Many consumers think that they can easily apply for a loan during marriage and are unaware of the commitments. For example, if a husband takes out a loan to finance a car, it does not automatically mean that the wife has to pay for the loan. If a loan is taken out during marriage, usually only the borrower has to pay for the installments.
What needs to be considered?
As banks know that spouses are not necessarily liable for a loan, they usually require both partners to sign the loan agreement. But that does not have to be the case, especially if the borrower has a very good income. Then a second borrower is not necessary in this case. However, if the income is not enough to get enough collateral, it would be advisable for a second person to sign the contract.
Otherwise it can easily happen that the bank rejects a loan application. A rejected loan application is noted in the Credit bureau and makes it difficult for other banks to apply for a loan. If the spouse signs the loan agreement, they will also be liable for the installments.
Don’t blindly sign every contract
If a spouse becomes self-employed, the contract should not be frivolously signed. One spouse often has nothing to do with the partner’s independence and still has to be liable if the independence is doomed to fail. In addition, no loan should be taken out if the money is already very tight monthly. If a loan installment is added so that there is no money left, you can quickly fall into the debt trap.
What are the requirements?
In order to be able to apply for loans during marriage, there must be an income that can be attached. In addition, the bank often requires a budget so that it can be calculated whether there is money for the installments. The Credit bureau is also asked whether a loan has already been taken out from other banks.
The check serves the bank to secure itself and the borrower that he is not in debt. Once a loan application has been approved for marriage, the money will be transferred to the applicant’s checking account within a few days.