• Joint Loans
• Reasons to get a Joint Loan

Loan Calculator
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Monthly Payment:

Reasons to get a Joint Loan

Who Can Get a Joint Loan?

Applying for a loan can be unavoidable at times. You never know what life will throw at you, so if you find yourself in a bit of a tight spot, or you have decided to extend your current home rather than go through the stress of moving, you may find filling in a joint loans application form with your husband, wife or partner could help you get the finance you are after.

Borrow More Money With a Joint Loan

Joint loans can be very handy when you are looking at raising some extra cash for whatever reason. Most joint loans are one way of being able to apply for a larger amount of money than if you were trying for a loan on your own. For example a single applicant may be on an income of £15,000 with a good credit history, but due to the low salary they are on, they will be unlikely to get an unsecured loan for very much as they could struggle with loan repayments. However, if they decided to join forces with a partner their combined income would be taken into consideration. So rather than trying for a loan with a £15,000 income, they could apply for a loan with a £30,000 income and be more likely to be approved.

Credit Rating Can Affect Joint Loans Applications

If both parties have good credit scores, you should have no problem with being accepted for a joint loan. However, if one of the applicants has a poor credit rating from a previous CCj or loan default, you may be declined for a loan due to being an 'associated adverse'. This may only happen with certain lenders though. A majority will still accept you even if one partner has a worse credit history, however you may not be able to borrow as much as you were expecting, or you may have to pay a higher rate on interest on the loan.

How Long Do Joint Loans Take To Be Approved?

This all depends on how quickly you can give the lender the information they request. Once you have completed an application form, the loan company will contact you and give you an answer right away. You could get an loan approval in principle, and as long as you get the signed paperwork back to them straight away you could have an unsecured joint loan completed within 7-10 days. If it is a joint loan secured on your property, it will take longer, up to 28 days or more, due to the additional paperwork involved.

Unfortunately, some relationships can break down and if you have a joint loan with somebody, you will still both be legally responsible for repaying it. If one person defaults or misses a payment, the loan company will chase up both parties for repayment and your credit rating could be damaged. It is always worth getting a legal agreement drawn up when taking out joint loans so ensure both parties are protected.