Many borrowers attach great importance to getting their loans without a guarantor, because they do not want another person to debit their loans. Many guarantors don’t even know that such a guarantee can have consequences. It takes effect when the borrower can no longer or does not want to pay his installments. Self-guarantee is common for consumer loans, which means that the lender can contact the guarantor immediately if the borrower does not pay his installments.
Requirements for loans without a guarantor
In order for loans to go through without any guarantor at the bank, the loan applicant must demonstrate both a clean Credit bureau and sufficient income from a permanent position that must be above the garnishment-free limit. Especially when a loan applicant is married and has children, it becomes difficult to get loans without a guarantee because the wife and children are included in the household bill.
The income must then be above average so that the banks approve loans without a guarantor. For the banks, the guarantors are an additional safeguard and, thanks to the joint and several guarantee, the banks do not have to try to sue the money to the borrower. After unsuccessful reminder, you can immediately contact the guarantor.
If the bank does not grant loans without a surety
Anyone who does not get a loan from a bank without a guarantor should not give up immediately. The guidelines for a credit decision are applied differently by the banks. Banks particularly oriented towards security require a guarantor for a loan of 5,000 USD, while other financial institutions also issue smaller amounts of credit without the borrower having to provide a guarantor. That’s why it’s worth asking a few banks.