Getting approved for housing can be an exhausting, time-consuming, and nerve-wracking process. Traditionally, it can take days and even a week or more for landlords to review applications.
If you’re trying to find a living arrangement that is less rigid and that fits your financial goals, the PadSplit approach is designed to make approval easier and more accessible. We’ve made a few adjustments to the traditional application path that focus on giving you options. That way, you can find the best way forward as a resident with goals and plans of your own.
Here’s how the PadSplit approval process works.
The PadSplit membership approval process
Let’s start by making one thing clear: it isn’t hard to be approved to be a PadSplit member.
Instead of simply approving or denying applications, our goal is to give you a range of PadSplit rooms you can afford to rent. Here’s what the process looks like:
1. Start by applying to become a member
Start by going to our home page, clicking “Rent a room,” and filling out the membership application. Once that’s done, you wait for us to review your application.
This can happen instantly. At the most, it should be done within five days. You can give your application the best chance of a quick review by:
- Providing accurate information for every step, especially personal information, so it matches records.
- Sending photos of a valid, physical photo ID.
- Using our Plaid-powered automated bank account review for quick and easy proof of income. (More on income requirements below.)
2. We review your application
Once you’ve submitted your application, we review it to make sure you meet a few key membership criteria, including:
- You’re at least 18 years old.
- You pass screening requirements.
- You haven’t been evicted twice or more in the last seven years.
- You meet basic credit and income levels.
- You’ve applied for yourself and only for yourself.
- You’re using a legitimate payment method.
- You’ve maintained courtesy and respect when interacting with PadSplit staff.
We also check for stolen information (like a person’s identity). Violation of these basic rules is grounds for not approving an application, but again, these are simple, straightforward expectations.
3. Get a maximum rate
Assuming everything looks good (which is usually the case), we approve your application. The reason most applications are approved is because we don’t disqualify most people based on the amount of income they have.
As long as you have proof of income that qualifies under PadSplit’s relatively generous guidelines, we assign you a maximum rate. This is calculated based on your income, and usually follows one of two formulas:
- Half of your verified weekly income (for W-2 and 1099s)
- Two-thirds of your verified weekly income (for SSI recipients)
Once your membership is approved and you have a maximum rate assigned, you can look for a room that fits your rate and start the move-in process.
Does PadSplit do a credit check?
One common question is if we do a credit check during the application process. The technical answer is yes. However, we only take a peek at your score with a soft credit check. (This doesn’t affect your score.)
We don’t need to do more than that. Our unique week-to-week membership system focuses more on current income than past payment history.
Does PadSplit have income requirements?
We do have basic income requirements at PadSplit. However, we don’t have rigid income thresholds. Instead, we verify income in a flexible way that accommodates various financial situations.
All you need to do is upload documentation or automatically verify your recurring income with Plaid. We’ll take it from there.
What is PadSplit enhanced screening?
In some cases, certain PadSplit rules from property owners require a more detailed screening approval process. We assess this enhanced screening during your application process.
If you’re approved, you can access specific properties that are only set up for enhanced screening approved members.
PadSplit: Working to approve and empower more residents
At PadSplit, our goal is to go beyond basic rent. We’ve created a platform and a community focused on empowering members to achieve their financial goals. Part of that comes from an accessible and flexible application process. We work to accommodate your lifestyle and financial status, so you can focus on meeting your personal and professional goals.
Wondering if you can join the PadSplit community? Apply now, and let’s see what maximum rate you qualify for, so you can start looking for rooms that meet your financial and lifestyle needs!
