Even with negative credit bureau you have a real chance of a loan and that without a guarantor.
A negative credit bureau note or a bad credit rating – in the end, there are of course other reasons why the house bank can reject the loan application. For this reason, it is advisable to think about possible financing beforehand and make all the necessary arrangements at the outset so that the bank can not refuse you. However, it is advisable if you also consider a plan B or C, if the bank – despite the precautions taken – still disagree.
One possibility is the financing of a private dar. This is called a personal loan, which is granted by a friend, friend or stranger, the conditions are individually agreed. Thus, the alleged borrowers can look forward to very favorable terms; Sometimes, even with smaller amounts, the interest rate is canceled, so that the sum taken up can be repaid 1 to 1. Another option, which is especially recommended by banks, is the loan with a guarantor. It is a person who ultimately “vouches” for you and is called upon if you can not serve the loan at the end.
If you do not raise a surety as a borrower, you must be able to provide other collateral
Of course, many banks also lend, although the applicant has no guarantor. If not called a guarantor, you will need to present other collateral, which will subsequently be reviewed and analyzed to see if it actually ensures that – in the event of non-payment – the outstanding debt can be settled or (at least partially) replaced.
Furthermore, of course, the amount of credit plays an essential role: If it is a loan without credit bureau, in the end only a smaller amount will be granted. As a rule, these are not earmarked financings so that the borrower has no specifications for which purpose the money is used. Loans provided with a purpose, such as car or real estate loans, serve the mere realization of the project; Although you can look forward to more favorable terms, you can not freely dispose of the money provided.
What requirements do you have to fulfill as an applicant?
To obtain a loan, you must be at least 18 years old, have collateral, and have a regular income. In the end, the credit institution must be convinced that the borrower will pay the installments on time and that no actual default will occur.
Of course, the collateral required in a credit application may vary from case to case. As a rule you must have a good credit rating and a steady income, a negative credit bureau entry is not necessarily an obstacle. If both conditions can be met, you can also refrain from a guarantor; this is – if a regulated income is not needed.
How dangerous is a guarantee actually?
Of course, there are always situations that require funding and the applicant does not have a regular income. It is advisable to find a liquid guarantor so the bank can lend.
A guarantor guaranties that he will pay the installments if you, as the principal borrower, can no longer meet your payment obligations. Of course, this scenario poses a danger to the guarantor: he is liable with his private assets and must therefore make the payments that you – for whatever reason – can no longer afford. Of course, the guarantor can get the money from you, but such procedures are often complicated and only possible when you have the money back.
In search of a guarantor
In the end, the applicant needs a good credit rating and various collateral (regulated income, life insurance and the like) so that he gets a loan. If you can not meet the key requirements, the loan application will most likely be rejected. Another possibility is the guarantor, who vouches for the main borrower.
It may not be easy for you to find a guarantor. Ultimately, guarantors take a high risk. On the other hand, guarantors from one’s own family or the immediate environment are commonplace – spouses or life partners can step in as guarantors, because on the one hand there is a special relationship of trust, on the other hand – through the fact that the spouse acts as a guarantor – more attractive conditions are achieved a better credit rating is available.
The different guarantee variants
Legally, there are various variants – such as the global guarantee, the direct guaranty, the guarantee on first request or even the deficiency guarantee. Consumer advocates and financial experts advise against global guarantees, since the guarantor is not only liable for the actual loan amount, but subsequently also for all other future obligations of the borrower.
The self-imposed guarantee is less dramatic. There is no unlimited liability here; In the end, the guarantor assumes the role of principal borrower, with the side effect, of course, that – if the borrower says he is insolvent – the guarantor is already contacted. Thus, the actual insolvency does not even have to be proven – for example by a court.
A further possibility is the deficiency guarantee, which, according to consumer advocates and experts, is probably the most pleasant option for the guarantor. The guarantor only intervenes when the lender has exhausted all legal means. Only then, when it comes to foreclosure, must the guarantor pay for the outstanding debt.
The guarantee on first request is as the global guarantee, not very recommendable. In this case, a delay in payment of the borrower is sufficient, so that the guarantor subsequently has to pay the entire debt. Again, it is not determined whether the principal borrower is actual payment difficulties or not.
Guarantors should also think about the future
Of course, the guarantor should be aware that his signature is not just a family or friendly service; he must be aware that if the borrower no longer meets his payments, he is liable for the outstanding debt and must pay the repayment. The guarantee does not expire until the loan has been fully paid.
For this reason, it is important that the guarantor also considers his own private situation: If he is to guarantee a long-term loan that has a term of more than ten years, he takes an extremely high risk. The guarantor, too, can run into financial difficulties for various reasons, so that he too can no longer service the loan if he has to step in as a guarantor.
Does the guarantee affect the credit bureau?
Of course, there are far-reaching consequences that every guarantor must observe. Even if the guarantor never has to step in for the borrower, the guaranty is recorded in the credit bureau. While this is not a negative entry, the guarantee can be a problem in the future if you wish to take out your own loan.
Even without a guarantor, financing can be approved
The fact is, even if the credit rating is not very good or there are only a few collateral, there is a chance of a loan despite credit bureau.It is important that you catch up on different offers in advance or use our free brokerage service