Unfortunately, it is so – it is not primarily the well-paid employees or civil servants who need debt capital, but rather the people who earn little or even nothing, which also includes housewives. But what about when a housewife auditions at a bank or savings bank and asks for a loan?
Housewives asks for a loan?
Unfortunately, housewives initially have exactly the same status as schoolchildren, students or the unemployed, which means that since they have no income, their creditworthiness is correspondingly poor. Incidentally, this also or especially applies to single parents or single women who are housewives and receive supportive social benefits: neither unemployment benefit, nor social assistance, child benefit or housing benefit etc. count as solid income in the eyes of the banks.
Apply for a personal or installment loan
So if a housewife with no personal income asks a bank for a personal loan or installment loan, there is basically no chance that she will receive one – this applies to banks in Germany as well as abroad, as well as to German loan agencies, that offer loans from foreign banks.
However, there are means and possibilities to obtain debt capital as a housewife, for example with the help of a second borrower – nothing else than a guarantor. The guarantor is a security for the banks, because should the first borrower, in this case the housewife, experience payment defaults or payment difficulties, the bank or savings bank can approach the second borrower without having to take any further legal measures.
Of course, the second borrower is required to have an appropriate credit rating, so it must not be a housewife, an unemployed person, a student, pupil, pensioner etc. It is often, depending on the situation, rather difficult for a self-employed person to act as a guarantor as self-employed people do not have a regular income.
It is a question of how necessary the housewife actually has the loan and to what extent it is worth looking for a surety – after all, guarantee loans are not something that should be taken lightly or taken lightly.