If you get a loan with another person you share the responsibility and cost of making the repayments, and you can both spend the money you get.

You can apply for a joint loan with any other person, as long as you both meet the eligibility criteria of the lender.

If you apply for a joint secured loan, both of you have to jointly own the property you use as security.

How to apply for a joint loan

Most lenders let you apply online, over the phone or by post. The process is the same as getting a loan on your own, but both applicants need to complete the application process:

  • Give your personal details, including your names, addresses and dates of birth

  • Provide your employment details, including how much each of you earn, where you work and your job titles

  • Give them permission to run a credit check, which looks at both of your credit reports to see how you have repaid loans and other borrowing in the past

The information you both give affects whether your application is accepted, and the rate the lender offers you.

You may be able to borrow more with a joint loan because it uses both your incomes to work out what you can afford to repay.

How to find the right joint loan

Use this comparison that only includes loans that can be opened in joint names to find the right loan for you. Before you compare loans, you need to think about:

  • How much you need to borrow: This comparison shows how much each company could lend you, so only look at the ones that can offer the amount you need

  • What loan term you want: The longer the term, the lower the monthly repayments will be, but you will pay less interest overall if you choose a shorter term

  • The interest rate you will pay: Look for a loan with the lowest representative APR, because this will mean it will cost less to repay the loan

You can sort this comparison to show the loans with lowest APR first so you can easily find the cheapest loan that suits your needs.

Joint loans FAQs

Q

How can I get a joint loan?

A

Use this comparison to find the cheapest loan that offers the amount you want to borrow. You can then apply online, by phone or by post.

Q

Can we get a joint loan if we have bad credit?

A

You may still be able to get a joint loan if one or both of you has bad credit. Use our comparison to find bad credit lenders.

Q

Who is responsible for making the payments?

A

Both of you, so the lender can ask the other person to make the payments if one of you cannot. Here is what to do if you cannot pay your loan.

Q

What can we use the money for?

A

When you receive the money, you can use it for anything you like including buying a new car, paying for a wedding, holiday or home improvements.

Q

What does APR mean?

A

It stands for annual percentage rate, and is the interest you pay on the total value of your loan. The lower your APR, the lower your monthly payments.

Q

Can we cancel our joint loan?

A

Yes, you have a 14 day cooling off period to cancel your loan. But you must pay back any money borrowed during that time, within 30 days of cancelling.

About our loans comparison

Q

Who do we include in this comparison?

A

We include every unsecured personal loan available directly from lenders. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.