When deciding on taking out a loan in joint names you best understand what this will entail.
A loan in joint names means a loan that you take out with someone else. This can be more than one other. All those that apply and named on the loan are jointly and equally responsible for the repayments on the loan.
If there are defaults made on the loan those named will all have their credit ratings affected.
Who can jointly apply
Those that qualify for loans in joint names are typically for those that are married or are family. However, there are lenders that offer joint loans for those that are friends, business partners or partners outside of marriage.
The advantage of applying for a loan in joint names is that it is normally easier to qualify and be accepted for. This is because the lender will see the joint names loans application as joint income and joint credit scores.
This means it will make affordability for the loan more manageable. By applying with someone who has a good credit score when the other person may have a bad credit score it will give them a greater chance of being accepted for the money needed, than if they applied individually.
Loan in Joint Names for Larger loan amounts
Another advantage of applying for a loan in joint names is that as a unit they are more likely to be accepted for a larger loan as your affordability status will be stronger. This is unlikely to happen if applying for a large amount individually.
The application process for a loan in joint names is very straight forward. There is an application form, decision of acceptance will be confirmed, applicants will agree the lenders terms and conditions, then the money will be released.
By going through this website when applying for a loan in joint names you will have access to the huge range of lenders that are associated with us. All lenders are Financial Conduct Authority (FCA) certified, and provide top class customer service.
To find a great deal we advise you to complete a joint loan application online here. With the information you provide us our lenders will do the leg work for you to find the best deal on the market to suit your needs.
At no point are you under any obligation to go ahead with the great joint loan deal we will find you, but we think you will be that impressed with the offer you will want to go ahead.
It is also important to note that it will cost you nothing for this service and advice so there is no need to worry about any extra fees being added on. Just click on the banners.