By Oliver Smith on Tuesday 16 February 2021
After spending 2020 on ice with staff furloughed, team Fronted is back on track.
Rental deposit fintech Fronted is launching today after the company spent much of last year in hibernation with its employees furloughed.
As a reminder, Fronted’s aim is to help renters afford the deposits which are requested when they sign a new tenancy agreement, deposits which can often reach into the thousands of pounds.
Fronted does this by offering a fixed 12.5 per cent loan to cover the deposit, with renters able to spread the cost over as many as 12 months.
“We have launched ahead of schedule to help renters move without needing to save up five weeks' rent for their deposit - so they can take advantage of the deals that are out there.”
As Fronted also charges no early repayment fee, Campbell says it’s also aimed at renters looking to bridge the payment gap between tenancies, when a new deposit may be requested before an existing deposit has been released.
Not everything went according to plan as the UK property market was shut down for four months last March as the world went into lockdown.