How to get credit without co-applicant?On December 27, 2019 by admin
Would you like to take out a loan without a co-applicant, but are unsure whether you will be given the chance?
We present ways to keep your independence when making credit decisions. Nobody should realize their credit needs on someone else’s shoulders. Nevertheless, banks don’t always make it easy for you.
Loan without co-applicant – difficult to maintain personal responsibility
Obtaining credit without a co-applicant is unfortunately no longer a matter of course today. Credit institutions were “shaken vigorously” by the global financial market crisis. It was bad loans that almost led to the collapse of the financial system. The effects of the crisis can still be felt today. The USD has deteriorated into the soft currency. Only our means of payment is now, since all registers of the financial industry have been pulled.
Whether low interest rates for borrowers, negative interest rates for deposits, the destruction of private pensions or stress tests, the crisis is always in the background. The bank hardly makes any money from the installment loan. Credit defaults can no longer be corrected by simple value adjustments. Almost every bank today relies on cheap Astro Finance money. They only receive interest-free money if their lending is secured twice and three times.
Today’s borrowers suffer from this omen if they wanted to take out a normal loan without a co-applicant. Double pressure weighed on married couples. They come up against walls if they want to enforce their legal right not to be automatically liable for each other’s debts. Some credit institutions even explicitly exclude today that a married borrower receives credit without the signature of his spouse.
Problem solutions – independent credit despite marriage
For self-responsible credit requests in marriage, the credit request often does not fail due to the personal creditworthiness of the loan. Personal creditworthiness would not even be checked if credit institutions only grant married couples credit with two people. Unfortunately, complaining against the application requirements, for example for discrimination, does not help. The right to freely draft contracts covers this credit requirement.
To put it bluntly, a bank should also make a legal decision not to grant borrowers with green shoes a loan. The only sensible way out would be to change providers. Free loan comparisons on the Internet are not only an invitation to compare interest rates. It would be at least as important to compare the terms of the contract. Many credit institutions still offer a loan without a co-applicant.
The partner’s signature is no longer required. On top of that, even cheaper interest rates can often be secured. Astonishingly, it is not the banks that offer the cheapest interest rate that work with the toughest application requirements. It is striking that it is precisely the banks that have bought bad loans in the past in investment banking. You now seem to want to secure everything twice.
Without co-applicant – bad credit rating
It would be more difficult if a really bad credit rating does not seem to allow credit without a co-applicant. The bank’s warning that credit should only be given if a solvent co-owner bears the credit risk should be taken seriously. The software provides professional credit assessments. It is becoming “smarter” and can precisely limit the real credit risk by comparing data on similar credit requests from others.
It is all the more important, if the loan request cannot be postponed, that it is possible to find a loan without a co-applicant. There are no offers for this in the first places of credit-independent loan interest comparisons. From the point of view of serious credit decisions, increased credit risk is only justifiable if risk premiums secure the credit. In the event of a default, they enabled the bank to cope with the losing business.
Offers for this are rare, but they do exist. The best example of a loan without a co-applicant or guarantor is the international loan without Credit bureau, and nobody should be fooled by the advertising. Credit bureau-free credit is not a credit without proof of creditworthiness. The bank only waives the Credit bureau for proof of creditworthiness. It grants credit according to the ethical standards of “fair play” because each borrower can only provide proof of creditworthiness himself.
Fair play for risk loans – serious loans without fellow partners
Various banks in Germany offer loan offers with increased credit risk, for which no co-applicant bears the credit risk. They differ in terms of the origin of the financing and the loan model offered. Despite poor creditworthiness, for example through low income or a negative Credit bureau, almost every loan request can be financed. For quick credit that can be paid out within 30 minutes, Good Finance offers an example.
Mini credit is offered without a guarantor or co-applicant, which is approved and paid out quickly and despite creditworthiness restrictions. Good Finance accepts new applications for credit requests from USD 100 to a maximum of USD 500 with a term of 30 days. After the first successful lending transaction, a credit rating of up to 5000 USD with a 6-month term could be approved.
When it comes to credit without a co-applicant as an installment loan, Best Lender is the ideal point of contact for credit requests. The entire spectrum for bank loans can be found via the free loan comparison. Best Lender does not charge borrowers for successful loan brokerage. Alternatively, loan seekers may also opt for a free private loan attempt.
Private lenders are generally considered to be willing to take a higher credit risk. A loan without a co-applicant in difficult cases would even be possible if banks refused.