Optionally, you may apply for credit together with your partner or just as well.
With information, we help you to choose the right loan. There is no right or wrong, but not both signatures should be under every loan application.
Credit during marriage – build something together
The marriage vow forms the traditional basis for starting a family together. Together, couples shape their future and pursue their wishes together. The typical loan during marriage would be for the home. The young years of marriage are particularly suitable for buying or building a family residence. Nest building without children supports the excellent creditworthiness of both partners through full-time work.
This excellent credit rating is required by credit institutions so that nothing stands in the way of secure financing of house building plans. The partners share the risk of financing and the resulting property. Common creditworthiness leads to credit approval. So it is only right and cheap if both partners are in the land register together. The home loan is one of the prime examples of seriously financed loans in a community.
If credit is needed during marriage, it is not automatically about common desires. For this reason, the legislature draws a clear dividing line for credit liability. Whether in legal marriage or with a marriage contract, each spouse is only liable to the lender if the loan contract has been signed in person. If only one person signs, joint liability does not automatically occur.
* Exemplary legal opinions reflect the personal opinion of the author as a layperson. They should not be misunderstood as legal advice. Legal advice may only be offered by legal practitioners.
Joint liability – payment obligations of married couples
The law sets narrow limits for joint liability. Couples are automatically jointly liable only for payment obligations in everyday life. The case with the loan from the baker for the breakfast rolls would be relatively clear. No matter who buys them from both, it can be assumed that they should be eaten together. The baker may address both spouses equally to settle the open bill.
It would be more difficult if a household appliance were ordered on credit. The payment obligation could extend to both. An example of this would be the purchase of a normal kitchen knife on account. For larger investments, the signature counts again who is the contractual partner. The actual usage is in the background. A nice example of this is the couple’s rental apartment.
Although the couple lives in the apartment together, the landlord can only claim his rent from his contractual partner. If only one has signed, the other is not liable. The situation with credit during marriage is comparable. Lenders cannot act against the borrower’s partner unless the borrower has signed. In practice, this creates a dilemma.
Spouse as co-applicant – why required?
When it comes to marital credit, credit institutions find themselves in a dilemma. The law precludes automatic joint liability. However, if only one applicant signs and does not pay later, enforcement will be difficult. The spouses could push attachable items back and forth, almost at will. The bailiff cannot clearly see who is entitled to the property.
It is not uncommon for credit institutions to request a partner loan directly or indirectly. For example, the ING DiBa requires married couples and extramarital partnerships with the same place of residence to apply for a community in the application requirements. It’s not fair. If the loan is not to be used for joint purchases or interests, no one can advise with a clear conscience.
A free credit comparison can help. Not every credit institution has the same credit terms. In addition to the interest rate comparison, it is easy to call up the application conditions via free credit comparisons. An alternative lender who does not link the loan to the common signature can certainly be identified. Regular credit does not represent an exorbitant risk for the lender. The signature is therefore not necessary.
Self-employed credit requests – only with your spouse?
Loans of self-employed people, according to the start-up loan, are often distant from credit institutions. The risk of lending to traders is high. Only after years of successful self-employment do opportunities open up to prove income security beyond any doubt. The chances are bad for the loan during marriage without involving the partner in liability.
Lending would be conceivable secured by property collateral. Unfortunately, it is no longer easy to deposit private pension provision as credit security. Legislators have placed parts of old-age provision under special protection against attachment. On the other hand, it would be acceptable, for example, to pledge real estate or a high-quality vehicle.
More freedoms than a bank loan would open up private loans for self-employed credit requests. A signature of the spouse could be avoided for private loans during the marriage. Over the past few years, private lending has become socially acceptable via credit brokerage portals. Auxmoney and Smava offer reputable access to loan offers from private lenders.
The desired loan is applied for during the marriage, without the spouse’s joint liability, as a loan application. Several lenders come together to finance the bidding process. This keeps the credit risk manageable, even when it comes to fulfilling difficult credit requests.