When it comes to taking out a loan, an important fact counts for the banks and savings banks in our country – security. Therefore, loans are only granted if the borrower provides sufficient collateral.
But security is not the same as security. And depending on the type of loan and, above all, the amount of the loan, the claims on the collateral to be provided can vary considerably. However, if you opt for a loan for two people, you are definitely on the right side when it comes to collateral. Because two borrowers also means two contacts for the bank, which together reduce the risk of default on the loan. A guarantee that no bank will miss.
Who is responsible for the loan?
If a loan is applied for with two borrowers, both borrowers are always jointly and severally liable. The burden of the credit is thus spread over four shoulders, not just two. Despite all of this, there is a main borrower and a second borrower. The main borrower should always be the person who has the higher and safer income.
Both borrowers must provide detailed self-disclosure for a loan for two borrowers. This self-disclosure includes data about residence, employer, income, expenses and personal information such as name and age. All this rounds off private credit checker’s request, which should always be positive, so as not to put a stone in the way of the loan for two people.
Who is suitable as a second person?
In the case of a loan for two people, it is necessary to look very closely at who is used as the second borrower. This measure only pays off if the second person has a good credit rating.
If a married consumer takes out a loan, the bank will automatically ask whether the spouse also wants to sign the loan agreement. The loan for two people would therefore be possible without any problems. With very young borrowers, parents can also act as second borrowers. In return, the children in the case of older borrowers.
Of course, friends or more distant relatives can also support the loan for two borrowers. The only important thing is that the creditworthiness of the second borrower is appropriate and that the borrower is aware of his task and thus responsibility. Because he is as liable for the loan as the main borrower, the loan is also entered in the private credit checker and only deleted when all debts have been paid off.
When does a loan make sense for two people?
Whether a loan makes sense for two people always depends on two factors. On the one hand, how good the actual borrower’s credit rating is. If this is very good, simple loans do not necessarily have to be secured with a second person. However, if there are some weaknesses, a second person should be involved in borrowing, if only in the interest of keeping the interest rate as low as possible.
And even large loans with a very long term require a second person to apply. Many banks and savings banks would otherwise not grant such a loan at all. Not even if the main borrower had a good credit rating. The main borrower can change a lot due to the long term. Work is lost, a serious and lengthy illness prevents him from earning money – nobody can predict exactly how life will develop. For this reason, the banks always want a second applicant for large loans, who can step in and take over the installments in an emergency.