They decided to get a loan without the spouse’s consent on the best terms, and then you came to the right place. In front of your eyes are all the best deals on such a loan, and below is everything you need to know before applying for it.
Naturally, everyone can have different questions
After all, we always understand a loan as an individual transaction between a lender and a borrower; between the creditor and the borrower.
But for some time now, as in Lithuania, this is no longer a purely personal matter. Now, before granting a loan, the creditor is obliged to check not only the financial status of the borrower, but also his / her spouse.
Why Loans Without a Spouse? Why these changes?
The Bank of Lithuania, together with its institutional partners, sought to curb the arbitrariness of fast credit lenders and to solve the problem created by their activities. What is the problem? Over-indebtedness. Quick credits were simply granted without much consideration being required.
This meant that many people were getting loans that, rationally, they were not able to obtain. For a while, the situation worked in favor of creditors: people who saw that they would not be able to repay their fast credits were forced to borrow even more. This was very beneficial to lenders as their loan portfolio kept growing and growing.
But the problem here is very obvious: it simply couldn’t last forever. As a result, over time, more and more of these people became insolvent and began looking for loans for debtors. At that time, there were few such loans, so refinancing of the debt was only possible through mutual lending. And there, the conditions for getting such a loan are much stricter.
In an attempt to remedy the situation that already existed and to prevent it from happening in the future, creditors were forced to comply with stricter lending conditions. One such condition is the cancellation of the loan without the consent of the spouse.
It should be easy to understand and logical
People borrow individually, but personal income almost always goes to the family budget. This budget then handles various financial matters. Therefore, for example, if a person has no obligations but his or her spouse is drowned in debt, this practically means that the whole family is in debt. In other words, this means that even if a person has no obligations, they will still be under pressure because their spouse has them.
For this fundamental reason, it was decided that loans could not be granted to anyone and under any circumstances without the consent of the spouse. There really is, because eventually, the spouse will still have to contribute.
But that doesn’t really mean that getting a loan without a spouse is impossible. On the contrary, there are many possibilities. It all depends on how much the loan is being asked for, how much the person is now in debt, whether he needs refinancing or regular quick credit, etc. As for the average, statistic who is not over-indebted and has a stable income (because with loans without income, again it is otherwise), then getting a loan without the consent of your spouse will certainly not be difficult.