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Understanding Padder Guarantor and How It Works

Padder Guarantor is our innovative Guarantor-as-a-Service product designed to help renters qualify for their lease. This policy covers landlord's losses in the event of tenant default. 

Padder Guarantor is a guarantor-as-a-service solution for residential leasing in Canada that replaces the need for traditional personal guarantors. It’s designed to help landlords approve a wider pool of tenants—such as international students, gig workers, freelancers, new immigrants, or anyone without a strong Canadian credit history—without increasing their financial risk.

How It Works

For Landlords:

  1. Select Coverage & Duration:
    1. Choose how much rent coverage (e.g., 3–12 months) and for how long (e.g., 12–36 months).
  2. Invite Tenants:
    1. At the point of lease, landlords invite prospective tenants to apply for Padder Guarantor.
  3. Padder Screens the Tenant:
    1. Tenants complete a short online application, including a soft credit check, SIN, income info, and ID upload.
  4. Tenant Pays the Fee:
    1. Tenants pay a one-time or monthly fee (typically 25%–130% of one month's rent, depending on risk profile and coverage).
  5. Lease Execution:
    1. Once approved and paid, the lease is signed. The landlord receives confirmation of rent protection.