A Standby Deposit is a cash free security deposit replacement
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Standby Deposits are a line of credit extended to the tenant and available to the landlord. The line is only drawn if the landlord needs to access the deposit as per the terms of the lease agreement.
Yes, a Standby Deposit is available to everyone - including renters with no or low credit scores.
They start at just $4 per month for a $1,000 Standby Deposit. The pricing varies based on the credit score of the renter.
The same as if a cash deposit had been used, except it's being drawn from a credit line. The money gets transferred to the landlord on demand and without any claims process. The deposit is treated exactly like a cash deposit and if there is a disagreement between the renter and landlord about the deposit usage, then the same methods for solving it as a cash deposit should be used. Standby Deposits does not get involved.
Much like a bank account that holds a cash deposit in escrow, a Standby Deposit is a deposit that the landlord controls. Standby Deposits is just an intermediary that holds the deposit in the form of a line of credit.
When a landlord uses a Standby Deposit to cover damage or unpaid rent/costs the funds are transferred to the landlord on demand. A bill is generated for the renter that can be paid without interest in 30 days or repayment can be spread over a longer period of time (up to 3 years).
The landlord will have to follow local laws about sharing the details of why a deposit was used.