Apply for a loan of up to £25,000*

  • STEP 1
    Apply Online

  • STEP 2
    Get Approved

  • STEP 3
    Get Your Cash!

I’d like to borrow:


and I need it for:

1 Months
12 Month
You want to borrow
£1000 for 12 Years
£1000 for 2 Month

Key points

  • Joints loans are an escape route for people who are struggling to secure loans because of their current financial situation and bad credits.
  • They are an easy way to operate loans that you ordinarily won’t be to handle if you took it for yourself alone.
  • They can be easier to pay back because two people are charged with the responsibility of catering for it.

What is a Joint Loan?

Simply put, joint loans are accomplished by two or more borrowers. Every borrower shares equal responsibility for the loan’s repayment, and borrowers typically possess an ownership interest in assets that are purchased with the loan proceeds. In the UK, joint loans online have become popular financial products because of their easy availability and convenient application processes.

joint loans for more than one person

Why You Need to Obtain Them

Taking out a loan is never a sure thing. There are plenty of requirements that you need to meet and often if you do not have the proper credit rating and income, you’re likely to get rejected. If you’ve been struggling to secure a loan in the past, it may be the best time to consider joint loans. By merging more than one application process, the chance of funding being approved improves dramatically.

Why Apply Jointly?

There are various advantages that come with a joint loan application from a reputable loan lender. As the popular saying goes, “there is strength in numbers” and when it comes to joint loans, borrowers involved in the deal can enjoy:

  1. Joint Income: Because there are numerous parties involved in the loan, it also means a higher total income and better ability to repay the loan. Lenders will normally look into how much borrowers earn every month and then compare it to the monthly repayments on the loan. This means that payments will only cover a small part of your monthly income making the loan less of a stress to your finances.
  2. Credit Piggybacking: If you have poor credit, securing a comfortable loan will prove difficult. But with a joint loan, you can use another person’s strong credit rating to offset yours. Lender’s normally favor borrowers with a considerable history of responsible borrowing (makes the payments on time). If you can add someone with this kind of positive credit history, you can increase your chances of getting approved.
  3. Better Loan Deals: The more secured the loan is and the lesser the risk in the part of the lender, the better the loan deal normally will be in terms amounts, interest rates, and payment terms. When it comes to joint loans all the borrowers involved can bring plenty of assets to the table. With plenty of assets on hand to secure the loan, this can ensure larger borrowing amounts and a better loan deal overall.


Your Joint Loan Options in the UK

If you are considering taking out a joint loan in the UK, there are several different types of loan and debt options that you can choose from and they include:

  1. Secured loans – Like a mortgage
  2. Joint bank accounts that have an overdraft facility
  3. Unsecured loans – such as a personal loan from a bank or private online lenders like (website name)

Once your joint loan application becomes approved, you can use the money for any purpose you see fit. You can use it to cover home deposits, purchase a new car, or take a long vacation. By combining different financial resources such as income levels and assets, joint loans can offer you the opportunity to satisfy different finances which were currently not available at that time.

Joint loans for Couples

If you are married, joint loans for couples may be the ideal option for you especially if you have a small income but your spouse has a bigger one or vice versa. The lender will assess your joint loan application based on both your credit scores, which means the combination of you and your spouse’s credit rating can bring in better loan deals. Both your incomes are also taken into account which will make it easy for you and the lender to pinpoint a payment term that is ideal for your present circumstances.

If you engage in joint loans for couples, both you and your partner will need to sign the credit agreement – which means the repayment responsibility will be shared by both of you. If payments are not met, both your credit records will become affected.

Joint Loans with Bad Credit

Joint loans for poor credit will help you secure the loan that you need even if you have a bad or adverse credit rating. If you have unfortunately suffered from bad credit but your joint applicant has had a better run recently, then taking out joint loans with bad credit could provide you with better options and more loan choices. Just make sure to stick to your payment responsibilities as failure to pay can hamper that good credit rating that your loan partner has been maintaining.

Joint Loan FAQs

How do Joint loans work?

A joint loan is shared by two individuals who have agreed to each the bear the burden of repaying the loan. In most cases, people who undertake joint loans usually have some ties between them such as friendship or family bonds. To secure a joint loan, all you have to do is to find a willing partner who will cosign when you apply to the lender. Usually, this partner will be someone who has all it takes to secure a loan of this nature and can repay on the agreed date. Joint loan approval time is normally very short since it can now be done digitally. If everything checks out with the lender, the loan amount could be in your joint account in as little as 24 hours.

Who should I take a Joint loan with?

Many people take joint loans with their spouse, partner or friend. But in an ideal situation, you should take this type of loan with someone who compliments you and strengthens your weaknesses. For example, if you have poor credits and you having a hard time securing loans from lenders, all you have to do is to look for someone who has great credits and take up a joint loan with them. Lenders are likely to give you a loan even if you have poor credits when you cosign with someone with a great credit history.

Can I get the loan while living on benefits?

As long as your cosigner has good credits and preferably has a well-paying job, your chances of securing a joint loan are incredibly high. Lenders won’t be too concerned about your employment status since you have a partner who can pay off the debt when it is time to do so.

Furthermore, you can take advantage of the partnership to improve your credit score if you have a bad one. We advise that you and your partner should only borrow amounts that you can conveniently payback so you don’t complicate your current financial situation any further.

How can I terminate a joint loan?

With all of the benefits associated with taking a joint loan, there are times that you may feel the need to get out of it. If you find yourself in this type of situation, you can do the following to get out of the venture:

You can sell the assets acquired through the loan and pay off the lender. Personally pay off the loan balance. You can consolidate the debt or refinance the loan.

These three simple ways will get you out of a joint loan quickly without putting you and your cosigner in any financial difficulty. You can also contact your lender for advice on what to do.