is here to break down any questions you may have about a guarantor on a lease. Continue reading to learn more about what it is, why you might need one, and how to find a guarantor.

What is a guarantor on a lease?

A guarantor—also known as a cosigner—is someone who promises to be legally liable for paying the rent as specified in the lease, but only if the renter is unable to do so for one reason or another.

Guarantors aren’t required by law anywhere, but some renters may have to rely on one to find approval for an apartment/home.

The guarantor will sign the lease alongside the tenant and tend to be a parent, relative, partner, or close friend.

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Why you might need a guarantor

There are a few instances that may warrant the use of a guarantor. These could be any of the following:

You have a poor credit score or little to no credit history

There’s bankruptcy in your history

There’s an eviction in your rental history

You have an unreliable employment record

Your proof of income doesn’t meet standards (generally 3x the rent)

If a property manager or landlord determines that any of these conditions apply to you, they may ask you to have a guarantor on your lease.

For first-time renters, especially, a guarantor might make it easier for you to sign a lease.

MORE: How to get a cosigner for a bad credit car loan

How to find a guarantor

If you want or need a guarantor, the first thing you should do is find a reliable third party you trust.

You can ask a parent, relative, or reliable friend—anyone that you can trust to financially have your back and take responsibility for your rent if needed.

Make sure you go over the details of being a guarantor with whomever you choose, so there’s no added stress if the worst-case scenario happens and you’re left with someone who doesn’t know what they’re supposed to do.

Once you’ve chosen someone to be your guarantor, they’ll need to do the following:

Sign the paperwork for your lease alongside you

Submit proof of their income

Submit a copy of their tax returns

It’s important to find a guarantor that is in good financial standing—choosing someone who isn’t responsible with their finances is a sure-fire way to find yourself stranded if you find yourself needing help with rent.

If you’re struggling to find a trustworthy guarantor, you can also choose to pay a guarantor service to sign the lease with you. This will come with additional monthly fees but is a guaranteed-reliable choice.

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Alternatives to having a guarantor

You might find yourself in a scenario where you have no personal guarantor options and do not feel comfortable employing a guarantor service.

If this is the case, here are some ways you can improve your chance of getting approved without the use of a guarantor:

You can make an additional payment at signing as proof you’ll be a reliable tenant. This could be a higher security deposit or paying for a few months’ rent in advance.

Become a sub-tenant or roommate with other people

Try peer-to-peer lending, which allows for those who wouldn’t usually qualify for a loan to borrow from investors.

Work on building (or rebuilding) your credit—pay off bills on time, consider consolidating your debts, etc.

Saving money with Jerry

Whether or not you choose to find a guarantor for a lease, there are always ways to save money when it comes to you and your home. An easy way to do so is to compare

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MORE: The 16 perils of home insurance

Is a guarantor on the lease?

A guarantor will sign on your lease with you, but it isn’t legally required in any state. You may find your landlord requires a guarantor if you have a shaky financial history—or you may just choose to find a guarantor if you think it would be best for you!

Can I get a guarantor on a car loan?

Yes! Having a guarantor on a car loan is essentially the same as a guarantor on a lease.

A third-party guarantor agrees to cover the borrower's car loan repayments if they are unable to do so.

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