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Joint Loans

Joint loans could increase the likelihood of you borrowing the funding you need, as more than one person is responsible for paying the money back.

At Norton Finance, our goal is to find the right joint loans for you and your circumstances. Whether it’s planning for a wedding, purchasing a car, or making home improvements, take the next step together with Norton Finance.
  • We search the wider market to allow us to find a loan most suitable for you.

  • Apply together to improve your chances of borrowing more.

  • Increase the likelihood of being accepted with a joint loan.

  • We protect your credit score by using a soft search initially.

  • Find the right rate for you on a range of secured and unsecured loans.

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Homeowner rates, from 2.99%

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Take the next step together

Joint loans, often called loans for couples, are perfect for partners looking to secure funds for life’s big moments, or making changes. But it’s not exclusive to couples—anyone can band together and benefit from the increased chance of securing a loan, whatever the purpose. From holiday adventures to business ventures, serious investments or a change of scenery. Secure funding today and see what types of loans might work best for you.

Types of a joint loan

There are different types of joint loans available and depending on your personal circumstances, one may suit you better than the other.

How does a joint loan work?

When you apply for a joint loan you’re doing it together, which means your finances will be linked with your partner or co-signer. Because of this, in the future, lenders may look at both your credit ratings when assessing you for further lending. If payments are missed, both of your credit scores can be affected.

Additionally, a joint loan isn’t a 50-50 split on reliability or repayments. Rather, both of you are equally reliable for paying off the total sum of the loan. This means that if the other party has a change in circumstance and cannot afford the repayment, both of you are still fully responsible and could suffer consequences for missed payments. This is known as joint and several liability.

If a joint loan might be right for you then our loan calculator could provide insight into the type of loan you can apply for.

Why should we apply for a joint loan?

There are a few reasons you may want to consider applying for a joint loan – one of the clearest draws being that, if the lender can see that you’re both able to make the repayments, you could borrow more. That’s because there’s more income to be considered than if you were to borrow alone. Likewise, having two responsible parties can make lenders more likely to accept you in the first place, even if you’re not looking for a particularly large sum.

Things to consider before you apply

While there’s many benefits to a joint loan, there’s also some important information to consider before you apply for one.

While not obvious at first, a joint loan can link you to someone else’s credit history. If theirs is poor, you could risk being turned down for credit in the future. It’s important to check both your ratings before applying.

More notably, if you were to break up with a partner, or anything were to happen to them, you’d still be liable to pay the full amount. In some circumstances there may be ways to have your name taken off the loan, but it may be safer not to assume you can.

It’s important to be realistic about your circumstances, needs, and what would happen in the event your joint financial positions change. It’s worth considering if you could make the repayments in the event of accidents, loss of work, or break-ups. Any issues with repayments could affect both of your credit scores, even if you’ve paid the bulk of it so far as you are both responsible for the full payment.

Cost of repayments

Assess your currently monthly outgoing and compare that with the projected repayment amount of your joint loan. It’s worth leaving yourself some room in case there’s any sudden change in circumstances.

Assess income and outgoings

It can benefit lenders if you provide full details of your income and outgoings. Advise your lender if you have any other debts so they can be certain you can comfortably make the repayments on your new loan.

Loan purpose

Some lenders may have restrictions on what you can use a loan for, so it’s important for the lender to know the purpose of the funding. It’s rare this will cause a refusal of your application, but some lenders specialise in certain types of borrowing.

Check both of your credit histories

Lenders often run credit checks, but familiarising yourself with your credit report means you can answer any questions they have.

Representative example

SECURED LOANS - Rates begin at 2.99% variable, with rates up to 65.2%. This gives us the flexibility to help you find a loan that suits your needs.

Representative example: if you borrow £10,000 over 10 years at an Annual Interest Rate of 5.14% (variable), you would make 120 repayments of £122.71 per month.

The total amount repayable will be £14,725.20 (this includes a lender fee of £495 and a broker fee of £1,000 which have been added to the loan). The overall cost for comparison is 8.6% APRC representative. Maximum APR 65.2%.

What do we need to apply for a joint loan?

To apply for a joint loan there’s a few things you’ll need, such as:

Why choose Norton Finance?

At Norton Finance, our goal is to connect customers with the perfect loan for them. With 40 years of experience, we think we’re doing a good job of it, and believe in a straight-talking, customer-service-driven approach to finding the right loan to help you make the most out of your money.

Beyond that, we continue to act for the customer, providing advice and guidance for customers with our expertise of the loan market for the length of the agreement.

Joint loan FAQs

Can couples get a joint loan?

Yes, in fact joint loans are often called loans for couples due to the number of couples who apply.

Can you get a loan in two names?

Yes, a joint loan provides both yourself and the co-signer with equal (full) responsibility for the loan.

Is it better to do a joint or single loan application?

If you want to borrow a particularly large amount, don’t want sole responsibility of an important loan, or want a better deal, then joint applications can work out better. However, if your co-signer has poor credit, this may not be the case and could affect your credit score.

Can I take myself off a joint loan?

While not a guarantee, it can be possible to remove your name from a joint loan. Likewise, it may be possible to modify it to put another name onto it, but this will come down to individual circumstance and the willingness of the provider. If that fails, you may need to settle with the co-signer on how to rearrange repayments.

Questions about our loans

How much can I borrow?

With Norton Finance and our trusted network of lenders, you could borrow anywhere from £3,000 to £500,000. Find out more with our joint loan calculator.

How long are the repayment terms?

Repayment terms vary depending on your personal circumstances, the amount you can afford to pay back each month, and the sum you wish to borrow. The loan could be repaid anywhere between one year and up to 30.

What are the interest rates?

Your interest rate depends on your individual financial history and current credit score. In general, if you’re a homeowner, secured loan rates start at 2.99%.

Are there any loan fees?

Yes, there may be a broker fee up to 12.5% on all secured debt consolidation loans with a cap of £3,995. As we receive a commission from the lender, there are no fees charged for unsecured consolidation loans.

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