Only a few years ago a joint marriage bank account was the norm. Today, mainly due to the availability of very attractive bank offers and low fees (or even lack of them) associated with running an account, this is not a popular solution. Most marriages, despite staying in a property community, decide on separate accounts. Both solutions have their advantages and disadvantages. One of the most frequently mentioned disadvantages of a marriage account is the inability to take out an online payday payday loan. Why is this so important and does it really exclude the possibility of using a non-bank loan?
Joint bank account – is it worth choosing?
Marriage accounts are most often associated with a joint bank account, but you must know that other combinations are also allowed. A shared account can also have relatives (siblings, parents with children, etc.) running a shared household. In this case, both persons are the owners who appear equally before the law and before the bank. They can have an account in any way – make deposits and withdrawals, have savings accumulated on the account, have access to electronic banking, receive their own payment card and secure it with a separate PIN number. One exception, however, is signing a revolving loan agreement or making any tariff changes to your account, including closing it. In this case, all co-owners must sign the contracts.
Having a joint account, especially in the case of marriage, allows easier management of home finances, better control of expenses or the introduction of savings, which must be made up of every family member. In addition, you can avoid the costs associated with maintaining your account. Although most banks maintain an account for $ 0, it usually depends, e.g. on the amount of monthly inflows or the number of transactions carried out monthly. If two withdrawals arrive on your account, it will be easier to get the required amount limit, just like a regular consumer loan. The cumulative creditworthiness of two spouses can enable not only to contract it, but also to obtain a larger amount or negotiate a lower credit margin.
Unfortunately, in this case, too, some inconveniences cannot be avoided, of course, except for those resulting from psychological comfort and the sense of independence of the spouses. First of all, one account is at a greater risk of blocking access to funds in the event of a failure, and in extreme (though definitely less frequent) cases also a disproportionately greater risk of account hacking and theft of funds. And, as one of the biggest disadvantages that was mentioned at the very beginning – the inability to take out a loan online.
Why do loan companies not accept shared accounts?
Online payday loans should be fast and really easy. Therefore, loan companies have opted for completely online identity verification, and in some cases also the creditworthiness of their clients. It is very important in the context that online loans can only be taken individually and only one person enters his data in the loan application – it cannot be done together with his wife or husband, nor is the consent of the other party required. From the lender’s point of view, therefore, the key issue is not strictly whether it is a shared account or not, but whether the bank account details – name, address and account number – will coincide with what appears in the loan application.
This rule can be circumvented if you have a bank account that allows separate access to electronic banking for all co-owners. In this case, the outgoing transfer is only provided with the details of the actual borrower, and the loan company has no real possibility to check the status of the bank account and determine whether it is an individual or joint account. In this case, however, it will be against the company’s rules and de facto failure to meet the conditions necessary to obtain a loan. Therefore, the loan company has the full right to terminate the contract with immediate effect and demand repayment of the liability within the prescribed period.
The spouses are jointly responsible for the debts
The use of a joint bank account is a possible problem for the lender in seeking redress. One of the spouses may, after all, explain that they were not the ones who took the loan and the other party used their data and used a joint account for this purpose. Although it would be difficult for the creditor to prove which of the spouses was the applicant, he usually will not waive enforcement in such cases, and the liability for debts will also fall on the other person. (check who will be responsible for the commitment in the article “Partner’s loan debts – what can we do about it?”).
Loans without a bank account – it’s possible
Although the most popular way to withdraw loan money via wire transfer is that you don’t have to look long to get cash without having an account – this is the case for home-based loans or loans handled with a GIRO check.
In the first case, available at companies such as Provilend or Stack Loans, signing the contract, verifying the identity and creditworthiness of borrowers takes place during the visit of the company’s field employee. In such a situation, the identity of the client is determined on the basis of identifying him and writing down the data from his identity card, and both the payment of funds and the repayment of the loan takes place in the form of cash.
As for the payment of the GIRO check, it is equally convenient. This service is offered by brands such as Batka, TikTo Finance and Easy Lend. When deciding on a loan in one of these companies, we can apply online, and the identity verification and signing of the loan agreement takes place in the presence of a courier. After completing the formalities, he will hand the GIRO check, which the borrower can cash at the nearest post office or Bank.