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What does a guarantor mean?

Updated: 7 days ago

A guarantor is someone who takes responsibility for the credit on behalf of someone else. Essentially, the guarantor agrees to accept liability for repayments if the borrower no longer has the means to make them.


Whenever you may require a guarantor?


There are many reasons why you may need a guarantor to obtain approval for your rental application. Common alarm signals that may result in a landlord requiring a guarantor include:


Credit issues

If you have limited or no credit history, poor credit, or bankruptcy on your credit report, the property manager or landlord may have concerns about whether you can pay your rent in a timely manner.


No rental history

Many homeowners or real estate managers require that new tenants have a guarantor. Once you have accumulated your rental history, you may be able to rent somewhere else with no personal deposit.


Unreliable employment history

Frequent differences in your work history may cause income problems in the near future. Or, if you're a student who doesn't have a full-time job, the landlord can ask for security that your rent will be paid, even if you have student loans or savings to cover the rental costs.


Minimal income

Many homeowners require a household income of at least three times the monthly rent in order for the tenant to afford the rent and other living expenses. Homeowners or real estate managers will ask for proof of income and may confirm this information with your current employer.


How we can find a guarantor?


Each company has its own criteria and a different fee structure. It is therefore important to examine the advantages and disadvantages of each business with care.


Insurent

Pros

Able to use liquid assets for approvals.

27.5 times the annual rental revenue requirement.

Coverage is even extended shortly after the lease expires.

Cons

There are only seven states.

Only three thousand buildings.

The signing roommates also have to apply.


Jetty

Pros

An online application is available.

Unblock deposits and tenant coverage are also available.

Available in 40 states.

Cons

Partnership properties only.

No rental protection at all.

The owner gives his consent.

Requires the use of guarantee deposit products.


Leap

Pros

Quick approvals

A replacement warranty deposit is also provided.

Cons

No rental coverage at all.

No security deposit in the building.

The signing roommates also have to apply.


Liberty rent

Pros

Sustain less than the perfect credit.

Supports unsuccessful candidates to be approved.

Straightforward application process.

Cons

$35 request fee (all tenants)

Restricted properties supported.


One app guarantee

Pros

Offers rental assistance.

Covers for damage.

Simple online payments.

Cons

The signing roommates also have to apply.

May need to obtain homeowner approval.


Rhino

Pros

Up to 24-month agreements

Security deposit replacement is also available

Available in 40+ states

Cons

Limited online information

Requires use of security deposit product


TheGuarantors

Pros

Up to 24-month agreements

Available in 40+ states

Cons

$100 cancellation fee

Requires decent to good credit


Guarantor services are different, so you should check out several options and see which feels right to you, so you can find the best fit.


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Rhino

Pros

Up to twenty-four months of agreements.

A substitute warranty deposit is also available.

Available in 40+ states

Cons

Information on the web is limited.

Requires collateral deposit product to be used.


TheGuarantors

Pros

Up to twenty-four months of agreements.

Available in 40+ states

Cons

A cancelation fee of $100.

Good credit is needed.


Vouching services are different, so you should check several options and see what suits you so that you can find the best fit.


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