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Consumer credit and couples: how does it work?

Blog | Credit

Banks are trying to get more and more information about their client's financial situation before giving a credit. How does it work when you are married or if you live with someone? Why are your partner's personal information also required on the credit's request form? Is she or he also committed to the credit? Can you make one without your partner knowing? Let's have a closer look:

Couples and solvency

If budget’s requirements are fulfilled, the credit’s amount can be set without necessarily having to take the partner’s financial situation into account. But banks still request the partners information on the form in order the check the couple’s solvency (insolvency&prosecution register). Even if the borrower has a healthy financial situation, the bank could refuse to grant a credit if his/her partner has some prosecution or loss certificates.

Couples, credits and advantages

If on the other hand, the partner has a stable income and financial situation, the borrower should mention it during his budget evaluation in order to:

  • Negotiate a higher credited amount.
  • Increase the chances to get a positive answer.
  • Negotiate a better interest rate thanks to a good scoring.

Confidentiality and commitment

If banks request the partner’s personal data, it is only to get a better idea of the borrower’s global budget. The former won’t be contacted nor committed in the whole process.

New Swiss law

The new Swiss law on consumer credit (LCC) oblige all the banks to request the partner’s information, whether you are married or only living together. This law has been recently modified (March 20th 2015) and it is one of the stricter in the world regarding small credits. The partner’s insolvency usually influences the bank’s decision in a negative way, even if the person making the request, complies with the budget’s criteria.

Whom to ask for a credit?

Are you married and you wish to get a credit? When is it advantageous to make a request with your partner? Do you have a financial commitment and you are recently divorced or separated? A credit specialist like Multicredit will be able to advise you for free and to negotiate a low interest rate according to your situation!