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Joint personal 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.
There are different types of joint personal loans available and depending on your personal circumstances, one may suit you better than the other.
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 you think a joint application loan might be right for you then our loan calculator could provide insight into the type of loan you can apply for.
There are a few reasons you may want to consider a joint application 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.
While there’s many benefits to a joint loan, there’s also some important information to consider before you apply.
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.
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.
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.
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.
Lenders often run credit checks, but familiarising yourself with your credit report means you can answer any questions they have.
JOINT SECURED LOANS - Rates start at 6.7% variable. We also have a range of plans with rates up to 36.6%, giving us the flexibility to help you find a loan that suits your needs.
Representative example: if you borrow £34,480 over 10 years, initially on a fixed rate for 5 years at 7.60% and for the remaining 5 years on the lenders standard variable rate of 8.10%, you will make 60 monthly payments of £467.50 and 60 monthly payments of £473.06.
The total repayable would be £56,528.60 ( This includes a lender fee of £595 and a broker fee of £4137) The overall cost for comparison is 11.3% APRC representative.
The maximum APR is 36.6%.
To apply for a joint loan there’s a few things you’ll need, such as:
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, 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.
Yes, in fact joint loans are often called loans for couples due to the number of couples who apply.
Yes, a joint loan provides both yourself and the co-signer with equal (full) responsibility for the loan.
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.
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.
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.
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.
Yes, joint loans for bad credit are available. However, it’s worth considering that lenders may consider you high risk, so you may be offered a smaller amount than someone with a good credit score.
Also, a joint application loan will link both borrowers’ credit files, so one person’s bad credit rating could affect the other borrower’s rating too.
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 6.7%.
Yes, there may be a broker fee up to 12.5% on all secured debt consolidation loans with a cap of £4,950. As we receive a commission from the lender, there are no fees charged for unsecured consolidation loans.
