Loan applicants who want to maximize their chance of getting instant approvals for loan application may try to add someone to their loan application as co-applicant. The co-applicant is entitled to share the loan proceeds and is obligated to repay the loan, if the primacy applicant defaults. They act as the guarantor for the loan proceeds and liable for the repayments, if the primary applicant defaults. There are many situations when you are not eligible for a loan due to low income, poor credit or any other reason. So, in such situation if you add a co-applicant with strong history, steady income and good profile then the chances for approval increases significantly.
Who Are Co-Applicant in Loan Application?
The co-applicants are the persons who apply for a loan with the primary applicant. They are like the supplement for your loan eligibility and acts as guarantor who promises to repay the loan amount if the primary applicant defaults. The income of the co-applicant and primary applicant will be combined to get a total income value based on which the loan amount and the interest rates of the loan will be decided.
The Role of Co-Applicant in Loan Application
The Co-Applicant plays the role of a guarantor in the loan application and premises to repay the loan if the primary applicant defaults. The loan amount is decided based on the combined income of the co-applicant and borrower. If the primary applicant denies, refuses or defaults to repay the loan, then the co-applicant will become liable for repaying the loan amount. There are also other adverse consequences in the part of co-applicant. If the borrower defaults to repay the loan, the credit history of the co-applicant will also have the mark of that defaulted case and in future you may face difficulty while applying a loan or availing other financial services.
How to Find the Best Loans with Co-Applicant?
There are many websites over the internet where you will find the best loans with co-applicants. Lånmedmedsøker.no is one such website that will provide you the list of all the available loans with co-applicant. You can also compare different deals online through this website and apply for the best suited and profitable loan deals for your needs. The website also provide you comprehensive details about such loans which you can apply using a co-applicant.