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Five households are jointly insured. If one household fails to sign, is it jointly and severally liable?

Yes.

Joint household guarantees include joint guarantees for individual industrial and commercial households and joint guarantees for enterprises. Members provide joint liability guarantees for each other's loans. Even if one household does not sign, it is still jointly and severally liable.

Five households joint guarantee refers to the guarantee model for small loan business launched by China Credit Union and Postal Savings Bank of China. Its characteristic is that it does not require a mortgage but must be jointly and severally guaranteed by 5 merchants [or farmers]. The liability is joint and several among the 5 households. As long as one household has bad credit or related problems, the other 4 households will have joint and several liability. Specific requirements for these 5 households. The individual users' economic background, business status and loan repayment ability are equivalent to the conditions for joint guarantee

Merchant joint guarantee loan: refers to five individual industrial and commercial households or sole proprietorship owners with business licenses who form a joint guarantee Groups that no longer need other guarantees can apply for loans from credit unions or the Postal Savings Bank of China. The maximum loan amount for each merchant is temporarily 100,000 yuan (200,000 yuan in some areas).

Farmer joint guarantee loan: refers to the formation of a joint guarantee group of five farmers who no longer need other guarantees and can apply for loans from credit cooperatives or Postal Savings Bank of China. The maximum loan amount for each farmer is temporarily 50,000 yuan.

Processing process:

The borrower only needs to form a joint guarantee team or find a guarantor, bring his ID card, and if he is a merchant, he also needs to bring his business license, and go to the branch where the small loan is opened. Submit an application and accept the investigation, and after passing the review and signing the contract, you can get the loan, and you can get the loan in as soon as 3 days

This is the guidance of the Chinese government on China’s financial industry since the financial crisis affected by the United States. A new credit policy of the department, which has played a very good role in supporting the development of small merchants [farmers] and promoting consumption

Legal basis:

"The People's Republic of China and the National Civil Procedure Law Article 119 A lawsuit must meet the following conditions:

(1) The plaintiff is a citizen, legal person or other organization that has a direct interest in the case;

(2) There is a clear defendant;

(3) There are specific litigation claims, facts and reasons;

(4) It falls within the scope of the people's court to accept civil litigation and the people subject to the lawsuit Court jurisdiction.