Like a parent cosigner, a guarantor is a party obligated by law to fulfill your rent obligations in the event of rent default. Leap qualifies your lease in place of a guarantor.
No. You are responsible to pay your rent and fulfill your other obligations under your lease agreement. We can only guarantee your lease to the landlord and help you qualify for your apartment.
Landlords often set strict qualification standards that are difficult for tenants like students, international professionals, and those with less-than-perfect credit to meet. Leap fills in for a personal guarantor or parent cosigner, allowing you to sign a lease where you otherwise would not qualify.
Leap is primarily a referral-based program. We cannot provide a list of partnered properties. However, if the property you’re leasing with is interested in signing up with Leap, feel free to apply with us, and we can our business development team reach out to the leasing office.
Anyone 18 years or older with the right to study or work in the U.S. can apply. For example: we accept applications from students, international students, working professionals, self-employed entrepreneurs.
Approval time varies depending on documents submitted and property response time. However, once you submit an application, you will hear back from us regarding the next steps within 30 minutes during normal business hours.
Generally, most of our applicants are ready to move in the same day!
We charge a one-time, upfront fee for the term of the lease to cosign your lease. Fees vary depending on the length of the lease. We will be able to provide an exact quote once a completed application is fully reviewed.
Yes, we will run a hard check on your credit. However, the impact on your FICO score is minimal.
Yes! Leap accepts applications from foreign citizens with the right to study, work, or live in the US.
Yes. If your name is on the lease, you will need to submit a free application. This does not apply to subletting roommates.
Leap cannot restrict coverage to one particular tenant when there are others on the lease. This is because we cover the entire apartment lease for the full term.
Depending on your individual situation, different documents will be required. Typically, photo ID, pay stubs, recent bank statements and, if applicable, copies of your student or work Visa will be needed. Students, 1099 workers, internationals, and retirees will be asked for additional/alternative documents.
Leap takes on a significant risk by cosigning your lease. To take on this risk, we go through an extensive review process, and these documents are necessary to determine your qualification.
To qualify, you must be a full-time student at an accredited institution (generally 12 credit hours per term) during the entirety of the lease term. You must be in good academic standing with a cumulative GPA of 2.0 or higher.
Our policy expires once your lease end date has passed. If you require Leap’s services again for an extension or renewal of your lease, you’ll need to reapply and pay our fee again, generally for a discounted renewal price.
Our fee is not a security deposit and is not returnable, unless your lease has been declined by the property.
Applications are submitted by all tenants on our website.
Once everyone’s application is complete, you’ll get a decision within 30 minutes*.
Remaining documents are collected and reviewed.
Everyone on the lease signs our agreement and pays the fee.
We provide all the necessary documents to your landlord. You’re ready to sign your lease and move in!
Our fee is based on a variety of factors including the lease term, the applicant’s credit and rental history as well as personal financial conditions, i.e., income, bank balances, etc.
Our fee can be paid via credit/debit card, Zelle, or certified bank check. Payment is collected before the lease is signed.
No. Leap’s fee is a one-time payment to secure the apartment. Our fee is entirely separate from and in addition to any fee the property requires as a security deposit. If you’re interested in a security deposit replacement, check with your property to see if they accept our Leap Deposit Replacement (LDR) product.
We cover leases up to 24 months.
Simply provide us with the building or landlord information and we’ll reach out to them. Most landlords can be registered as a partner on the same business day. We’ll do everything we can to help secure the apartment for you.
Our guaranty does not change your obligations under your lease agreement and does not protect you from missed payments or eviction—so be cool. If you default on your lease, it may lead to legal action, the start of an eviction proceeding, and a negative impact on your credit. You will be liable for any and all missed payments as defined in your lease agreement.
Leap Deposit Replacement is a deposit alternative that substitutes the traditional up-front security deposit with a low, non-refundable monthly fee. Instead of paying a cash security deposit, Leap Deposit Replacement gives you the freedom to pay a fraction of that amount.
You are still responsible for damage beyond standard wear and tear on your rental home. You remain responsible for your monthly rent and keeping your rental home in good condition.
Having the following materials will help us process your enrollment quickly:
- Your lease start date
- Landlord approval of your lease application
The specific requirements may vary by state and your personal circumstances. We might reach out for additional information if needed.
LDR is available at an ever-growing number of buildings around the country. To find out whether your rental home offers LDR, ask your landlord or leasing team if they are currently partnered with Leap.