If you have been turned down before or persistently for a loan, then you may want to consider joint loans for couples.
Obviously the requirement is that you have a partner or spouse. However, joint loans are also available to friends and family too.
Your partner, friend or family friend just needs to be happy to apply for a loan with you. To make this decision it is probably best to know what is involved for both parties.
What is involved in joint loans for couples
Joint loans for couples is a loan that is offered to more than one borrower. Joint loans can be an option when applying for secured loans, unsecured loans, or bank accounts.
Joint loans are great as you share the cost and responsibility of the loan with your partner or spouse. You can also take a joint loan out with a friend or family member.
Higher acceptance rates
With a joint loan you have a higher chance of being accepted than a sole loan as the lender acknowledges it as a more affordable option for most people.
The reason for higher acceptance rates for joint loans for couples are because:
- When the lender assesses your eligibility of being accepted for a loan the application will be based on both applicant’s credit scores and so even if you both do not have perfect credit scores together they are stronger.
- When passing the affordability test for the loan the lender will look at both applicant’s incomes making the joint income higher and more affordable for the loan.
During the application of joint loans for couples you will both be signing a credit agreement. If you are both unable to keep up with your repayments, then as a result both your credit scores will be effected.
Even if the joint loan is between a wife and husband or a boyfriend and girlfriend, regardless of if you split up you are both responsible for paying off the total loan balance and not just half of it. If the other person decides not to pay up, then the joint borrower will be responsible to pay it off in full.
When applying for joint loans for couples with us, you are at no time under any obligation to go ahead with the loan. All applications are free, with no fees or charges.
Just click on the banners on this page to find more help, advice and the appropriate application form to start the process of applying for joint loans.