Salaryo is a subscription-based financing service that helps coworking members get better access to coworking spaces. Salaryo secures a deposit on the member’s behalf and enables flexibility in coworking rental payments. Qualified members pay a small monthly subscription fee and Salaryo pays the deposit on their behalf.
What’s in it for coworking members?
Freelancers and entrepreneurs benefit by joining the coworking community of their choice, without having to put down a hefty security deposit out-of-pocket.
What’s in it for coworking operators?
With Salaryo, coworking operators benefit from higher conversion and less friction at sign-up, as well higher occupancy rates, reduced churn and longer stays. All that, while keeping the benefits of holding a security deposit.
How does Salaryo work?
3 simple steps: 1. Member completes the online application within 3 minutes. 2. If approved, Salaryo pays the security deposit to the coworking space in 1 business day. 3. Member moves in!
How much does Salaryo cost?
The Salaryo subscription fee is charged monthly, starting at $10 per month for every $1,000 paid on the member's behalf. The fee can vary depending on the member's profile, the space and the deposit amount. Salaryo has no costs for coworking space operators.
Do you charge any other interest on top of the monthly fee?
No. The monthly subscription fee is the only cost for using Salaryo. There are no hidden interests and no extra fees.
How do I pay the Salaryo subscription fee?
Once you have finalized your membership agreement with the coworking space, you will be asked to submit a payment method (Debit card). Once the payment method submission is confirmed, Salaryo will proceed with paying the security deposit on your behalf.Your payment method will be charged every month, until the end of your your membership agreement with the coworking space.
How fast can my Salaryo application get approved?
If approved, we will notify you and the coworking space within 12 hours. Once you submit your payment method, it takes up to 24 hours for Salaryo to transfer the funds to the coworking space.
What if I have a no credit history, or an eventful one?
Salaryo evaluates each application based on a number of criteria. Though credit history could suggest future behavior, there are other factors to weigh in when making credit decisions for freelancers and entrepreneurs. We take into consideration your current status and future prospects, rather than only your past.
What happens when I leave the coworking space?
As long as you leave in accordance with the agreement you have signed with the coworking space, Salaryo will stop charging you the monthly subscription fee once we recover the deposit from the coworking space.
Do I need to notify Salaryo when leaving the coworking space?
Yes. You should notify us of your departure date at the moment you give notice to the coworking space, so we can process the deposit recovery and stop charging you the monthly subscription fee.
What happens if the coworking space needs to use the deposit?
Salaryo is a financing service, where qualified coworking members pay a monthly fee for having the security deposit paid on their behalf, and the deposit needs to be fully recovered at the end of the stay. In the event of contract breach, rental default, damages or any other event that enables the coworking to make use of the security deposit according to your mutual agreement, you will be required to pay back to Salaryo the full amount of the security deposit, according to Salaryo’s terms and conditions.
I’m already a coworking member. Can Salaryo finance my rent?
Yes. Salaryo can pay up to 3 months of rent on your behalf.
Can I apply with a co-founder/business partner?
Yes. Salaryo allows co-founders to apply. Each application will be assessed on individual basis. You will each need to fill out a separate Salaryo application and note that you are applying with a business partner.
What is the duration of a Salaryo subscription?
Your Salaryo subscription is valid for a specific coworking space, and will remain active along with your coworking membership agreement.
I’m moving between two coworking spaces. Can I transfer my Salaryo subscription to my new coworking space?
Contact our team. We’ll do our best to ensure a smooth transition to your new workspace.
How can I contact you?
Email us at: email@example.com
Mail us to: 43 W 23rd St, New York, NY 10010, USA