Tenant programs
Obligo
Obligo replaces the cash security deposit with a payment method on file. A renter connects a bank account or cards, Obligo verifies eligibility, and at move-out the property submits any damage or missed rent charges, which Obligo collects from the connected payment method. Charges cannot exceed the original security deposit amount, and the renter keeps the right to dispute them with the property or in small claims court.
Qualified renters pick from four options: no deposit, a reduced deposit, installments, or a full deposit that earns up to 2% on the secured funds. Qualification runs three ways, through a US bank account connected with Open Banking via Plaid, two cards plus a soft credit check, or two non-US cards plus ID verification. Prepaid cards are not accepted. The renter pays a non-refundable fee set as a percentage of the deposit requirement, priced by a model weighing factors including geography, property type, bank account balance and the security-to-rent ratio.
For the property the product runs inside the existing property management system, and Obligo describes itself as an integration partner for the main PMS platforms, announcing a RealPage partnership in 2026. The company was founded in 2017, says it has been used in more than one million homes, and raised a growth round in October 2024 that took total funding above $90 million.
Obligo states plainly that it is not insurance. Since deposit alternatives are regulated at state level, check how the fee and the authorization are treated under the deposit statutes in each state a portfolio operates in.
Best for
Operators who want to cut the cash cost of moving in as a leasing incentive without losing recourse at move-out, and who run one of the property management systems Obligo integrates with. Not for owners wanting an insured guarantee.
What they do
- Deposit-free move-in qualification
- Reduced deposit and installment options
- Interest-bearing full cash deposit option
- Move-out charge submission and collection
- Property management system integrations
- Open Banking renter qualification via Plaid
Details
| Attribute | Value |
|---|---|
| Founded | 2017 |
| How they charge | Renters pay a non-refundable fee set as a percentage of the security deposit requirement and priced per renter profile; the percentage is not published. |
What stands out
- Founded in 2017; a growth round in October 2024 took total funding above $90 million.
- Says the product has been used in more than one million homes.
- The full-deposit option pays renters up to 2% on secured funds.
- Three qualification paths: a US bank account, two cards with a soft credit check, or two non-US cards with ID.
Common questions
- How does Obligo work?
- Instead of paying a full security deposit upfront, a qualified renter pays a smaller non-refundable Obligo fee. If there are charges at move-out, such as damage or missed rent, the property manager submits them and Obligo collects the amount from a payment method connected to the renter's account. Property managers can only submit charges up to the original security deposit amount, and the charges are shown to the renter immediately.
- Is Obligo a form of insurance?
- No. Obligo states that it is not insurance. Like a cash deposit it gives the renter an incentive to look after the unit, preserves the property manager's ability to be paid as soon as a charge is submitted, and preserves the renter's right to dispute a charge with the property or in small claims court.
- How does a renter qualify?
- Three ways: with a US checking or savings account connected through Open Banking, with two credit or debit cards plus a soft credit check, or with two non-US cards plus ID verification. Debit cards tied to a bank account are accepted; prepaid cards are not.
- Will Obligo show up on a credit report?
- In some cases Obligo runs a soft credit check to qualify a renter for its options. That inquiry may appear on the renter's credit report, but Obligo says it does not affect the credit score.
- How is the Obligo fee calculated?
- The fee is a percentage of the renter's security deposit requirement and is set by a machine learning model using each renter's profile. Obligo lists geography, property type, bank account balance and the ratio of security to rent among the factors, so the percentage differs from renter to renter.