Ever wished you could get the payout for next month’s booking today, when you actually need it? There’s a new Brooklyn-based service that could make your life a lot easier.
Payfully is a lending service that gets you your cash now, using your future bookings as collateral — a Payday Advance for Airbnb. It’s surprisingly easy to use, and there’s no credit check — all it takes is a listing with a proven income record. I connected my listing in about 40 seconds and was instantly offered up to $1,500 against future bookings. The advance amount offered will go up the more you use the service.
Like Paypal Capital loans, this type of lending is especially popular in the Gig Economy, where low credit scores or inconsistent work history can make getting traditional loans a challenge.
The admin fee is 4-10% of the total advance amount, depending on how far in advance you’re getting the funds — which isn’t too crazy given the convenience it offers. But it’s still something you should use sensibly or when you’re in a pinch, and not necessarily on an ongoing basis.