At least then was failed, if the spouse has not given his consent. Instead of self-earned money, the housewife, who was reduced to work in the household, was entitled to a “fair amount” of household allowance. For this “pocket money” of course, the man came up, because he was the breadwinner. And what did the housewife do if this budget money was not enough? Then she could get a small loan named after her at the bank. Provided the husband gave the bank his consent and a guarantee in the form of a guarantee.
The Housewife Credit is thus closely linked to a family portrait that one no longer sees or only rarely sees today. Spouses have long been earning their own money on equal terms. Although women still earn less and often find it difficult to find a full-time job again, especially after a break from work. The housewife loan is still there in its form, but it means differently. This has of course also expanded the target group. And so today’s home-based credit is not just for the lower-earning spouse, regardless of gender, but potentially for low-wage earners of all stripes.
In the past, the Housewife Loan was actually designed exclusively for housewives. Nowadays, under certain conditions, apprentices, single parents, jobseekers, pensioners or students can apply for a so-called homemaker credit.
This is basically the only feature of housewife credit that has been subject to change over time. Because the formalities and conditions have not become less. Rather, the requirements to be granted a housewife credit have become more restrictive. Because if you give a loan to a person without a steady or low income , you are taking a relatively big risk. To minimize this risk, financial institutions have various options.
The guarantee of the earning partner, a solvent friend or relative is still obligatory in a housewife loan. Especially if the applicant receives social benefits or falls below a certain minimum income. Trainees are an exception here because the existing training contract is accepted by some banks as collateral. Pensioners, mini-jobbers or the unemployed, however, need a guarantor with a proven income from a reputable bank.
Other requirements for the approval of a housewife credit are a German residence and the age of majority.
Although housewife loans are still awarded, they are as a product actually unattractive for the targeted audience. On the one hand, this is due to the required guarantee . On the other hand, it is due to the other risk minimization measures taken by credit institutions. These include, for example, the effective annual interest on a housewife loan . This is usually higher than other installment loans. In addition, the low monthly installments to serve the housewife loan result in a longer term. Depending on the amount of credit approved, a home-based loan will become unnecessarily expensive and tedious. A mini or micro loan , possibly also as an instant option, can be a more efficient and effective alternative.