Frequently Asked Questions

No. The money that a renter uses to fund their account is not paid to their property owner or operator unless and until it’s due and payable.

Recent changes to New York law make it illegal for property owners and operators to accept more than one-months’ rent in advance.

TheGuarantors has been helping property owners and operators qualify renters since 2016 with a track record of reliability and execution. TG Pay isn’t an insurance product, but reliability and execution are no less important. TheGuarantors Deposit keeps all TG Pay funds in a segregated Escrow Account, and records and reconciliation are available at any time upon request. Please take a look at the product Terms & Conditions, if you have additional questions. If you’re not comfortable with TG Pay, you can always use one of our insurance solutions, as an alternative.

None. Once a property owner or operator is on the platform, they can send invites for renters to join. Renters sign up and fund their account. That’s it.

No time at all. There is no “approval process” for TG Pay. Property owners and operators send the invites, renters sign up and fund their accounts, and that’s it.

Once a renter signs up, they will receive an invoice. Invoices can be paid using wire transfer.

Yes, it is 2.5% and paid by the tenant.

No. Unfortunately we’re only accepting a single source of payment at this time. If you need to split things up, you will have to take care of that among yourselves.

Yes! Property owners & operators and renters decide what the minimum TG Pay Balance needs to be. That being said, if you are a renter that just doesn’t want to worry about making sure rent is paid on time every month, then use TG Pay to manage the full amount. It’s easy and worry-free.

Absolutely. Once the account is funded, property owner & operators and renter receive their “TG Pay Card” which confirms everything is good to go. The TG Pay Card includes the TG Pay Balance, date of first scheduled payment, and certain lease details.

Yes, the renter is notified via email when payment is made.

The property owner or operator should notify TG Pay immediately at tgpay@theguarantors.com. If we made a mistake, we’ll cover any late fees.

Yes, Guarantors Deposit supports over 9 languages (and counting), including:

English

Spanish

Mandarin

Cantonese

French

German

Hindi

TG Pay continues to pay the monthly rent, unless the participating renter(s) tell us to stop. Disputes among roommates are for roommates to work out amongst themselves.

TG pay is an independent third party rent payment platform facilitating the timely payment of rent in the right amounts--no more, no less. It’s like an escrow service. It’s a convenient service for renters that don’t want to worry about it, and it helps increase the trust between property owners & operators and renters. It’s entirely optional and it’s designed to protect the rights of both property owners & operators and renters

No. TG Pay is not an insurance product. It is a third-party rent payment platform (akin to an escrow service).

Absolutely. Renters always have the right to stop rent payments from TG Pay at any time, for whatever reason. (They can unfreeze them, as well.) Whether they have the right under the Lease to stop paying rent is a different question, but that’s between property owners/operators and the renters. The funds will stay on the platform until the matter is resolved, at which point they will go to the entitled party.  TG Pay is not a get-out-of-jail-free card for tenants and it’s not free-money or a windfall for landlords. For precise details on how this works, please take a look at the Terms & Conditions.

All of this is spelled out more precisely in the Terms & Conditions. At a high level, if the renter tells us to stop paying rent, we’ll (1) freeze payments, (2) notify the owner / operator, and (3) hold the remaining TG Pay Balance on the platform until the matter is resolved between the owner / operator and renter. How the matter is resolved is just like any other lease dispute. The property owner/operator takes whatever steps it would ordinarily take with non-paying renter, and renters take whatever steps they would ordinarily take with non-performing owners/operators. Depending on the dispute, it may require eviction, a court proceeding, a sublettor, or simply repossession by abandonment--at which point, New York law may obligate the property owner/operator to find a new renter, as well. Again though, that’s between the property owner/operator and renter and those rights and obligations are covered by the Lease. Once the dust settles, TG Pay will direct the remaining balance accordingly. The point of TG Pay is to help make sure that the right amount of rent is paid at the right times. TG Pay doesn’t give renters the right to break their lease and it’s not free-money or a windfall for the property owner/operator. For precise details on how this works, please take a look at the Terms & Conditions.

No. When a renter stops paying rent, the owner/operator should take "ordinary commercial efforts to regain lawful possession of the unit." That's an important difference between TG Pay and prepaid rent (which, as you know, is illegal). The owner/operator cannot sit back and say "well, the rent is all paid up anyway, so 'your move, Renter."  So the owner/operator does have to take some action to enforce their rights under the lease. The good news is that if the dispute ultimately does require an eviction (as opposed to an abandonment or a mutual agreement between the owner/operator and renter), then you know that the funds will be there to collect what you are owed.