Find Guarantors for the Loan: Tips and Tricks – Credit Search
When a loan is requested from a bank, it first obtains economic information about the borrower. In addition to the private credit query, the bank has various other tools at its disposal. On the basis of this information, she can reject the loan request at any time. The chances of getting credit are higher if you can provide collateral to the bank. In addition to life insurance and property, the guarantee is very popular, so you have to find a guarantor for the loan. However, it is important that the borrower finds a suitable guarantor and informs him about the possible risks.
First of all, when looking for a loan, it is a good idea to look for a guarantor for the loan within the family or among friends. The borrower usually has to convince. It is therefore important that he explains to the possible guarantor exactly why he has to take out the loan and why he needs a guarantor. If the borrower lives in sheltered conditions, it can also be useful to provide proof of income and savings. This gives the guarantor security.
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Find guarantors for credit: where to start?
So while it may not be the most enjoyable topic of conversation, one should always start looking for a loan guarantor with family and friends. Of course, the biggest advantage here is the leap of faith. You are already aware of the potential guarantor and they can judge you. Nevertheless, any collateral should also be presented here in order to build up as much trust as possible. Income ratios and any existing reserves should therefore be disclosed in any case. Meanwhile, there are also platforms such as Auxmoney, which offer private credit brokerage. Here, too, you have to convince potential investors of themselves.
Various guarantees – security and risk for the guarantor
Guarantor for credit: In the case of a guarantee, there is always the risk for the guarantor that he has to pay the installments in the event of the borrower’s insolvency. However, there are different types of guarantees where the risk varies.
Particularly risky is the guarantee on first request, in which the guarantor undertakes to pay on request of the bank, as well as the global guarantee. The latter refers to all payment obligations to the bank.
The co-guarantee also involves a great deal of risk. Although here are several guarantors, but all for the full loan amount. In principle, the bank can freely choose who it wants the money from.
There is a lower risk to the guarantor with partial guarantees, with multiple guarantors each liable for a specified portion of the loan, time guarantees and maximum guarantee amounts. Here, the guarantor is liable only for a fixed period or a fixed amount.
The biggest risk for the guarantor is the so-called “global guarantee”. Here the guarantor is liable not only for a fixed amount, but also for future obligations of the debtor. For this reason, many consumer advocates advise fundamentally against this type of guarantee.
In any case, it is important to inform the guarantor about the nature of the guarantee and the associated risks. This increases the chance of finding a guarantor for the loan.
What if there is no guarantor?
Of course it is possible that despite all efforts no guarantor will find. But then there is still the possibility of resorting to special lenders like MaxiCrediter. Among other things, the company advertises that it does not let any computer decide on the creditworthiness of the customer. Instead, the employees hold individual discussions with the applicants and try to find solutions.
Although you pay with MaxiCrediter often slightly higher interest rates, but someone gets in tax class 4 or 5 from a net income of 850 euros credit. In this case, up to 5,000 euros – and without guarantor.
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NOTE: Please do not try to find private financiers in any comment columns or forums if it has not worked out a normal way with credit. The risk of getting caught by fraudsters is far too high.