Anyone can apply for a consumer loan as long as you meet certain minimum criteria. The criteria are basic for most types of loans: you must be of legal age, have citizenship for a minimum of 2 years, income of at least USD 200,000 and pass the credit check. If you meet these criteria you can apply for a loan on your own.
It is very common to apply for a loan alone, but it can help your chances of getting the loan you want with the percentage you want if you get with a person to apply with. There are some exceptions to these minimum requirements. Our comparison service shows these differences.
You can therefore apply for a loan with another person
A person who puts their name on an application with you is called a co-applicant. A co-applicant is then a person who gives you support in your application for a consumer loan. Certain obligations come with being a co-applicant. If the borrower cannot pay on his loan, the bank will first talk to the borrower.
The borrower first receives some warnings, deferrals and telephones to make sure the borrower pays on the loan. If the borrower still does not pay on the loan then you as a co-applicant receive a letter in the mail reminding you that you are co-applicant and co-responsible for the loan to the borrower. This is a great way for the bank to get a co-applicant involved in the process of pushing you a little in the right direction, to pay.
If it goes far enough and far enough, the bank can go to the co-applicant to ask the co-applicant to pay what you as the borrower owe. It is therefore important that you have trust and a good relationship with your co-applicant, but that also the co-applicant has a good relationship and trust in you. It’s smart if the applicant knows you and your personal finances well.
Common co-applicants are brothers, sisters, fathers, mothers and grandmothers. These are people who often do a little more for others in the family. It is not uncommon for friends to help other friends when needed. The challenge with co-applicants is that you as a borrower must take care to have a clearing relationship with the bank.
If you do not have a clearing relationship with the bank that issued the consumer loan, this can quickly go beyond your relationship with the co-applicant. It is nothing fun for a person who has done a friend service or family service to end up in financial trouble with the bank on your roads.
Do you want to take out a consumer loan or do you need fast capital?
We help you find information on different loans. Do you not think the loans are a good fit for you or are you worried that your finances or other factors may affect how the bank will view you as a customer?
Apply for a consumer loan with a friend or family member. All offers are also binding when you search with another person. Search first, decide afterwards!