A loan for two people has many advantages.
The income of both persons are added together. As a result, the credit rating can be improved with the consequence that higher loan amounts can be absorbed and higher repayment installments can be paid. In particular, spouses and partners in joint purchases consider putting together a loan application.
This procedure is obvious. Nevertheless, some things have to be considered in advance. If one of the two partners has negative credit bureau entries, this can negatively affect the other partner, as the overall credit rating deteriorates.
Both applicants are equally responsible when it comes to paying off the loan installments. You have to ensure a proper and punctual payment and to comply with the credit obligations.
No bank and no savings bank awards a loan if the conditions are absent. This means that the income must have a sufficient amount and the credit bureauauskunft should contain no or only minor negative entries. If this is not the case, it will be difficult to lend. In this case, most banks demand further collateral. At the latest then it makes sense to make the loan application not alone, but together with another person. Another variant is a guarantee.
Foreign banks and private lenders, on the other hand, forego a credit bureau statement. Here, the level and type of monthly income is the key component by which creditworthiness is assessed. The higher the income, the more money can be raised.
In this context, however, it should be noted that many lenders do not provide Payday loans to the self-employed or freelancers. They submit their loan offers exclusively to employees, workers or civil servants as well as to all persons who have a fixed income and a secure employment contract.
The most important types of credit are the installment loan and the credit line. While an installment loan can be taken out at any bank, a credit line is not only tied to the house bank, but also to the checking account. If it is managed by two persons and their income arrives there, the credit line can be correspondingly higher than if only one person keeps the account.
Individual agreements are made between the bank and the clients. If the credit bureau has no serious negative entries and the customer proves to be reliable, the establishment of a dispo credit should not be in the way. The amount is adjusted to the total income and is usually two to three times that.
Special terms are agreed for private and foreign loans. Again, however, the higher the collateral, the higher the loan amount can be.
On the Internet there are various credit comparison portals that not only list the current credit conditions of various providers, but also contain valuable information on the subject of credit for two people. There are freely usable and earmarked loans. For free-for-sale loans, lenders are not interested in what the money is used for. For this reason, no proof is necessary.
It looks quite different with car loans, real estate loans or modernization loans. For them, there is a clear purpose, so that a non-similar use is categorically excluded. Especially the earmarked loans are often of paramount importance when it comes to borrowing for two people.
5 credit tips for two people
1. Create financial and budget plan
Even though there are two incomes that can serve as collateral, a critical inventory of one’s own situation should always be at the beginning of all borrowing considerations. It is therefore advisable to maintain a budget book and to list the one-time and regularly recurring expenditure. To a certain extent, the bank will also do this when examining the loan application.
The payment of the agreed credit installments must be secured in any case. Otherwise serious consequences threaten, ranging from a bank reminder to the termination of the loan. In the latter case, the open loan amount is due for immediate payment, for which both credit applicants are responsible.
2. Compare loan offers
It’s a good idea to limit the search for a suitable loan for two people not just to the house bank and the nearby banks, but on the contrary, the more deals you get, the better. Online or direct banks often offer very favorable lending rates because they can save the costs of running a large network of branches and pass the savings on to customers.
In addition, the application for credit applications on the Internet is becoming more widespread. This also applies to a loan for two people. Both applicants must sign the loan application and prove their identity by either a post-referral procedure or a videoidentification procedure.
In addition, the lender needs proof of income and evidence of other collateral, if it exists and is needed for credit decision.
3. Assigned loans
In particular, spouses or life partners who want to buy a property or a property, or want to buy furniture or a car, usually fall back on a special purpose loan, whereby they generally make the application together. This approach makes sense here, since the acquisition of both persons is used equally.
For this reason, it should also be financed jointly. Especially in construction or real estate loans very high sums of money are needed. Not infrequently, they are in the six- to seven-digit euro range.
Here it is imperative that there are two borrowers with a steady and high income. For car loans or other dealer loans, it’s a bit easy. Again, however, an application is recommended for two.
4. credit bureau-free loans
Basically, German banks and savings banks issue loans without credit bureau, even if the income is very high. Anyone who fears that they will not get a loan because of negative credit bureau entries should therefore contact a private credit intermediary or look for a loan without credit bureau from abroad.
Many of these loan offers are reputable and offered on fair terms. However, it is urgently advised never to pay in advance for a loan and in this context also to conclude Bauspar or insurance contracts. These are signs that the credit provider in question works dubiously.
5. Payday loans
On the Internet there are credit portals that provide Payday loans. Here, two people can register alone or together for free and make their credit wish public. The credit portals act as a credit market and want to mediate between supply and demand but are not themselves lenders.
The advantage of this approach is that the desired loan amount may not necessarily come from one person only, but may also come in increments of several persons.