Let’s get you
into your new home
A Padder policy can take the place of a personal guarantor or a last month’s rent deposit. Applying is free, takes a few minutes and commits you to nothing. If you’re approved, you decide whether to buy.
How it works
Apply
Answer some questions about your lease. Padder Guarantor asks for ID and a few documents; standalone Padder Deposit needs none.
We confirm details
Once everyone has applied, we confirm the lease details with your leasing office and review your application, usually within 24 business hours. Standalone Padder Deposit is approved instantly.
You get your quote
If you’re approved, you receive a quote. Buying is your choice. If you buy, you pay a one-time premium and sign your Policy Agreement digitally.
Move in
Your policy is active, your landlord can move forward with your lease, and you move in.
Which policy you were referred for
We are a fintech company that offers insurance products that give stronger protection for landlords and greater access to renters. Additionally, we are a licensed insurance broker, and partner with licensed Canadian insurers to provide the coverage you need.
Your leasing office will have told you which one applies to you. Both are optional.
Takes the place of a personal guarantor
So you don’t need to ask family or friends. The policy reimburses your landlord for missed base rent, but it does not cover your monthly rent payments; you remain responsible for these.
Replaces the last month’s rent deposit
You pay a smaller one-time premium instead of a last month’s deposit and keep more cash for your move. It helps your landlord recover the final month’s base rent if it isn’t paid at move-out. You remain responsible for all rent payments, including your final month.
One application covers both. If you were asked for a guarantor, apply for Padder Guarantor; where your building also accepts Padder Deposit, you’ll see it offered with your decision. You’ll see your price before you sign anything.
Common questions
What do I need to apply?
Your lease details. Padder Guarantor also asks for government ID and a few documents, such as pay stubs or bank statements. Standalone Padder Deposit needs no documents.
Will this affect my credit?
No. Padder runs a soft credit check directly from Equifax, so your credit score is not affected.
Do we all need to apply?
For Padder Guarantor, every roommate applies, and the first applicant invites the others by email during their application. For Padder Deposit, only one leaseholder needs to complete the application.
What does it cost?
Padder Guarantor: a one-time premium of 30% to 130% of one month’s rent. Padder Deposit: a one-time premium of 10% to 15% of one month’s rent. You’ll see your exact price before you sign.
Do I get my payments back?
Padder premiums are not deposits. Your premium buys insurance coverage. It is refunded in full if you cancel before your lease is signed. Once your lease is signed the policy cannot be cancelled and the premium is not returned.
What am I agreeing to?
You remain responsible for your lease obligations. If the insurer pays your landlord for unpaid rent on your behalf, you must repay those amounts. This is a standard requirement of the policy, and Padder will work directly with you on a fair and flexible repayment plan.