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Credit, Pregnancy and Maternity Leave

Will you soon be a mother or have you recently given birth to a child? Would you like to take out a personal loan? To what extent is it possible to make a loan request during pregnancy or during maternity leave? We have the answers to your question.

 

Credit and pregnancy

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It is easy to make a loan request during your pregnancy. However, there is an important condition: work at a “normal” level of employment. In other words, it is not possible to make a loan request in the event of a work stoppage due to pregnancy, even with part-time employment. Because there is no guarantee for the bank that the future mother will resume her work after pregnancy.

Example: Ms. Feyer works 80% in a company. She is 7 months pregnant and wants to get a loan. Since the pregnancy is going well, she did not have to reduce her workload and can therefore make a loan request without restrictions. However, you should reduce your workload due to pregnancy (even by only 10%), a credit request is no longer possible.

 

Credit and maternity leave

Credit and maternity leave

During maternity leave, the new mother is in a period of absence from work, but she receives maternity allowance for about 3 months instead of your wages. During this time, she cannot take out a loan in her name. In order to make an inquiry, it must demonstrate the following:

  • That she is working on a normal job again
  • She must be able to certify this with at least 1 wage sheet

From a legal point of view, the maternity allowance is not considered to be attachable, which means a risk for the bank.

 

Make a request in the name of the partner

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If a personal loan is not available, be it due to a loss of work before childbirth or during maternity leave after birth, it is still possible to make a request on behalf of the partner. This solution can relax the situation, but it is not necessarily optimal. Because:

  • In a “normal” situation, the combined income of the spouses is taken into account by the bank.
  • In the event of loss of work or maternity leave, only the partner’s income is taken into account by the bank.

The option to “combine” two incomes not only improves the chances of acceptance of the dossier, but also enables better credit terms to be obtained (better interest rate).

 

Find out before you commit

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In the end, it is always the better option to find out before filling out the loan request. Depending on the urgency of the need for money, waiting for the mother to return to work may prove worthwhile. In case of doubt, it is of course possible to contact a credit intermediary like Astro Finance who can control your dossier and take your situation into account so that you can choose the best course of action.