Are you wondering how to get an apartment with bad credit? We, at Speedy Fina, are here to shed light on the situation, to help you succeed in renting an apartment despite a bad credit score.
What exactly is considered bad credit?
Canada has a credit score that typically ranges from 300 to 900. Within this range, scores from 300 to 559 are rated as poor ‒or bad credit.
Landlords will investigate your capacity to pay via a credit report. This report provides them with valuable information, including your financial history and your credit score.
Though it is challenging, renting with bad credit is not impossible. Common obstacles you might have to overcome include:
To your question “how to get an apartment with bad credit?”, first start by checking your credit score. You can access your credit report online for free.
You might also be wondering “How long does a consumer proposal stay on a credit report”? The answer is up to three years after debt is paid off or six years after signing, whichever comes first.
Keep in mind that no matter your credit score, you can receive a payday loan with Speedy Fina within 60 minutes, without a credit report!
Comb through your credit report to check for mistakes. Even a small mistake can be corrected and might influence your score positively.
Money talks. Chances are you’ll be taken more seriously by a landlord if you offer more money upfront. It will also give them a chance to see how serious you are about making payments.
Don’t have the money? You might want to consider one of our payday loans so that you can get a cash advance when you actually need it!
A co-signer is a common solution for people with bad credit. Should you be unable to pay, the co-signer is legally bound to make the payment for you.
If you save enough money to provide a landlord with a few months rent in advance, this might make them more inclined to consider your application.
No matter where you live in Canada, a payday loan can also do the trick!
If, despite your current credit score, you have a history of always making your payments on time, you can ask your previous landlords to write a reference letter stating this.
Taking the time to write a personalized application letter can give a landlord the chance to get to know you. This can help sway the decision in your favor.
Private landlords don’t rely on a property management company or real-estate agent. They might be more inclined to assess you as an individual and not a case number.
In the case of a sublet, though you are responsible for making payments, the original tenant is too. So, for a landlord, this can be the equivalent of a guarantor.
Though this is often an appealing solution for people with bad credit, be thorough in your search and when reviewing your contract. Less conditions on your lease can also unfortunately mean worse living conditions.
These programs are similar to low-income housing, which means rent equal to 25 % of your income. You will have to check your eligibility and will be placed on a waiting list.
If you are still wondering how to get an apartment with bad credit? Providing a landlord with proof of a stable income and employment can go a long way in showing that, no matter the past, you are able to pay today.
You might want to consider offering to sign a shorter lease with a possibility of renewal, this may help your landlord feel they are taking less risks.
If you’re in a bind and need money quickly to seal the deal, check out our payday loans at Speedy Fina!
You will receive your money within 60 min by e-Transfer. No hidden fees. No added interest. No credit check. No documents!
