For many loans, borrowers have to provide a wide variety of collateral. With medium-term financing, proof of a regular income and positive Credit bureau information are usually sufficient. A guarantor must often be named for long-term and high loans. Because of the mutual protection, long-term credit is often easier for married couples to obtain.
The credit rating is often rated higher for couples than for single people
As a rule, married people also conclude a loan agreement together. This is particularly advisable if it is a large loan amount with a correspondingly long term. This long-term financing includes, for example, the purchase of a property, the establishment of a shared apartment or the financing of a new car.
Since many couples have two monthly incomes, a loan application of the corresponding amount is often approved more quickly due to the usually better creditworthiness.
Of course, Credit bureau information is also obtained from a jointly applied for loan. Since the Credit bureau evaluates each spouse individually, the information from both partners should be positive. Even if a spouse becomes unemployed, repayment of the monthly installments is relatively safe with a loan for married people.
Couples can also take out a loan online
A loan for married couples is of course also available online. Direct banks are also not averse if their loans are secured with two incomes. In order to receive a joint online loan, the loan contract must be signed by both applicants. Of course, a copy of the identity documents and the current salary statements of both borrowers must also be submitted. Positive information from Credit bureau from both borrowers helps to make a quick loan decision.
However, if a partner has negative entries, the credit business can fail. However, many direct banks offer solutions in these cases. Either the loan is granted to only one spouse or the loan amount is reduced accordingly. Spouses can of course apply for a loan from a house or direct bank without their partner. However, the salary must be so high that the family can be fed. At the same time, the fixed costs must be covered and the monthly loan installment must be affordable.
In the event of a separation, the credit installments must continue to be serviced
If there is a separation or divorce during the term of the loan, the loan agreement still remains. Divorced or separated partners must repay the credit for married couples in equal parts. It is also irrelevant how high the income is after a separation. If a loan is a long-term financing of a property or a new car, both parties often only have to sell it.