Would you like to take out a loan for the partner? Is it an emotional decision or a safe lending business where you don’t take a huge risk?
Before you decide, we will introduce you to the advantages and disadvantages of borrowing from third parties. Find out what you have to pay attention to, so that the “small” favor does not turn into an emotional and economic low blow for you.
Taking out a loan for the partner – helpfulness and charity
Friends and partners go through thick and thin together. They help each other and stand up for each other. Wanting to borrow money for partners arises from this emotional logic of old wisdom. It is the desire and the felt obligation to help a loved one. Culturally lived “charity” is firmly anchored in Western culture and is considered a great cultural asset.
Saying “no” at the right moment is extremely difficult for people close to you. Nobody can simply ignore a cry for help from a life partner or a close friend. Nevertheless, other traditional wisdom should influence the emotional decision. They read: “Friendship ends with money”, “those who put themselves in danger die in it” and “everyone is a lucky smith”.
Nevertheless, it is not always wrong to want to take out a loan for partners for purely emotional reasons. Another motto. “You can only lend money that you are willing to give away”. This reduces the borrowing to a few USD, which the checking account gets into the overdraft facility. – Or on a rationally thought-out credit business with risks and in return collateral.
Apply for a loan for your partner – what should you watch out for?
Taking out credit yourself to lend the money later is not a common loan. In contrast to the joint loan application, in which the borrowers are jointly liable, a borrower is solely at risk of liability. Without concluding a written loan agreement with one another, the lending partner lacks the legally secure proof of his claim for loan repayment.
In the event of possible discrepancies between the partners, since money is known to destroy any friendship, the kind-hearted lender would be at the mercy of his borrower. Without a credit agreement, he does not hold proof that would confirm the obligation to pay. Without a contract, the partner could pay or not, however it suits him. Since the partner would not be creditworthy from a professional point of view, a real credit risk can be assumed.
Adequate collateral for lending cannot be dispensed with in view of secure lending. A waiver of collateral would mean jeopardizing one’s own financial future against better knowledge. Partners should not earn money from the credit among themselves. Wanting to take out a loan for your partner is an exceptional friendship service.
Limitations – not every loan is suitable
Few loan providers support the desire to take out a loan to subsequently lend the money. There is usually a clause in the application conditions that excludes the transfer of the approved loan. A common wording would be “borrowing on your own account” or “for your own economic purposes”. This always means that the borrower may not lend the borrowed money.
For legal certainty, it is clearly not enough to simply apply for a loan at your disposal without comment. If in doubt, add a note to the loan application that leaves no doubt as to the purpose of the loan. Taking out credit for the partner and hoping not to be “caught” can be a success. But if there are problems, the illegal loan stands out, the consequences can be of a criminal nature.
In the age of electronic payments, money leaves its mark. The judge will not be able to explain why the partner made a contribution to the company after borrowing. – Even though he didn’t get the loan. Tracing the money back usually costs law enforcement a few clicks of the mouse. Given all the difficulties and risks mentioned, it would be better if avoiding borrowing for the partner were avoided.
Credit solutions without the partner – credit in difficult cases
Third-party credit is often considered because the partner is self-employed. – Or a bad credit bureau credit rating from the personal history prevents the self-responsible loan. A serious and legally compliant solution to the problem is offered by loan offers that enable independent loans in difficult cases. Risk credit would be conceivable despite credit bureau a bank or for self-employed the loan from private donors.
For both credit options, only people who can afford the loan they want can get a loan. Means: You are expected to pay your loan! If it does not work with the personal credit for such offers, taking out credit for the partner would be an unreasonable risk. In this case it is advisable to refrain from credit so as not to jeopardize a deep friendship or love.
Smava is a reputable contact point for loan requests under difficult circumstances. The credit portal offers access to a bank’s risk loan and, at the same time, contacts with private donors. Self-employed people can easily get credit from their own home if their business idea is convincing and the repayment concept seems conclusive. Loans from private donors can eliminate the idea of wanting to borrow money from the partner, even though banks previously refused.