If you are thinking about taking out a loan, you have probably already given some thought to this topic. Perhaps you have a little doubt as to whether the bank will grant your loan application because your income may not be particularly high or you may already have another loan.
All of these questions can be quite nerve-wracking when the amount of money is urgently needed because the roof may need to be re-roofed or the car may have given up. If your chances of getting a loan alone are not very good, it may make sense to apply for a loan for two at the bank.
So if you take a second borrower on board, the chances increase suddenly. Larger sums can also be financed faster and better. A loan for two people is often used when buying property.
What makes the second borrower so interesting?
Quite simply, the banks are very interested in having two borrowers for one loan, because then they can always fall back on two people in case of payment difficulties. The security for the banks is therefore doubled. The liability is not limited to half to each borrower, but each borrower is liable for the full amount of the loan. Which of course has clear advantages for the banks. With the second borrower, regardless of whether it is the wife or the business partner, your chances of getting the loan in the end increase.
A credit for 2 people can offer you even more benefits. Since today the interest rate is assigned according to so-called scorer values, the interest rate can possibly be depressed by a loan for 2 people. In the end, the loan becomes cheaper than if there were only one borrower. Financing, particularly in the real estate sector, would otherwise be very expensive in many cases without the additional creditworthiness of the partner or could not be realized at all.
An unfavorable living situation
In many cases, however, an unfavorable living situation can lead to a lender being asked for a second borrower. You can get into this situation if, for example, you are a temporary worker or only have a temporary employment contract. If your co-applicant has a permanent employment contract, this will greatly facilitate borrowing. As useful as a second borrower can be, it is still the case that each of the borrowers is liable for the full loan amount. So if one loses the job and can no longer pay, the other borrower is liable for the entire remaining amount.