Credit without co-applicant – how it works?

If a prospective customer has children and is married, it will not be easy for him if he wants a loan without a co-applicant. Even students and trainees have little chance of getting a loan without a guarantor. For many prospective customers, a loan without a co-applicant is desired because it is intended to fulfill a personal wish. The chances of getting a loan without a co-applicant are good if you have sufficient income and positive Credit bureau information.

Lenders often also give a loan without an additional applicant if it is a doctor or teacher. A prospective customer must always have a certain creditworthiness, because to ensure that there is no risk for a lender, they secure themselves well. However, after many people hardly have sufficient income, finding a loan is often difficult.

An instant or small loan

An instant or small loan

However, nobody has to hang their heads because some banks grant a loan without a co-applicant. A prospective customer should think about it, because a loan with the same monthly installments and fixed interest rates is much cheaper than pulling a current account. If a prospect is well informed, he can benefit greatly from the competition between the individual lenders.

There is information and also help on the Internet if a prospective customer wants to compare the lenders. A loan without a co-applicant can also be applied for on the Internet, and quick payment and rapid processing are guaranteed here. Immediate and small loans can be granted here, which depend on the creditworthiness and are usually no higher than 5,000 USD. With low earners, students and trainees in particular, this is often the only way without a co-applicant.

Online bank or bank branch?

Online bank or bank branch?

The prospective customer receives personal advice in a bank branch, and a direct comparison can be carried out on the Internet. After an online bank has no costs for branches, the interest rates here are often significantly cheaper. A customer from a direct bank on the Internet can contact customer service online or by phone. In general, direct banks are just as trustworthy as local bank branches.

Assess your own financial situation

Assess your own financial situation

Every lender likes to see when a co-applicant appears because this is always an additional security. If the main borrower experiences payment difficulties, the co-applicant must pay the installments. Everyone interested in a loan should be aware that a loan must be repaid. Your own options should not be overestimated and everyone should be able to manage their income. A residual debt insurance in the event of death, illness, loss of income and work cannot hurt in any case.

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