Frequently Asked Questions
No one else works the way we do, so we know there are going to be questions. Here are some of the most common ones we hear. Still didn’t do the trick? Contact a live human here.
Who is Tongo For?
Tongo is built for commission-paid, licensed, residential real estate agents.
How do I join?
Simply hit our “Sign up” button and create your Tongo account in minutes. We’ll ask you few questions about yourself and your business. We’ll respond to your application in less than an hour.
Does Tongo do a credit check?
Does my Broker need to sign anything?
No. You are a professional and we treat you like one. We keep your business, your business.
Where is Tongo available?
Tongo is available in the United states. You need a US address, bank account and phone number.
Is it safe to use Tongo?
How much does it cost to use Tongo?
Our fees are the lowest in the industry and you only pay for what you use. You will be approved for a simple monthly (actually 30 day) fee rate between 3-5%. We then charge that fee on each draw based on when you actually advance the money and when you actually pay us back.
Are fees tax deductible?
Advances are business transactions and therefore tax deductible.
How much of my commission can I advance?
Up to 75% of your commissions or $10,000.
Is the money a loan?
No. You’re simply selling us a portion of your commission, and Tongo purchases it for a small discount.
What happens if my deal is delayed?
We get it; things don’t always go as planned. Just tell us the updated closing date and we’ll adjust accordingly. Our product and pricing easily accomodate moving dates.
What happens if my deal doesn’t close?
It happens. In the event that a sale falls through, we can wait for the next one. Just let us know.
Are there hidden fees?
No. We only charge you the standard monthly fee rate.
How do I set my account limit?
Its simple. Just upload one or more contracts of sale and confirm your commission amount and we will confirm your new account limit.
How can I access my money?
You can simply swipe your Tongo card to make purchases like any credit card, or transfer the money into your checking account in as little as a minute.
How does the Tongo Card work?
It’s a card secured by your income. Use it like you would any other card. When you make a purchase of any size we automatically advance you that amount from your account limit.
Am I liable for fraud on my card?
How do I repay my advance?
We’ll send a reminder notice and estimated statement shortly before your closing. You simply log in, and confirm the date of repayment and the amount is transfered electronically.
When do I need to repay?
Repayment is due 5 days after your closing. We get that sometimes the payment gets to you later, and in those cases you can adjust your repayment date in your Tongo account portal.
What if I want to pay before my deal closes?
You can repay anytime. Simply log in to your Tongo portal and make a payment.
I’ve paid back, how do I keep using Tongo?
Your Tongo card is always on, just like a credit card. Simply upload the contract of sale for your next transaction to renew your limit.