Loan with guarantor – Credit without credit rating
Are you not sufficiently solvent? Do banks not lend you credit? Then you should inform yourself about the loan with guarantors ! The possibility of obtaining a loan by providing a guarantor is great. Own ability to pay is not always a negative credit rating.
Low income is often the reason why banks can not pay you a loan. The loan with a guarantor is also a way for trainees to cover their own money needs. However, this loan offer is often not public to find, with many banks, especially at their own house bank by inquiries but also this would be possible.
Test winner for loan with guarantor 2018
Further information on the loan guarantee
All banks will need collateral for lending. Obtaining the Schufa information is one thing, but also proof of the creditworthiness of the borrower are necessary. If the conditions are not ideal here, or if it is a high loan amount to be awarded, the banks will demand further collateral. The guarantee can take the place in which other banks otherwise set the lien, as is the case with a pledged savings account.
Prerequisites that a loan can be granted with a guarantor
All banks have their own requirements for the collateral required. Thus, it is also an individual matter of the credit institution, which conditions have to be fulfilled when providing the guarantor. Basically, the guarantor will have to meet the same requirements as the borrower must meet. The Schufa questionnaire must be positive, there must be sufficient income and it must also fit into the budget statement.
Advantages and disadvantages of the loan guarantee
The advantages of the loan guarantee are based on the borrower in different variants. For one, banks will no longer need more collateral, in the form of pledged things, so this will certainly be easier for you. Alone the willingness of another person who will be liable for you with a very good credit rating, the banks will agree to give the loan.
The drawback of the loan guarantee, from the bank’s point of view, is that the guarantee is not as important as a pledge. After all, the creditworthiness of the guarantor can be reduced within the repayment term, which is less likely to occur in the case of a physical asset.
The further disadvantage is seen from the point of view of the guarantor. His job is not easy, so a guarantee should always be well considered. Credit institutions will hold the guarantor liable if, as a borrower, you can no longer meet your payment obligations. This single-jurisdictional agreement can also be disadvantageous for the guarantor, as well as for the banks.