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Evolution Money
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A joint loan is an option that many people consider when they are in need of extra cash.

Joint / Couple Loans

Home > Our Loans > Joint / Couple Loans

The main benefit when considering this type of loan is that it allows the people involved to borrow more money than they would be able to individually. These extra funds may prove crucial in securing a new mortgage or consolidating existing debts into an affordable monthly payment. A joint application may also offer greater affordability for those applying because the repayment responsibilities are shared.

Beyond debt consolidation, joint loans are a popular choice for couples looking to improve the value of their property through home improvements. From fitting a dream kitchen to installing a new conservatory, a joint loan is an option for homeowners who want to access their loan sooner rather than later, and pay it off in their own time.

Joint loans are a serious commitment and the consequences of failing to meet the agreed terms must be considered carefully beforehand. Some people make the mistake of thinking that they are only responsible for their ‘half’ of the loan, which is untrue. Both parties must understand that, in most cases, they remain liable should the other person fail to fulfil their part in the agreement.

As with any loan application, there are a number of things that need to be considered when approving a joint loan. In most cases, having access to more potential income makes the loan more affordable for the applicants involved.

Is a joint loan your best option?

Before committing to a joint loan, it’s important to consider all available loan options, including individual loans. If one person meets all necessary criteria by themselves then a joint loan might not be necessary.

You can apply for an individual loan and then establish a payment agreement with the other person involved (but you will be solely liable). However, it may be that you require a larger loan amount that you cannot apply for on your own and therefore you may need to apply for a joint loan with another person.

Before you apply for a joint loan

If you do decide to apply for a joint loan, it’s essential to make sure that all people involved will be able to pay the full amount and understand their obligations. This is the best way to avoid any complications down the line, particularly if one of the parties decides they want to end their role in the arrangement.

We advise all our customers to remember that they remain 100% responsible for repaying the loan under the agreed terms, regardless of what happens personally between them. That’s why it’s important to clarify each person’s duty to make payments, details of ownership and instructions in the event of an accident or death. This information can help to lessen any future complications before they happen.

Looking to get an idea for the approximate cost and timescales of a joint loan? Take a look at our handy loan calculator to see what your repayments might be on a secured loan through Evolution Money.

Or, give us a quick call on 0161 814 9158 to talk through your options and get a no obligation quote from an Evolution Money personal account manager today.

Apply for a Joint / Couple Loan
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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