Around 20,000 loans are granted every day in Germany alone. The request for a loan is significantly higher. Because not every loan application is approved by the banks. Many are not approved because important collateral such as a good Credit Bureau or a fixed income is missing. Those affected then try to improve their own creditworthiness with the help of a second borrower to such an extent that the next loan application is approved. In some cases it works, in other cases even a second borrower is not enough.
However, most of the borrowers are happy if they can take out a loan without a second borrower. If they can meet their financial obligations without assistance and do not rely on a guarantor or 2. borrower to establish the creditworthiness required to take out a loan. Many loan offers can also be used as a loan without a second borrower. Above all, if the creditworthiness is sufficiently high.
Which loans work as a loan without a second borrower?
In principle, it can be assumed that all small loans work excellently as a loan without a second borrower. If the creditworthiness of the borrower is correct, the banks do not require additional collateral for small loan amounts. Because the loans go hand in hand with small monthly installments and a short term. There is not much risk there, so that double protection is not necessary.
And consumer loans, which the traders like to give out once, also work perfectly without a second borrower. No additional hedging is necessary here either, since the consumer goods financed are regarded as sufficient in addition to their creditworthiness.
What can you do as a borrower?
As a borrower, you can significantly influence whether a loan can be taken out with or without a second borrower. Because the creditworthiness is crucial in this regard. The higher the loan amount and the longer the term, the better the credit rating must be in order for the loan to be approved.
Those who work as civil servants or civil servants have the best credit rating from home. Their employment is hardly endangered, which leads banks and savings banks to offer good credit. If a high income is added, almost any loan can be taken out without a second applicant.
Collateral is also included when taking out a loan. A second borrower is also just a security that the banks demand. If you do not want to provide this, you have to see that the security around the loan can be established in other ways. Material collateral such as real estate, antiques or capital-forming insurance is welcome. However, residual debt insurance or risk life insurance are also very suitable for securing a loan. However, only if the term of the loan is very long. Because both insurance policies cost a lot of money and should therefore only be used if this is really necessary.
By the way: With spouses, the banks are happy to insist that the loan be taken out by both partners together. However, this is not an obligation and cannot be made binding on the banks.