Your credit for 2 people could soon fulfill great wishes for you and your partner. Together with a solvent co-applicant, the credit rating for lending increases by leaps and bounds.
Getting a loan with a good common credit rating is easy. Nevertheless, both credit partners should not make the decision too easy. Our credit advisor summarizes what you should think about when planning your loan, how risk credit is possible without two applicants.
Credit for 2 people – fulfilling common wishes
Married couples are predestined for a loan for two people. The plan of living together automatically leads to many common wishes. Typical would be founding a common household and building a house. But both can also grab the wanderlust. As backpackers, many couples travel the world together before deciding on family life with children.
The emphasis on “together” shows the direction of what to look out for when applying for a loan with a co-applicant. Standing up for a loan with someone is perfectly fine if it is to be used to finance a common goal. In this case, both applicants enjoy the advantages of lending and of course have to pay the loan back together. The situation would be different if a borrower wanted to submit the application alone, but the bank requested the second signature.
In a few banking houses, the philosophy has returned that married couples can only apply for a loan for two people. The model is known by various house banks, but it can also be found in the credit terms for online financing. For example, lender requires married couples to apply for a loan when applying for a loan. Nobody should blue-eyed sign such credit offers for 2 people.
Borrowing Together – Don’t Make Careless Decisions
Being married does not automatically mean that you are liable for each other’s debts. The legislator has made sure of this. The legal property regime for married couples only states that the couple is jointly liable for the ordinary things in life. An example of automatic liability would be that a partner buys from the baker and sends a letter. The creditor can also request his money from the spouse for the purchased food. It can be assumed that the purchases have been incorporated into the common household.
But it looks different with the rental agreement. If there is only one person in the rental contract, it is by no means automatically certain that both are liable for the rent. Basically, the law sees couples, at least for the most part, as two individuals. Everyone is responsible for their own contracts. With the loan for 2 people, if the bank demands it in the terms of the contract, the law is to be undermined.
Without pursuing a common goal with borrowing, nobody should be downgraded to automatic co-detention. The easiest solution to the problem is any good credit comparison. If the creditworthiness is sufficient, there are always providers who do not want to involve the family in the credit risk. If a fair loan is a little more expensive, then that’s the way it is.
Help – Solve creditworthiness problems with co-applicants
Not in all cases, when credit institutions request a loan for 2 people, should a co-applicant be forced to accept liability for no reason. It is particularly common to call for a second person if the rejection of the loan would otherwise be the consequence. For credit requests with insufficient creditworthiness, the bank offers the co-applicant a way out to enable the granting of credit.
Nevertheless, even in this case, it is not allowed to sign lightly. The doubts expressed about safe lending should give the borrower food for thought. The request for a loan for two expresses that the bank has legitimate doubts about the real repayment ability. Self-critically, everyone should consider whether the loan is really inevitable at this point in time? Can it actually be repaid safely and in accordance with the contract?
If the answer to both questions is yes, then it would be advisable to use the credit comparison again. Other loan providers may assess creditworthiness differently, because each credit institution sets its own standards for lending. It is important for the examination of competitive offers to make a non-binding advance credit request. Regardless of whether approved or not, bindingly requested loans are reported to credit entry and reduce the credit rating.
Difficult creditworthiness – better credit without a co-applicant
If possible, no guarantor or co-applicant should be involved in real credit risks. Offers for lending in difficult cases can be found through risk-taking commercial lenders and private loans. The loan without credit entry shows quite impressively that a risk loan does not necessarily mean 2 applicants. The foreign loan cannot be applied for as a loan for two people.
In the case of real credit risks, our portal recommends that you apply for a loan. In direct comparison to banks, private investors are considered to be significantly more willing to take risks. Submitting a loan application costs no money from the two market leaders for private lending.
Finally, an exception for a loan for 2 people with poor credit ratings. If the parents are pensioners, the poor credit rating has nothing to do with their own negligence. Of course, every child signs for the parents as a co-applicant and steps in with the payment if the pension is insufficient.