Paid a security deposit yesterday but havent been approved yet. Help (apartment, lease)

[JohnAD6]

So I live in South Dakota, I paid a security deposit on an apartment yesterday that I really hope to get but I havent been approved yet by the leasing agency because they're still doing my background check and going over my application. Since they had me pay the security deposit to hold the specific apartment I wanted does that mean I more than likely am going to get approved? I've never been arrested or in trouble for anything so my background check should be all good but I got behind on some student loans. Will that show up as a red flag? And I have no renters history so anyones help on this issue would be greatly appreciated!

Oh and if I dont get approved for the apartment, will i get my security deposit back?

[STT Resident]

What does the receipt say for the money you paid? Is it a "holding deposit", a "security deposit" or an "application fee"?

[JohnAD6]

Originally Posted by STT Resident

What does the receipt say for the money you paid? Is it a "holding deposit", a "security deposit" or an "application fee"?

It wasnt an application fee because the leasing agent told me there is no application fee. She told me the deposit was to hold that specific apartment for me so know one else can get it. So it could be a holding deposit but she told me a couple times that it was a "security deposit" and like i said now no one else can look at or rent that specific apartment but I still havent been technically approved. Do you think this most likely means I will get approved? This is my first time ever renting a place and I really hope I get it!

[STT Resident]

Did you not receive anything at all in writing when you handed over this "deposit"?

If it's a holding deposit and your application isn't approved, I believe that you're entitled to its return less any reasonable costs the landlord incurs in putting the unit back on the market.

You may find this link helpful:
http://atg.sd.gov/LinkClick.aspx?fil...8%3D&tabid=525

If you're approved (and I've no idea whether or not you'll be approved) the holding deposit is usually applied to either the security deposit or the first month's rent.

Hope that helps a little. For now just wait and see what happens - good luck!

[bentlebee]

Originally Posted by JohnAD6

So I live in South Dakota, I paid a security deposit on an apartment yesterday that I really hope to get but I havent been approved yet by the leasing agency because they're still doing my background check and going over my application. Since they had me pay the security deposit to hold the specific apartment I wanted does that mean I more than likely am going to get approved? I've never been arrested or in trouble for anything so my background check should be all good but I got behind on some student loans. Will that show up as a red flag? And I have no renters history so anyones help on this issue would be greatly appreciated!

Oh and if I dont get approved for the apartment, will i get my security deposit back?

Yes you deserve it back if they deny you. They can't legally keep you money if they deny you. If they hold the unit prior to approving you that is heir mistake.

They can always tell others like we do that we have an application but it is not off the market unless the person is approved and we have a signed lease which we give a tenant 24 hrs. for to sign and return the lease or come in and sign.