Married couples do not necessarily have to take out bank loans together, so that wives can in principle apply for loans without their husbands. In practice, their creditworthiness is generally based on their own income, even if some financial institutions offer non-working housewives a limited credit without spouses.
Signatures from both partners are almost always mandatory for large amounts of credit. The possibility of borrowing without the husband’s involvement does not preclude the woman from informing him at least of the application for the loan, especially since financial secrets can easily trigger a marriage dispute.
Borrowing without wife’s own income
It is only partially understandable that banks, who are not working housewives, often refuse the loan without a husband. Already the tax spouse splitting shows that the legislature allocates the earned income equally to both partners in the case of a single earning marriage. However, many financial institutions do not rate maintenance claims as full income components and thus refuse to allow housewives without direct income to take out a loan without a husband. Some credit banks, on the other hand, explicitly advertise the housewife loan as a loan that wives can apply for without the additional signature of their spouse.
These credit institutions accept the maintenance claim that exists both during the marriage and after their possible failure against the partner who is working alone as sufficient security for the loan amounts offered by them. The fact that the loan was taken out without the husband’s knowledge does not necessarily exempt him from joint liability for the repayment, because spouses are responsible for each other’s financial liabilities, provided that they were taken for the common life.
Because of this clause, mail order retailers are mostly satisfied with the wife’s signature as they can use the products ordered to assess whether these two spouses serve, while banks do not receive information about the purpose of most loans. It is also easier than at most banks for women who are not working to obtain the desired loan without a husband via internet sites for private loan brokerage. The reason is that many private lenders are based on social criteria and consciously support married women without their own income.
Borrowing with your own income
If the wife earns her own income from work, she can easily take out a loan without a husband. The bank may also inquire about the husband’s income for the purposes of the household account. If the latter does not achieve one or the loan applicant cannot prove it, the bank only uses the woman’s income to determine the repayment capacity.
If the bank rejects the loan without the spouse in the desired form, an extension of the term often leads to success due to the associated reduction in the monthly loan rate. A guarantor is generally possible if the wife wants to take out a loan without her husband and knows a person who is both solvent and willing to take out a guarantee. The wife’s parents are more likely to be considered as co-applicants and less as guarantors, since the legislature places high demands on the effectiveness of relatives guarantees.