Looking for an apartment can be a very stressful experience. When you finally settle on the one that best meets your needs, it can feel like a huge weight has been lifted. That is until you fill out an application and the landlord informs you that a cosigner is required. Using a cosigner for your Willingboro apartment does complicate matters, but it doesn’t have to mean going back to square one.
Landlords and property managers are running a business, so understandably, their main focus is acquiring residents who consistently pay the rent without too much hassle. The reason that prospective residents who have bad credit, a past bankruptcy, an unestablished credit history, little to no rental history, or low income in relation to the rental fee are more likely to have trouble paying the rent. Requiring a cosigner offers a safety net by shifting the financial burden if the resident doesn’t have the funds.
As a party to the agreement, a cosigner’s name appears on the lease, but he or she does not have to live in the apartment. Nevertheless, cosigners take financial responsibility as if it was their apartment and are liable for paying rent if an installment is missed or for damages incurred beyond the security deposit. If the financial obligations are not fulfilled, the cosigner is just as vulnerable as the resident – both can be sued, have property attached, or have wages garnished in order to satisfy the debt.
Although anyone with good credit can cosign a lease, the task typically falls to parents and older family members who are willing to take a risk on a loved one. Friends who have better credit than the prospective renter may make good co-guarantors, but the situation can strain even a long-term relationship. For example, you may have the best of intentions, but miss a few payments due to job loss, thereby placing the burden squarely on your cosigner. For those who are reluctant to ask an acquaintance to cosign, there are commercial services that will do so for a fee. A viable avenue for some, paying a service can be a slippery slope for those who are trying to rebuild or establish credit.
If you are asked for a cosigner and can’t find one, don’t give up hope. Instead, talk to the landlord and try to make a case for yourself. Depending on your circumstances, you may be able to satisfactorily explain why you have bad credit or what steps you have taken to fix it. If you have the financial means, show that you aren’t a risk by offering to pay a larger upfront security deposit or a few months’ rent in advance.
Using a cosigner for your Willingboro apartment may not be what you had in mind, but finding someone who will legally guarantee your lease may not be as daunting as you think. If you do run into trouble and also can’t convince the landlord to take a chance on you, consider renting from an individual or a smaller local company; both are likely to have more relaxed standards. Don’t give up hope – the right apartment for you and your wallet is out there!