The time when suddenly a larger sum of money is needed is rarely foreseeable. If this cash requirement also exceeds the current budget, the options are often limited. Without the taking up of a loan, this financial bottleneck is usually impossible to overcome.
In the lending business, the collateral that the applicant can provide to secure the loan is the measure of all things. Thus, it is very difficult to get a loan without collateral.
Since most banks reject the request for a loan without collateral from the outset, it is advantageous to know the possible types of collateral. The greatest security attracts a lender from a sufficient and indefinite income of the applicant. Depending on the sum of the loan or the income situation of the applicant, additional assets may be required as collateral.
These include primarily real estate or reliable insurance. But other valuable items can be used to secure a loan. In the event that there are no tangible assets that could be used to hedge a loan, banks usually also accept additional people who can be included in the loan agreement. Again, the solvency of these individuals determines the lender’s consent to a loan.
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