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We guarantee the rent, so a bad month isn’t your problem

Loonwise steps in as guarantor on the lease. If an approved tenant stops paying, we pay you — up to twelve months — and we deal with recovering it from them. You keep collecting rent on schedule.

Up to 12 months of rent Tenant screened first We chase the arrears, not you

How it works

The screening is the guarantee. We only stand behind a tenancy we’ve underwritten, which is what lets us say yes to good tenants other landlords would pass on.

The tenant is screened

Credit, income, employment and rental history — with the tenant’s written consent. Screening is what sets the terms, and a file that doesn’t pass isn’t guaranteed.

The guarantee is issued

Loonwise signs on as guarantor for the term. You get the agreement in writing, naming exactly what’s covered, for how long, and what your obligations are.

Rent stops? We pay

Report it within the notice window and we cover the rent while you go through the proper process. Recovering the money from the tenant is then our job, not yours.

What’s covered, and what it costs

One rate, charged on the monthly rent. Edit your rent below to see it on your own numbers.

Included in every guarantee

Your cost

$0/mo

—

Monthly rent

Covered if rent stops$0

Cost over 12 months$0

Paid annually instead$0

Apply for a guarantee

Illustrative. Your rate and terms depend on the tenant’s screening result and the property.

Conditions — read these first

A guarantee is only as good as the terms it’s written on, so here are ours in plain English rather than buried in a schedule. The signed agreement is what governs.

The tenant must pass screening. No screening, no guarantee — and screening happens before the lease is signed, not after a problem starts.
A written lease is required, using your province’s standard form where one exists, with the rent and term matching what we guaranteed.
Tell us early. Missed rent has to be reported inside the notice window in your agreement. A tenancy that’s already months in arrears when you call can’t be picked up retroactively.
Follow the proper process. You keep meeting your obligations as a landlord and use the legal route your province requires — we can’t cover a situation created by an improper eviction or lockout.
Coverage is capped at the amounts shown above, per tenancy, for the guaranteed term.
Not covered: damage beyond the stated limit, unpaid utilities, vacancy between tenancies, rent you agreed to waive or defer, or anything arising before the guarantee started.
We recover from the tenant. Once we pay you, the tenant owes us — you assign us that right, and you agree to cooperate with the recovery.

Loonwise acts as a guarantor under a contract of guarantee. This is not insurance and is not a substitute for it, and nothing here is legal advice — landlord and tenant obligations are set by your province’s tenancy legislation.

Questions landlords ask

No. Loonwise signs the lease as a guarantor, the same role a parent plays when they co-sign for a student — the difference is that we underwrite the tenancy first and charge a fee for standing behind it. An insurance policy pays out on a loss; a guarantee makes us responsible for the tenant’s obligation, which is why we then recover the money from the tenant rather than absorbing it.

You tell us inside the notice window, we confirm the tenancy is in good standing under the agreement, and we pay you the guaranteed rent while the proper legal process runs. You don’t chase the tenant for the arrears — that becomes ours to recover.

Yes, and they have to consent — both to the screening and to the guarantee, because they’re the party we ultimately recover from. For a lot of tenants that’s the point: a guarantee is often what gets a good applicant with a thin credit file or no Canadian history approved at all.

No, and that’s deliberate. The rate is set by the screening result, and some files won’t qualify. A guarantor who says yes to everyone can’t pay out when it matters — being selective is what makes the promise worth anything.

Tenancy law is provincial and the process differs in every one, so availability is rolling out province by province. Tell us where your property is when you apply and we’ll tell you exactly where that stands.