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Important to the housewife credit
- Spouse as guarantor
In the case of the income-free borrower, housewife credit usually involves the spouse, who should have his own income, as guarantor.
- Specify alternative collateral
If the spouse is incapacitated, other guarantors or security assignments are required. This hedging is intended to minimize the risk of default.
- Make financial statement before closing
Before you take out a loan, you should check in a household bill, which monthly rates are financially viable for you. This makes it easier to avoid unpleasant surprises.
Although the term “housewife credit ” is already outdated and is nowadays referred to more as a loan without Private credit or small loan ; but even today there is this loan, which supports people with no or low income. However, interested parties should first inform themselves in detail about the duties, risks and opportunities.
How to find the right housewife loan
The term originally belongs to a time when wives usually worked as housewives while the men went to work. Since the women were secured by the income of their partners, the banks have forgiven the housewife loan – so could the housewives now and then afford something.
At the present time, however, this loan is no longer aimed at just one target group: the so-called microcredit can now be claimed by all persons who have no fixed income and are therefore often not given credit. This also applies to people with a low monthly income of a maximum of 400 euros – if they are otherwise secured.
The target group of the loan includes:
- Housewives and housekeepers
- Possibly. single parents
- Students and apprentices
- job seekers
- Persons with negative Private credit entries
The credit for housewives is characterized by the fact that he is usually awarded small amounts of 5,000 to 50,000 euros. However, the following aspects are required for you to receive this loan:
- A minimum age of 18 years
- German citizenship
- Hedging through own income or that of the partner
Earningsless spouses: What options are there?
In some cases, spouses want to take out a loan without their own income. Even with small loans, however, it is often difficult to obtain a loan in this situation. Most banks do not lend when there is no income. So the only option left to the non-earning spouse is to provide collateral to the bank:
- Find a guarantor
A guarantor pays the loan installments if the non-earner can not raise them. In this case, for example, the spouse can act as guarantor.
- A security transfer
If you use the loan to purchase property, you hereby grant the bank the right to own that property until the loan has been fully repaid.
It is usually not possible to obtain the housewife’s loan without a guarantor. You also have greater chances if you take out a loan with a guarantor together with the earning spouse.
The Housewife Credit: What should you pay attention to?
Before the housewife loan is completed, the individual conditions should be considered closely and compared with several providers.
Select runtime correctly
For example, it makes sense to choose the shortest possible term without being in default. The faster you repay the loan, the cheaper the loan will be – because the overall cost will be kept to a minimum. The term should, however, be chosen so that the monthly installments are to be managed. Many financial institutions therefore set a term of twelve months.
As a rule, low earners and unmarried spouses as well as persons with negative Private credit entries can not guarantee sufficient creditworthiness. In addition, the risk for the financial institutions is comparatively high, as borrowers often are not sufficiently secured.
It follows that the interest on this loan is usually set high. These can only be reduced by a second borrower or a guarantor – materialistic security can also be provided if it is financed by the loan.
Do not forget additional costs
The APR that is required to compare different providers does not just include the loan amount. Also, the processing fee and the cost of processing the loan incurred here – these should also be considered.
How much homemaker credit can I afford?
Prepare a detailed overview of your income and expenses in advance to find out how much credit you can afford. A household bill makes the most sense for this:
- Analyze the statements of the last half year.
What revenue do you have? And what regular expenses are deducted from your account? Also list all state supports.
- List costs that only accrue annually.
Also annual costs should be written down, as these can fall into the period of loan repayment.
- Plan extraordinary expenses.
Is a holiday coming up or does the car have to be repaired soon? Plan these expenditures – ideally as generously as possible, in order to always be able to cover all expenditures.
Once you’ve done all this, there’s a balance left over – this is the monthly installment you can use for the loan.
Recognize cheap offers – that’s how it works
It makes sense, if you weigh before the signing of the contract several providers of housewife credit against each other. The effective annual interest rate helps here: the effective interest rate includes the borrowing fee as well as all additional costs – this means that this interest rate indicates what you really have to pay each year. The lowest possible effective interest rate thus indicates that the supply is relatively cheap overall.
Incidentally, some financial institutions also have the option of making special repayments in order to repay the total amount more quickly. Make sure that these special repayments are free. This keeps the total cost low and ensures that you can pay off the loan amount earlier.
Watch out for black sheep
Beware of black sheep: too low interest rates can point to dubious providers. So always compare several providers to get an approximate overview.
Step by step to your housewife loan
If you have planned to apply for a housewife’s loan without Private credit, you should first discuss the advantages and disadvantages of this loan in detail.
|You get a loan for a small sum without any fixed income||Completely without a guarantor or second borrower, it is extremely difficult to obtain the microcredit|
|The Private credit query is not performed||As there is little collateral for the institutions, interest rates are high|
|Low monthly rates for low and non-earners||Even for small loans with a maximum of 5,000 euros, there is a longer term|
|The loan is free to use||There are higher processing fees|
So if you want to take out a loan, you should weigh the above-mentioned advantages and disadvantages well – it makes sense to consult with the second borrower or the guarantor in order to then be able to make the right decision.
How to get to the small loan without Private credit
With the help of the Financedel calculator, you can calculate how your credit will fail without Private credit. They proceed as follows:
- Enter the desired amount of the loan and enter your personal data (name, address, date of birth).
- Click on the button “Continue to step 2”.
- Now enter your contact details so we can contact you if there are any questions.
- Click on the button “Continue to step 3”.
- Enter your employment and your monthly net income here. In addition to wages, gross income includes pensions, alimony benefits, unemployment benefits and rental or lease income – all of which you now have to deduct to earn the net income.
- Submit your request afterwards.
The credit team will now take care of your request as soon as possible and send you an individual loan offer – the offer is free and absolutely non-binding.
Alternative: The normal installment loan
An alternative to the housewife loan is the normal installment loan. The advantages of this loan are obvious:
- The loan is also not earmarked
- Almost all financial institutions give the installment loan
- He needs less work
- It offers lower interest rates for the same term
The disadvantage of the regular installment loan is that you need a corresponding credit rating in order to receive comparatively low interest rates. So people with negative Private credit entries will have less chance of receiving this loan at reasonable interest rates – often the application will be rejected in this case. In addition, the monthly installments here are significantly higher than the housewife credit, the term is also longer in many cases. To find the right loan, ask yourself the following questions:
- Do you need a larger loan amount?
- Can you pay relatively high monthly installments with your spouse or another second borrower?
- Can you pay off the loan over a longer period?
- Is there a high credit rating for you or the second borrower?
If you have been able to answer these questions positively, it is advisable to make use of the regular installment loan. However, if a high credit rating is not guaranteed, only a small amount is needed or only small monthly installments are possible, the Housewife Credit is the right choice.
To find out which loan is right for you and you have to expect that costs and interest, please contact our loan calculator on.
questions and answers
How Expensive Is Housewife Credit?
The amount of interest for this loan depends on the respective provider – since, in addition, the Private credit entries are not queried, no creditworthiness is guaranteed. It is not unlikely that the loan without Private credit therefore often more expensive than the conventional consumer credit. In particular, the term, the amount of the loan and the annual percentage rate of interest affect the cost of the loan.
Is a housewife credit reputable?
Of course, you should be wary of a loan that does not require insight into Private credit. With the housewife credit, the seriousness depends on the provider: There are certainly reputable financial institutions that guarantee this loan. However, the lending of such providers is often associated with high processing fees, high interest rates or similar costs.
Is there really no Private credit query?
Banks in Germany are generally required by law to always carry out a Private credit query before a housewife loan is granted – reputable banks will not grant this loan without Private credit information. Swiss banks, on the other hand, are not bound by such laws and can grant the loan even without checking the creditworthiness – but usually only with a certain minimum income. So there is no chance for a lossless person to get a loan here; Unless they are adding a second borrower or guarantor.
Incidentally, some reputable brokers offer to do the credit check for free: this allows you to find out before the search for a financial institution, what would be the maximum amount of your loan and if your application would even be approved.
Who can get the housewife credit?
The Housewife Credit can be obtained by all low paid and incomeless people. However, it is important that the borrowers are covered – whether by the spouse’s income, a guarantor or other collateral.
Up to what limit can the housewife’s loan be paid out?
There is a uniform and universal rule for the payout limit of this small loan. Usually these are sums of around 5,000 euros – but loans up to 50,000 euros are guaranteed.
Is the housewife credit earmarked?
As a rule, the loan without Private credit is not earmarked, as this is a regular installment loan with a limited amount. The loan is therefore freely usable.
What is the legal status of household income for the non-earning spouse today?
According to §§ 1360 to 1360b of the Civil Code, also ineligible spouses are allowed to co-determine, for which the existing income is used. In addition, they usually have a pocket money claim: about 5 to 7 percent of the net salary of the partner may use the non-earning wives or husbands for their own purposes.