Renters - Frequently Asked Questions

F.A.Q.

For Renters


Basics

A guarantor is someone who is legally responsible if you stop paying your rent.
A credit score in the United States is a number representing the creditworthiness of a person. It is used by landlords to determine the likelihood that a person will pay his or her rent.
We are not able to approve applicants with a credit score below 630.
Yes, our credit report is a hard check.
TheGuarantors are an alternative, established and accredited co-signer. We turn a rejected application into an accepted one. As your guarantor, our insurance carrier shows $13 billion in assets, so your landlord will definitely be comfortable with us on your team!
Programs are underwritten by The Hanover Insurance Company, a A-rated insurance company.
Renting an apartment in NYC is tough! Common reasons for needing TheGuarantors include the absence of credit score, a credit score below 700 or an income below 35 times the monthly rent. If you’re a great tenant but it’s hard to prove that then TheGuarantors will get you in. It’s the fastest and safest way for tenants to meet the tough requirements for renting an apartment. Your landlord might have referred you to us if they want to rent the apartment to you, but you don't pass their qualification requirements.
A Lease Rental Bond is basically an insurance policy in which the landlord is the beneficiary. The renter buys the policy in order to qualify to rent the apartment, and the policy insures the landlord for the term of the renter's lease. This means that landlords can accept renters they might otherwise have to reject, because they are eliminating their risk.
For US residents, the guarantee typically costs around 4.75-7% of the annual rent. For non-US residents, the cost is typically around 7-10% of the annual rent. For example, if your apartment is $3,000 per month for a 12 month lease and your rate is 7%, the cost of our premium would be $2,520. If this was for an 18 month lease, the premium would be $3,780. Fees depend on credit score information and personal financial condition. Renters pay for the policy in a one time upfront payment before the lease signing. Cost is per lease, not per tenant.
After submitting your application, which should take about five minutes, you will hear back from us within just a few hours during normal business hours.

Conditions

Your obligations under the lease remain the same with or without TheGuarantors Agency coverage. Defaulting on the lease will lead to legal actions, the start of an eviction process and reporting to credit bureaus. You will be liable for legal fees and any rent payment due.

Application Process

If you have a FICO score, the minimum score is 630, and if employed, the minimum total annual income accepted is 27 times the monthly rent.

If you already have a co-signer, but the landlord won’t accept them, we would love to talk. We assess each application on a case by case basis, so even if you don’t satisfy these requirements, don’t feel discouraged. Reach out to us! We want to help you get in.

Yes, prospective renters with no US credit score are eligible for TheGuarantors Agency Lease Guarantee. The rate for non US citizens is usually between 8 and 10% of the total annual rent. If you are an international student, you'll most likely need a Responsible Party in order to qualify. A Responsible Party is a family member that makes 45 times the rent or has 75 times the rent in liquid assets. This is different from a guarantor, as the individual does not need to be in the US, and their income does not need to be in US dollars.
A Responsible Party is a family member that makes 45 times the rent or has 75 times the rent in liquid assets. This is different from a guarantor, as the individual does not need to be in the US, and their income does not need to be in US dollars. Guarantors are also required to make around 90 times the monthly rent, whereas a Responsible Party only needs 45 times the monthly rent. You might need a Responsible Party if you are a student, don't have any income, or don't have enough income to qualify on your own.
Our Lease Guarantee provides coverage for the entire lease, so we are not able to cover only one roommate or one section of the lease.
You might still be able to qualify! If you have liquid assets, we can look at that as well to see if that helps you qualify. You might also be able to use a Responsible Party to qualify. The Responsible Party has to be a relative that makes 45 times the monthly rent or have 75 times the monthly rent in liquid assets. This individual does not need to be a US citizen or live in the US.
Depending on how you fill out the questionnaire, we will need different documents from you. For example, if you are an employed US citizen, we will need a copy of your passport or state ID, your signed letter of employment, two most recent pay stubs, and two most recent bank statements. If you’re an international student, we’ll need your valid visa, proof of enrollment in school, and some documents from your Responsible Party.
Yes, bonuses and other allowances can positively impact your application.
Yes, liquid assets such as securities, bonds or stocks are taken into account.
No, only liquid assets are taken into account.
We cover leases ranging from 6 months to 18 months. We cannot cover 2 year leases.
We are only available in New York City and parts of New Jersey at this time. Not every building accepts us yet, but we're happy to speak to any landlord about accepting our service. If the unit you are applying for doesn't take TheGuarantors service at this time, please send an email to contact@theguarantors.com and we'll get in touch with the landlord.
Yes, you can be pre-qualified based on the information provided. When you find the right apartment let us know for a final, ultra-fast approval.

1. You and any co-tenants submit your questionnaire(s) on our website.

2. You upload the requested documents right to the application.

3. If approved, we'll email you a Qualification Certificate, indicating that you have been approved.

4. We will reach out to the building to confirm the lease details.

5. You will pay our premium and sign our agreement.

6. We issue the Bond to the building and let them know you are approved and ready to sign your lease!

We accept certified bank checks, debit cards (no credit cards), and wire transfer. Depending on your payment method, there may be fees associated. The premium is a one time, up front fee, that needs to be paid before signing your lease.