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.
guarantor needed*
The leasing team will refer you. Not sure if a property offers Padder? Ask its leasing team. Start by applying for a unit with the property; if they offer Padder, you can then apply with us.
Where is the home you’re applying for?
Province: Ontario, from your earlier choice
What did the leasing team mention?
Until you choose, everything below shows for both products.
Showing:
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, which usually takes an hour to a few days. 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 Indemnity Agreement online.
Sign your lease and move in
Check your lease matches your policy before you sign.
Already bought a policy? See what happens next and what we need from you.
Your policyWhich policy you were referred for
Padder Guarantor and Padder Deposit are insurance policies issued by Accelerant Insurance Company of Canada. Padder Underwriting Inc. is the licensed insurance broker that arranges them.
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.
Includes Padder Credit Builder: choose to have your first 12 months of rent reported to Equifax Canada, free. Reporting works both ways. What is Padder Credit Builder?
Replaces the last month’s rent deposit
You pay a one-time premium instead of a last month’s rent 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 the property 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. Income from somewhere other than a job, paid in cash, or new to Canada? See which documents to upload.
Will applying affect my credit?
No. For Padder Guarantor, Padder uses a soft credit check from Equifax, which doesn’t affect your credit score. Padder Deposit on its own has no credit check. No Canadian credit history yet? You can still apply.
Do we all need to apply?
For Padder Guarantor, every roommate on a shared lease applies, and the first applicant invites the others by email during their application. If you each have your own lease, only the person who needs a guarantor applies. For Padder Deposit, only one leaseholder needs to complete the application. If someone needs to join after you’ve applied, they can apply on their own and we’ll link your applications. Adding someone after you apply
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. Plus 8% RST. You pay once, by Interac e-Transfer or card; there are no monthly payments. 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 insurance company pays your landlord for rent you missed, you pay the insurance company back.
What if I’m not approved?
You still have options. Padder is optional, so speak with the leasing team about a personal guarantor or paying the deposit. If your situation changes, you can apply again. Applying again after a decline
If I buy Padder, will I get the apartment?
A Padder policy can strengthen your application with the property, but it doesn’t guarantee your lease will be approved. The property makes the final decision, and if your lease isn’t signed, your premium is refunded in full.