Most often, we conclude consolidated loan agreements independently, but it is also worth pointing out that we can borrow money with another person. What is worth knowing about a two-person consolidated loan?
Consolidated loans and loans for two people are now offered both at banks and non-bank lending companies. They are available as cash consolidated loans that we can use for any purpose, but we can also get a car loan or even a housing loan in this way – the latter offer is very popular among couples.
But how exactly does a consolidated loan for two people work? What are the benefits of taking it? What are its consequences? We invite you to check with us!
A consolidated loan for two people – requirements
Each bank and each non-banking institution have slightly different requirements in relation to their clients. Most often, however, the basic one is having Polish citizenship and a permanent address of residence in the country, as well as having important ID cards and proper creditworthiness. The lack of negative entries in BIK and other databases is also important.
It is worth pointing out that the two-person consolidated loan is not only intended for marriages. It can also be given to people who are not closely related to each other, for example we can take it with a friend or colleague, partner or partner.
Why is it worth taking a consolidated loan for two?
Most often, consolidated loans for two people are chosen when the money is to be used by two people at the same time, for example for renovation, joint trip, purchase of an apartment.
They are also chosen when it comes to increasing one’s creditworthiness. When calculating the capacity, then the income is not for one person, but two, so they are automatically higher. Therefore, you can borrow a higher sum then.
What are the consequences of consolidating loan of two people?
When two people take out a consolidated loan jointly, each of them is responsible for paying the debt. Therefore, they should set a repayment schedule among themselves, for example they can be paid equally, one can pay once and the other person can be repaid, and the repayment amount can be calculated for each person based on the proportion of earnings – the earner will pay more part, and the less-lower one.
However, we must realize that if one person stops paying the consolidated loan, the other person is not exempt from it – he is also responsible for paying the liabilities, because if he does not, he will be able to expose himself to debt collection and even bailiff execution property.
This is where the risk of borrowing two people lies. If the consolidated loan is not repaid by one of the borrowers, the latter will have to settle this obligation anyway. That is why it is worth lending money in two with only those people for whom we trust, because otherwise we may be exposed to considerable problems, for which we can respond even with our personal property.