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How to Apply for Padder Deposit

There are two ways to get Padder Deposit, depending on how you’re qualifying for your lease:

  1. Through a Padder Guarantor application
  2. Through a standalone Padder Deposit application

In all cases, you apply for the unit with the landlord or property manager first. Padder comes in after they’ve reviewed your rental application.

Option 1: Through a Padder Guarantor application

If you’re applying for Padder Guarantor, and Padder Deposit is accepted at the property you’re renting:

  • You complete the Padder Guarantor application with your household.
  • Once you’re approved, Padder may also offer you the option to purchase Padder Deposit for that same lease.
  • In this case, Padder Deposit is simply added as an extra product so you can replace a Last Month’s Rent deposit with a one-time Padder Deposit premium.

Option 2: Standalone Padder Deposit application

If you’ve already qualified for the lease on your own (no Padder Guarantor needed), and your building offers Padder Deposit, you can use the standalone Padder Deposit application.

This flow is:

  • Shorter than the Padder Guarantor application, and
  • Requires only one roommate (the primary applicant) to complete it for the whole lease.

Important: Who is responsible if there’s a claim?

In the standalone Padder Deposit flow:

  • The primary applicant applies for and secures the Padder Deposit policy.
  • If a valid claim is paid to the landlord (for example, last month’s rent goes unpaid), Padder may seek repayment from the primary applicant only, even if the issue was caused by another roommate.
  • It is the primary applicant’s responsibility to arrange any cost-sharing or repayment with their roommates.

If you’re the primary applicant, make sure you and your roommates are aligned on this before you proceed.

Standalone Padder Deposit

1. Apply with your landlord first

Start by applying for the unit with your landlord or property manager as normal.

If they refer you to Padder Deposit after reviewing your application, follow the steps below.

2. Visit Padder.com

  1. Go to Padder.com.
  2. Select “Sign Up” or “Get Approved.”
  3. Choose “Padder Deposit” to start the standalone application.

3. Create your account and enter lease details

You (the primary roommate) will be asked to:

  • Create a secure Padder account using your email (or Google, where available).
  • Enter basic lease details, including:
    • Your rental unit (address, unit number)
    • Your lease (monthly base rent, lease start date)
  • Provide your Social Insurance Number (SIN) and Date of Birth (DOB) so Padder can run a soft credit check
    • This does not impact your credit score
    • It helps us match your profile and process your application faster and more accurately

Only one roommate completes this application for the entire lease.

4. Receive your decision and quote

Once your application is complete:

  • You’ll receive a decision (in real-time):
    • Approved
    • Declined, or
    • More information required
  • If approved, you’ll receive (within 24 business hours):
    • A one-time premium quote for your Padder Deposit policy
    • A secure payment link

We’ll also confirm the coverage limit (last month’s base rent only) and policy term so you and your landlord know exactly what’s protected.

5. Agree to the policy and pay your premium

When you receive your quote, you’ll also be sent your Padder Deposit Policy agreement (via DocuSign, or, in some cases, as an agreement you accept by checkbox in your payment link).

If you decide to move forward:

  • Review your Padder Deposit Policy agreement and key terms carefully
  • Agree to the terms by either:
    • Signing the agreement electronically (e.g., DocuSign), or
    • Where applicable, checking the acceptance box in your payment link
  • Pay your one-time premium using an accepted payment method (e.g., credit card, debit, wire, or e-transfer—options will be shown on your quote)

Once payment is processed and you’ve agreed to the terms:

  • Your Padder Deposit policy is set up for your lease
  • Your landlord does not collect a Last Month’s Rent deposit from you

6. Coverage activates once payment and signing are complete

Padder Deposit does not replace your rent. You still:

  • Pay rent to your landlord every month as normal, including the final month of your tenancy.

After your policy is activated:

  • Your landlord receives confirmation that Padder Deposit is in place for your lease
  • You sign your lease (if you haven’t already), and
  • You prepare to move in

From there, your Padder Deposit policy remains in force for the agreed coverage period, as long as the lease and policy conditions are met.

If anything in your lease changes before move-in (rent amount, dates, unit, or building), contact Padder support so we can confirm whether your policy needs to be updated or re-issued.