Whoever is married is not automatically bound by all contracts, as many people think. It is the same with a marriage loan. Each spouse is responsible and must ensure that the loan is actually repaid, even with a loan. It is different if the spouse signs the loan agreement as a guarantor. In this case, the spouse has to pay for the loan if the other person is no longer able to repay it.
What can the marriage credit be used for?
Young people, who have not been married for a long time, make many purchases that are needed for the apartment. Older spouses may want to go on a trip or get a new car funded. This is exactly what credit in marriage is suitable for, because it is rarely earmarked. In the case of a small loan, the bank hardly requires any collateral, so that one borrower is enough to take out the loan. The situation is different for larger amounts, since collateral almost becomes a mandatory program.
If you want to include a loan in marriage, you should consider whether one of the partners can pay off the loan alone or not. If one of the partners wants to guarantee the loan, they must have a fixed income that can be attached. Otherwise, collateral such as life insurance or real estate can also be used if the loan is large. Those who make purchases together and both also sign the contract also own both of these items. If only one person takes out the loan, he alone owns the car or the furniture that is financed by it.
Self-employed marriage credit
If self-employment is planned in marriage, the other partner often has to pay for the loan so that the start-up capital can be raised. Here, the support of the partner can help to get the loan and thus successfully start self-employment. All factors should be checked carefully, because self-employment always involves a risk at the beginning, which should be considered.