Tongo is the first line of credit built specifically for real estate agents. Tongo enables agents to turn their future income into a line of credit. Limits are based on pending commissions. Multiple commissions can be stacked to build a higher limit. Once approved, agents can access their approved limits as needed by either instantly transferring funds to a linked bank account or by swiping the Tongo card. Use as much you want or none at all. It costs as low as 3% per 30 days and fees are only charged on the amount used. If you do not access any of your approved limit, there’s nothing to pay.
Align cash flows: repay when you get paid
Unlike traditional lending products that require payments on a set schedule, Tongo gets repaid when you get paid. That remains true if your deal is delayed. If your deal falls through, you can just repay with the next one.
Every transaction is between you and Tongo
Like any other financial product, Tongo is completely private. There’s absolutely no broker approval or involvement. When your deal closes and you receive your commission, you repay Tongo directly.
Tongo is not an advance
While there are some similarities between commission advances and Tongo, Tongo is not an advance. In fact, it was built so that agents never have to use predatory commission advances again. Unlike advances, Tongo is rationally priced, private, and virtually frictionless.
Tongo vs credit cards
Tongo is also an alternative to credit cards and other traditional lending products. While in some cases traditional lending products may be priced lower than Tongo, they’re far less flexible. Tongo only requires repayment when you get paid and does not penalize users for delays in payment due to closing changes or deals that fall through. In addition, Tongo has no impact on credit.
Tongo is the first line of credit designed specifically for real estate agents. Click here to learn more.