 1 percent of the total rent. Its users have a median credit score of 604 and work more than one job to make ends meet, the company previously told The Associated Press.

Livble charges a flat fee that ranges from $30 to $50, depending on the day the user chooses to split their rent.

If their balance stays unpaid for 45 days, a flat $15 late fee applies.

Affirm has also launched a trial run for the service that Frost says could be taking advantage of low-income American households.

“While many of these companies market their loans as ‘innovative’ products that can help struggling cash-strapped renters, including by allegedly boosting their credit scores, many of these products more closely resemble repackaged payday loans,” Frost wrote in his letter to CFPB acting Director Russell Vought obtained by The Hill.

“RNPL [rent now, pay later] products take on a variety of forms, and lenders have been found engaging in partnerships with corporate landlords to embed themselves into rental payment platforms in order to ensnare renters who might be struggling to cover their rent. For example, Livble, a fintech app purchased by RealPage in 2025 and integrated into RealPage’s platform, encourages renters to take on loans to pay their rent,” the Florida Democrat added.

RealPage is a technology company that provides software for the real estate and property management industries.

The CFPB did not immediately respond to The Hill’s request for comment.

Lawmakers in California and other states began investigating the issue earlier this year, with probes focused on predatory lending practices.

State Assembly member Tina McKinnor (D-Calif.) introduced A.B. 2350 in February seeking to cap late fees on “rent now, pay later” plans and limit repayment plans to two installments, while requiring clear advertising and multilingual disclosures.

McKinnor’s bill would also restrict companies from advertising a “0 percent APR” unless they meet strict rules.

“Predatory practices expose working people to potential financial risks from dubious credit reporting, while lenders market these products as a helpful option to pay rent,” said Becky Dennison, a housing justice policy manager with the Legal Aid Foundation of Los Angeles, in a statement shared in support of the bill.

The East Bay Rental Housing Association said efforts to restrict flexible rent payment threaten “to eliminate critical short-term liquidity options for renters, potentially forcing them into eviction rather than allowing for manageable, credit-based solutions.”

The debate comes on the heels of Congress’s push to pass a bipartisan housing bill that aims to lower rent costs by increasing the overall housing supply and requiring new renter protections.

President Trump has refused to sign the bill in an effort to underscore support for the Safeguard American Voter Eligibility Act.

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rent now pay later options

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