Credit without collateral



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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.

What forms of collateral are there?

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.

Depending on their function, these persons are assigned to two groups. Additional claimants are liable with their entire assets and can be used to pay off the installments. Even if guarantors are also liable with their entire assets, their obligation does not take effect until the borrower himself can no longer meet his payment obligations in full.

Are there alternatives to the classic bank loan?

Are there alternatives to the classic bank loan?

In addition to the own house bank and the direct banks from the Internet, there is another form of lending. Special providers on the Internet bring together loan seekers and individuals who want to invest their assets. Lenders and borrowers then agree with each other on the terms on which a loan can be granted. Often, the terms of these loans from private to private cheaper than the conditions of a classic bank loan.

Another advantage of this form of financing is that the chances of a loan without collateral are quite realistic. It only needs to be found the person who agrees to a corresponding loan agreement. However, it may happen that the interest on a loan without collateral is higher than the interest on a secured loan. The terms to which both lenders and borrowers agree to a loan should then be recorded in writing in a loan agreement.

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