Credit for two people can fulfill common desires, create a future perspective, but also become a burden.
We want you to fulfill your dreams with the concentrated power of double creditworthiness. Nevertheless, we will not withhold the disadvantages of borrowing from two people and will refer you to alternatives.
Credit for two people – the basis of common goals
The majority of couples apply for a loan for two people. There is nothing wrong with it when couples bundle their mutual creditworthiness and fulfill their life dreams. Joint application can be just as useful for building a house as for an extended trip around the world. What actually happens to the money can play a subordinate role as long as both participate equally in the loan.
Legislators lay down the need for couples to sign the loan application together even though they are legally married. – Because the law does not provide that spouses are automatically liable for each other. Legislators deliberately limit liability for debts to credit that is aimed at living together. A typical example would be the loan for the rolls at the bakery.
In this case, the legislator automatically assumes that the rolls will end up on the common breakfast table. Both participate equally and should of course be jointly liable for this “family loan”. The situation is different if only one spouse were the tenant of the marital home. In case of doubt, the landlord can only be sure of the liability of his direct contractual partner.
Loan for married couples – lender’s perspective
Lenders are faced with the (legally required) wish to grant “only secure credit”, the problem that the state protects the spouse from joint liability. Often clerks are pushing for credit for two people. They push, even though a borrower would “be enough” and the loan does not have a common goal. A few credit institutions even stipulate in their application conditions that married couples, from a sum of X upwards, can only apply together.
The purpose of this measure is to prevent “cat and mouse” from being played with enforcement authorities in the event of coercive measures. Another incentive is the commission for credit insurance. If two borrowers take out insurance, the insurance premiums and probably also the brokerage commission of the bank double. Against this background, it is not advisable to conclude the loan with the co-applicant.
To request a co-applicant without a factual reason does not correspond to the basic ethical principle of serious credit transactions. Every lender takes credit risks within reasonable limits. It is precisely for this that he receives his interest as a “risk equalization”. Every co-applicant should defend themselves without pursuing a common goal with the loan, but being fully liable.
Avoid co-applicant credit
Without the common goal of taking out a loan for two people, it is avoidable. A simple change of provider, if necessary at a slightly higher interest rate, can eliminate the unnecessary liability risk. When looking for a regular loan on their own responsibility, free loan comparisons support the prospect. It takes less than five minutes to change providers.
The situation is more difficult when credit institutions require a guarantor or co-applicant, since real credit risks prevent lending without the partner. But even in the most difficult cases, no second person has to share the credit risk without receiving personal benefits. If, from a professional point of view, someone cannot afford their loan, then they should not take it up for self-protection.
Nevertheless, the score, as a decision criterion for regular credit, could make a wrong judgment. In such cases, a few credit institutions, easily findable through reputable intermediaries, offer the examination of the individual case. In the individual case examination, a person actually decides on the granting of credit based on the submitted documents. If the clerk recognizes the real credit risk as acceptable, the loan would be avoided for two people.
To the loan without Credit bureau from Liechtenstein, special providers offer loan solutions that support the waiver of guarantors and co-applicants. Taking on your own responsibility not to get a loan, although the prospect could afford the loan you want is more of an excuse than a reality. There are even offers for a self-employed person’s credit wish that is difficult to find due to a lack of income security.
Loan without partner – private lenders
Since the Basel Treaty, the self-employed and freelancers have actually been “disadvantaged” when they want to apply for a loan. Disadvantaged because they can no longer easily pass on their high credit risk to the solidarity community of borrowers. Credit institutions virtually automatically request self-employed persons to take out a loan for two people. Without a secure income from work, which is why the Extra multinational contracts were concluded, lending would be too risky.
Creating credit security through the working spouse remains avoidable. Solid business ideas today finance businesses through crowdfunding or as a private loan. Addressing private lenders on a serious basis is what Best Lender and Good Finance offer the perfect environment for. Both portals have been providing scandal-free private loans in difficult cases for years.
Of course, viable business models can inspire private lenders. They offer. If there are sufficient bids and the borrower has accepted them, the loan is considered approved. The credit for two people is reserved for what it is actually intended for – to fulfill couples’ common wishes.