The reasons for taking out a loan without a spouse can vary widely. Some simply don’t have a spouse, others want to surprise their partner and maybe fulfill a big wish with the loan. It is quite possible to take out a loan without a spouse. But there are a few things to consider.
How can a loan be taken out without a spouse?
If the applicant wants to take out a loan without a spouse, he has to pay off the loan alone. This means that he must have an income that is high enough to pay off the loan. A housewife who has no income will not receive this loan from the bank. However, if the income is high enough to be attachable, an application can be made. Credit Bureau is also asked about this loan, so it is important that there are no negative entries. Negative entries influence the creditworthiness and it can even happen that a loan is then rejected.
Why are there so many difficulties?
Banks often find it difficult to apply for a loan without a spouse. Among other things, this is due to the tax context of spouses. In addition, a partner’s income is often too low to be able to repay the loan. Banks always want to be on the safe side and require the spouse’s signature if the credit rating is too poor. This then secures the loan and the bank can be sure that they will get their money back. If it is a small loan, it often looks different. In this case, the bank often waives the second signature, so that a loan without a spouse can then be applied for. The better the applicant’s credit rating, the easier it will be to take out a loan.
Benefits from this loan
Not everyone wants to be dependent on their spouse and wants to make decisions on their own. The loan is used either for the partner’s own wishes or for bills. The husband or wife should not always be charged with a loan and in some cases the spouse cannot take out a loan because he or she already has one. No matter what the reasons are, a loan without a spouse makes you more independent and the applicant can decide for himself what the loan amount will be used for.