You are in a relationship and want to take out a loan. You ask yourself:
Does it make a difference if I am married, separated or living with my partner?
Are my partner’s details taken into consideration and will he/she be informed of my actions?
Married couples
Theoretically, the partner’s details are not required if the applicant meets the budget-related criteria. The budget calculation is used to define the loan amount. This means that in theory, the partner’s situation will not be taken into account.
In this case, why are the partner’s details requested when completing the loan application form?
Partner with solvency issues
In practice, some banks request the partner’s details to check solvency (ZEK + legal proceedings). If the bank discovers that the partner is involved in legal proceedings and/or insolvency proceedings, it may refuse the loan, despite the favourable situation of the applicant.
Partner with a good financial situation
If the partner perceives income and his/her financial situation is solvent, there are 3 reasons for the applicant to include him/her in the budget calculation:
- To increase his/her chances of obtaining a positive response
- The possibility of increasing the loan amount
- To increase the credit score, and therefore the possibility of negotiating a better rate
Discretion with regard to the partner
The partner’s information is only required by the bank to obtain an overall, accurate view of the couple’s situation. The partner will under no circumstances be contacted or bound by the loan application.
In the event of separation…
Separated couples are considered to be single. There is therefore no need to transmit the details of the ex-partner.
Live-in partners
Live-in partners are in principle considered to be single, with the exception of the BCGE, which nonetheless takes into account the partner in the budget calculation.
Swiss Consumer Credit Law: live-in partners and married couples in the same boat
Banks today are increasingly looking to obtain as much information as possible on the overall situation of the couple and the decision-making process.
It is highly possible that the new Consumer Credit Law planned for 2014 will require all banks to systematically request the partner’s details both for married couples and live-in partnerships, and that the insolvency of the partner will result in a categorical refusal, even if the applicant is solvent and meets the budget criteria.
Couples & credit
You are in a relationship and want to take out a loan. You ask yourself:
Does it make a difference if I am married, separated or living with my partner?
Are my partner’s details taken into consideration and will he/she be informed of my actions?
Married couples
Theoretically, the partner’s details are not required if the applicant meets the budget-related criteria. The budget calculation is used to define the loan amount. This means that in theory, the partner’s situation will not be taken into account.
In this case, why are the partner’s details requested when completing the loan application form?
Partner with solvency issues
In practice, some banks request the partner’s details to check solvency (ZEK + legal proceedings). If the bank discovers that the partner is involved in legal proceedings and/or insolvency proceedings, it may refuse the loan, despite the favourable situation of the applicant.
Partner with a good financial situation
If the partner perceives income and his/her financial situation is solvent, there are 3 reasons for the applicant to include him/her in the budget calculation:
Discretion with regard to the partner
The partner’s information is only required by the bank to obtain an overall, accurate view of the couple’s situation. The partner will under no circumstances be contacted or bound by the loan application.
In the event of separation…
Separated couples are considered to be single. There is therefore no need to transmit the details of the ex-partner.
Live-in partners
Live-in partners are in principle considered to be single, with the exception of the BCGE, which nonetheless takes into account the partner in the budget calculation.
Swiss Consumer Credit Law: live-in partners and married couples in the same boat
Banks today are increasingly looking to obtain as much information as possible on the overall situation of the couple and the decision-making process.
It is highly possible that the new Consumer Credit Law planned for 2014 will require all banks to systematically request the partner’s details both for married couples and live-in partnerships, and that the insolvency of the partner will result in a categorical refusal, even if the applicant is solvent and meets the budget criteria.