Collateral is used to help approve applicants who do not meet our approval standards.
Why is collateral required?
In rare cases, we may request collateral to approve your application if it does not pass our approval standards.
The collateral requirement is determined by our proprietary risk model, which uses information from your application on file, information gained in the consumer report and rent payment history provided by your building.
The entirety of the collateral is due prior to signing your lease.
When will my collateral be returned?
To be eligible for your collateral return, the following conditions must both be met:
1）Your lease has ended
2）Your building confirms that you have no balance
You should receive the funds in your account 30 days after both conditions have been met.
What is the collateral return process?
We will reach out to you through email before your lease ends to request information about what bank account you would like your collateral returned to. Once the collateral return requirements are met, we will return the collateral to the requested account.
Note: Collateral is not rent. The renter is still responsible for paying rent, even if they have provided collateral.