What does a guarantor mean?
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
Guarantor's services are different, so you should check several options and see what suits you so that you can find the best fit.