FAQ

FORRENTERS

  • What is a guarantor?
  • What is a credit score?
  • What is the minimum credit score you accept?
  • Will you run a hard check on my credit?
  • Who are TheGuarantors?
  • Who backs TheGuarantors Agency?
  • Why do I need TheGuarantors Lease Rental Bond?
  • What is a Lease Rental Bond?
  • What is the cost/pricing to use TheGuarantors service?
  • How much does it cost to apply for TheGuarantors Agency Lease Guaranty?
  • How long does it take to get approved?
  • What are the typical minimum requirements that TheGuarantors Agency would accept?
  • I'm an international traveler, expat, or foreign student. Is TheGuarantors Agency Lease Guarantee for me?
  • What is a Responsible Party and why do I need one?
  • What if only one roommate needs to use TheGuarantors?
  • What if I don't work or I don't make 27 times the monthly rent?
  • What documents will you need from me?
  • Do I get credit for my bonus, relocation allowances?
  • Do I get credit for liquid assets I own?
  • Do I get credit for my 401-K savings?
  • What is the length of coverage?
  • Does every building accept TheGuarantors Agency Lease Guaranty?
  • Can I use TheGuarantors Agency if I haven’t found an apartment yet?
  • What are the steps and timeline for the process?
  • How can I pay the premium?
  • What happens if I break or stop paying my rent (not that I would ever do that)?

BASICS

What is a guarantor?

A guarantor is someone who is legally responsible if you stop paying your rent. Learn More

What is a credit score?

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. Learn More

What is the minimum credit score you accept?

We are not able to approve applicants with a credit score below 630.

Will you run a hard check on my credit?

Yes, our credit report is a hard check.

Who are TheGuarantors?

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!

Who backs TheGuarantors Agency?

Programs are underwritten by The Hanover Insurance Company, a A-rated insurance company.

Why do I need TheGuarantors Lease Rental Bond?

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.

What is a Lease Rental Bond?

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.

What is the cost/pricing to use TheGuarantors service?

For US residents, the guarantee typically costs around 5-7% 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.

How much does it cost to apply for TheGuarantors Agency Lease Guaranty?

It’s free!

How long does it take to get approved?

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.

APPLICATION PROCESS

What are the typical minimum requirements that TheGuarantors Agency would accept?

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.

I'm an international traveler, expat, or foreign student. Is TheGuarantors Agency Lease Guarantee for me?

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.

What is a Responsible Party and why do I need one?

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.

What if only one roommate needs to use TheGuarantors?

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.

What if I don't work or I don't make 27 times the monthly rent?

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.

What documents will you need from me?

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.

Do I get credit for my bonus, relocation allowances?

Yes, bonuses and other allowances can positively impact your application.

Do I get credit for liquid assets I own?

Yes, liquid assets such as securities, bonds or stocks are taken into account.

Do I get credit for my 401-K savings?

No, only liquid assets are taken into account.

What is the length of coverage?

We cover leases ranging from 6 months to 18 months. We cannot cover 2 year leases.

Does every building accept TheGuarantors Agency Lease Guaranty?

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.

Can I use TheGuarantors Agency if I haven’t found an apartment yet?

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.

What are the steps and timeline for the process?

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!

How can I pay the premium?

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.

CONDITIONS

What happens if I break or stop paying my rent (not that I would ever do that)?

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.