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Joint loans allow co-applicants to enhance approval chances

Are you struggling to get loans due to some setbacks in your financial profile? A joint loan application can make things easy by allowing you to procure funds with your partner. That person should be trustworthy to you, as factors like income and creditworthiness will be combined to assess the application.

These loans unfold a unique opportunity wherein your borrowing potential increases compared to your capacity. Any amount ranging from £1000 to £10000 is accessible while you both will have the liability to repay in full and on time. If any of you fails to cover the repayment amount as divided by you, the other should make up for the remaining amount by paying extra.

Everydayfunding wants you to take note of the following persons who can be an ideal match for you in getting joint loans in the UK.

  • Family members - For example, your parents, siblings, relatives and cousins
  • Friends - Preferably have a joint account with you
  • Partner - Having a marital relationship is not important. Even business partners can apply for a joint loan

** Before signing the dotted lines together, you must feel confident about the other applicant after thoroughly analysing their financial conditions. **

How are joint personal loans defined?

Personal joint loans represent loans for partners, same household members or spouses, facilitating two people to pool their earning capability and creditworthiness together when applying. Here, both of them will have the financial liability of loan repayment. Unlike opting for a traditional option that poses some obligations, these loans make accessing funds at better rates easygoing.

There is no need to hunt for a reliable lender as Everydayfunding can provide the required support besides amicable terms and conditions. These loans can also be denoted as instalment loans for couples because of the repayment flexibility factor. Therefore, the loan payments will spread over months, letting you take out a lump sum of the loan.

Both of your DTIs, i.e. debt-to-income ratio, are one of the determining factors in getting these loans. It evaluates whether you can meet the repayment conditions without overlooking your ongoing financial commitments. The involvement of two applicants improves the possibility of loan approval.

Turning to these loans makes sense if you cannot make it to approval on your own. Getting them is justified if you feel that keeping up with repayments will not be possible on your part. Lastly, you can consider this funding solution when you cannot individually qualify for a larger amount.

Joint Loan

What does it take to be eligible for joint loans?

The financial scenarios of the borrower and the co-borrower will impact the joint loan eligibility. Furthermore, the standard criteria will revolve around age, bank account, residency and income. Affordability checks will be an integral part of our application assessment process. Both applicants should fulfil the flaws in each other’s financial profile to even out the loan approval process.

The elements that have a vital role in determining joint personal loan eligibility are:

Credit checks: Validating the credit records of both loan participants is necessary for us. Do not worry, as credit scores are not the only influential factor for approval. We also have separate arrangements for exceptional situations.

Employment status: You and your partner can have any form of income like part-time, full-time, self-employment, etc. Besides, one of you could be a student, retired person or unemployed.

Annual income before tax: We will calculate it from your main employment means before making any tax deductions.

Annual household income: If you are applying with anyone from within the family or with your spouse, we will calculate the overall household income annually, including your total savings and earnings at the same time.

Rent or mortgage share: We will consider your contribution to rent or mortgage to establish how much you can afford for loan payments.

Can you get joint loans for bad credit?

Your credit score unveils your borrowing history. It forms an integral part of the qualifying criteria. However, it does not imply that applications with poor scores will not be entertained here. Your credit history does not matter if you have applied for joint loans for couples with bad credit in the UK.

Nevertheless, one of the loan applicants should carry perfect credit scores to balance the risk factor. You cannot be on the same page from a credit ranking perspective to take advantage of these loans. You can use our joint loan eligibility checker tool to ascertain the likelihood of receiving acceptance from our end.

The combination of the co-applicant’s credit profile will be essential for these loans. If one fails to meet half of the loan payments, the other should step in to keep up with repayment.

Besides, you do not have to opt for bad credit loans with a guarantor. It is because you will have a partner to support loan repayments.

What are the common ways a joint loan is used for?

The loan utilisation is up to you, provided they are legitimate purposes. We will not stipulate what uses are exclusive and the best for joint loans. It could be covering your living expenses or spending money for a common reason.

You can explore other ways from these loans, such as:-

  • Debt consolidation

    You can think of settling past debt problems at the earliest by getting speedy access to joint debt consolidation loans. Handling multiple debts will no longer be fussy as these loans are easy to obtain with a co-applicant. Repay trouble-free because of the reduction of monthly payments.

    Combine different debts with different interest rates and cover only a single rate for repayment. You can get rid of the complexity of managing several payments at the same time. Another notable feature of these loans is NO UPFRONT FEES, as we will process your loan request free.

  • Home refurbishment

    It can be a minor repair of any part of your home or a major renovation project. Whatever may be the purpose, a joint home improvement loan is there to support your necessities. The varying range of loans allows you to get funds for a small repair work or a pricey refurbishment work.

    Borrowing from us will not impact your credit history. The stretchy repayment arrangement will make it convenient for you to repay loans without exerting effort.

  • Getting a new car

    Buying a new car is a significant expense. Since you and your family members or spouse will use the car, you can find your co-borrower from among them to apply for a joint car loan.

This loan arrangement lets you share the financial burden with someone you know and trust. Please ensure that managing loan payments will not be difficult for both of you.

How to differentiate the pros and cons of joint loans?

Evaluate how getting a joint loan can affect your financial stature. The easiest way to do this is by reviewing the benefits and setbacks that are part and parcel of every financing option. This is how you can figure out whether obtaining these loans is the best decision.

These loans involve the participation of two people, so both should understand the pros and cons carefully before sending out the application.

Advantages Disadvantages
Borrowing a sizeable amount of loan is possible. You might have to bear the additional loan payment burden if your partner denies paying back.
Repayments are going to be affordable with practical rates. Your credit scores will be linked to your partner’s scores. Thus, their poor scores( if any) will impact your financial potential.
Pre-paying should not incur additional costs. If you both fail to repay loans within the given timeline, it will affect your credit reports.
You can take a step to improve scores by applying for bad credit loans. You must continue repaying debts regardless of what has happened to both of your relationships.
Loan disbursal happens quickly due to the online money transfer after approval. Choosing an inapt amount will lead to additional financial strain because of surplus interest rates.

What joint loans are available for couples or partners?

When you club together the financial profiles of two persons, getting a loan can be a cakewalk. However, it does not allow you to pick up whatever loan option comes your way without validating some of the best joint loans in the UK. Make sure to choose something feasible for you both.

  • Joint secured loan

    One of the most common reasons to choose these loans is the loan amount that can extend to a bigger limit as backed by assets. Therefore, getting business loans for couples can be an alternative to sponsoring some of the essential payouts of your venture.

    In this case, you will use any business assets to fetch funds. Be careful to repay on time, or else you will have to bid adieu to your possessions.

  • Joint unsecured loan

    There is no problem if you do not want to feel the pressure of losing an asset. It is because you can get unsecured joint loans from a direct lender, i.e. Everydayfunding.

    Although you have to forget about getting a considerable amount of loan, small necessities will be easy to handle with the help of this no-collateral financing option. No worries if you fall behind on your loan payments, as there will be no asset to lose but late charges to bear.

If you are convinced about getting any of these loans, our application is just a click away!

How to apply for a joint loan?

You will experience a straightforward process where you both should be completing the loan application after seeing your eligibility status. It will need you to enter a few basic details alongside minimal crucial information. No paperwork during the initial steps is necessary. Submitting a joint or single loan application will more or less remain the same.

Can I get a joint loan without being married?

Getting these loans does not need to be married in the first place. Having a legal or civil relationship with your partner is not necessary. The processing of your application will not depend on your relationship with your partner but on your income and creditworthiness.

Is it possible to get a loan on a joint account?

Yes, getting loans on a joint account is doable. You can borrow money jointly to cover an emergency or to fulfil a big dream like buying a car. Joint accounts will make accessing funds easier for both the loan applicant. Besides, it could be one of the compulsory lending requirements.

What are the chances of getting a secured loan on a joint mortgage?

The sure shot way to confirm if you could get secured loans on a joint mortgage is by having a joint loan. Your home will serve the purpose of collateral, while both the loan applicants will be responsible for loan payments. One of you should complete the pending payments if the other fails to cover the payments.

How do you get out of a joint loan?

No, you cannot get out of these loans once you have been convinced with the terms and conditions. You will have to complete the payments to leave the loan agreement. For this reason, you must think twice before getting this type of financing option. You must continue paying off loans even after splitting up.

What are a few common questions to ask before getting these loans?

Before you go ahead and agree with your partner, you must keep a few things in your mind.

  • Will repayment be suitable for you?
  • Can you trust your partner fully?
  • What if they refuse to pay back their portion?
  • Are you ready to see your credit scores and feel the impact of your partner’s credit report?
  • Are there fees and charges that you must know?
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