Your Tongo balance is due in full when your deal is closed. If a deal closing is delayed, the due date adjusts accordingly. If a deal falls through, your next deal will be your replacement deal, and the Tongo balance is paid in full when your replacement deal closes.

Residential sales transactions that are scheduled to close within 60 days are eligible for a Tongo commission-backed line of credit.  Residential leases are also eligible for a Tongo commission-backed line of credit.

When you apply for Tongo, we may perform a soft credit inquiry which has no impact on your credit score. Unlike hard credit inquiries, soft credit inquiries, also known as soft credit pulls or soft credit checks, are reviews of your credit report that do not affect your credit score.

For qualified agents, Tongo does not require broker approval.

The Tongo card lets you conveniently make purchases with your approved line of credit limit anywhere Visa is accepted. You’re not required to use it and can always simply transfer funds instantly to a linked bank account.

No. Tongo is not a loan or a credit product. A commission-backed line of credit is Tongo purchasing a future commission with the promise of repayment for a reasonable fee. Factoring can help businesses improve their short-term cash needs by selling their receivables in return for an injection of cash from the factoring company.