Family Loan
What is a Family Loan?
A Family Loan is a unique option we offer to customers who are married and would like to apply for a loan together.
This type of loan allows us to consider both spouses incomes, financial obligations, and credit histories when assessing eligibility for the loan offer, which improves the chances of approval.
How to apply for a Family Loan
Main applicant
You'll need to designate one partner to be the main applicant. To apply, they'll need to:
- Go to the home screen
- Tap 'Accounts' below their balance
- Tap '+ Add new'
- Tap 'Credit'
- Choose marital status
- Choose 'Family credit card'
- Fill out the short application
- Provide information about the other applicant (their spouse) by selecting them from the phone book list to invite them to sign a consent for the loan application. Both spouses will need to be Revolut customers
Spouse
For the application to be completed, the spouse has to provide their consent via their Revolut app. They'll be invited to do so during the application process, which is initiated by the main applicant.
More about Family Loans
- Your total monthly loan repayments (obligations) shall not exceed 40% of your mutual income
- Even if your spouse receives little income, your eligibility for a loan will still likely be better if you apply together, as we will consider combined income and credit capacity
- The Family Loan agreement is signed solely by the main applicant. However, since the spouse issued consent for assuming family obligations, under Lithuanian law, any obligation undertaken by one spouse automatically becomes a shared responsibility of the family. Therefore, even though the spouse applicant doesn't sign the agreement, they're responsible for the obligations under the loan agreement