What are the Padder Guarantor eligibility requirements?

To qualify for Padder Guarantor, renters must meet certain eligibility criteria. These criteria help ensure that Padder can provide effective support for those who need it most. The key eligibility requirements include:

1. Credit Score:

   • Applicants must meet minimum score requirements. Lower credit scores may disqualify an applicant.

2. Income Relative to Rent:

   • Renters must have a rent-to-income ratio that falls within program limits. If the rent is too high relative to the applicant's income, they may not qualify.

3. Monthly Rent Amount:

   • The base monthly rent must be within the program's specified limits. Rent amounts outside these limits may lead to disqualification.

4. Financial History:

   • Applicants must not have had a recent bankruptcy, foreclosure, or repossession. These financial issues can disqualify an applicant if they occurred within the last few years.

5. Documentation:

   • Applicants must provide accurate and complete documentation to verify their identity, employment, and income. Failure to submit required documents or discrepancies in the documentation can result in disqualification.

Ideal Candidates for Padder Guarantor Include:

• Self-Employed Individuals: Those without a traditional income structure.
• Recent Graduates: Individuals who have just entered the workforce and may lack sufficient credit history.
• Job Seekers: People actively seeking employment who may not have a steady income.
• Individuals with Lower Credit Scores: Renters who may have had financial difficulties in the past.
• International Residents: People new to the country who do not have an established credit profile.
• Atypical Credit Profiles: Anyone with a hard-to-evaluate credit profile, making it challenging for them to meet standard leasing criteria.