A compelling difference between a loan during marriage and a loan for unmarried applicants does not exist. Nevertheless, some banks generally expect married couples to borrow together, which is more prevalent in real estate finance than installment loans. Another peculiarity is that in lending to married applicants, more financial institutions than loans to unmarried or divorced clients, even for a formal borrower, the total household income is used as a basis for calculating their lending decision.
A rate protection insurance is advisable for a loan during the marriage, as long as no other insurance coverage exists in a disability insurance and in a life insurance. The protection against the financial costs of unemployment, which is also included in the credit default insurance, is, however, associated with numerous restrictions and does not necessarily have to be compensated by private supplementary insurance.
Is there a general joint liability of the spouse?
In principle, the person liable for the repayment of the loan has signed the loan application or, if necessary, guaranteed it for repayment. However, there is an obligation between spouses to reciprocal responsibility for the liabilities of the respective partner, from which a joint liability for credit liabilities can be derived. However, this only applies if the credit during the marriage was intended for the common life of the spouses. Decisive is the actual use of funds and not the possible assumption of the credit bank.
Due to the associated uncertainty regarding the assumption of liabilities by the earning spouse, the banks have significantly reduced the offers for the so-called housewife loan. Nonetheless, some financial institutions continue to offer a loan in marriage, which the spouse can claim on his own with no or low income. However, they mostly lend these loans only for small amounts.
In the case of installment payment agreements in commerce, the presentation of a proof of income is usually not necessary, so that each spouse can arrange for this alone. In a good marriage, it is common practice for both partners to discuss the financial situation.
If both partners have their own income, the joint application for a loan during marriage makes sense in principle, since in this case each bank includes both incomes in its budget. An exception is the case that the private credit information of one of the two partners contains a negative characteristic. Then it is usually better if the other spouse submits the loan application alone.
Claims to the credit taken during the marriage
When planning repayment for a loan during marriage, spouses take into account expected changes in their family and income. This is especially true for a possible desire for children, which leads to higher costs and at least temporarily to a reduced household income after its fulfillment. Ideal is a loan agreement that expressly provides the bank client’s right to a change in the repayment agreement on customer request for important reasons. Among them is the birth of a child without a doubt. Depictions of satisfied bank customers that a financial institution fulfills corresponding requests even without a contractual obligation are less useful than an amendment clause in the loan agreement. The internal rules of goodwill can be withdrawn at any time.
Another way of being able to pay off the loan without any difficulty during the marriage, even after a family increase, is to offer low rates in connection with the eligibility for special repayments without any prepayment interest being charged. In this case, the couple pays initially more than the mandatory rate and returns his repayments after an expansion of the family on this.
The most important selection criterion for borrowing is the lowest possible annual percentage rate. A spouse can find such by making a careful credit comparison. In the case of a creditworthiness-dependent interest calculation, the application for credit by both partners usually leads to a reduction in the interest rate.
Borrowing during marriage with weak creditworthiness of both partners
The minimum income for a Swiss loan is higher during marriage than for single applicants. The joint application by two credit customers, however, the Swiss federal banks for their loans without private credit not before. In addition, the application for a loan from a domestic financial institution that does not rate a soft negative entry as a mandatory exclusion reason for lending, is usually associated with lower interest rates than the Swiss federal loan.
Good chances to successfully apply for a loan even with weak private credit, have spouses, if they hire a reputable credit intermediary. Thanks to his knowledge of the market and his extensive experience, he is also successful in making a negative entry in the private credit directory. It is important that the agent calculates only a reasonable success fee and no pre-cost.
An on-line lending platform between private individuals can also apply for credit during marriage. A weak private credit is there no reason for non-acceptance as a loan seeker dar. For the payment of money is in addition the drawing of the specific request by one or more lenders required. Experience has shown that this takes place the fastest, if the couple describes as detailed as possible the project to be financed with the requested personal loan.