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Am I Eligible for a Joint Loan?

Joint Loans

Secured Loans > Our Loans > Joint Loan > Am I Eligible for a Joint Loan?

Am I Eligible for a Joint Loan?

If you’re researching your borrowing options or seeking a loan to help you reach your financial goals, then you may have wondered whether you may be eligible for a Joint Loan. A Joint Loan can often mean that you and your partner are able to borrow more money than you would individually, so if you meet the criteria, it could mean you can renovate your kitchen or take a holiday.

How a Joint Loan could benefit you

Applying for a Joint Loan as a couple can often help you to secure a larger amount of capital than if you were applying for a personal loan individually. This is because the lender is able to consider both you and your loan partners income. As you are both committing to repaying the Joint Loan in its entirety, they may feel more confident accepting your loan application for a larger amount of money.

A Joint Loan can be used for a wide range of purposes such as paying for home improvements. With a Joint Loan, you could invest in your property by getting a much-needed extension for your growing family, pay for any repairs or give your home a makeover with a fresh, new look.

A Joint Loan can also contribute to or cover the costs if you are planning to take the family away for a week in the sun. Or, perhaps you or a family member is tying the knot, then a Joint Loan can help to pay for the special wedding day.

Many people have also used their Joint Loan amount to pay for large or expensive personal items such as a new car to help you get from A to B. Even if you possess a bad credit score or have been declined, you may be able to secure a Joint Loan with Evolution Money. You could even use it to consolidate debts into a more manageable monthly repayment; however, you should be aware that the total amount you are expected to repay may increase due to an extended loan term.

Evolution Money Joint Loan Criteria

Do I qualify for a Joint Loan?

If a Joint Loan from Evolution Money sounds like something you’d be interested in, then take a look at our following criteria to find out whether you are eligible.

To apply for any of our secured homeowner loans (including individual and Joint Loans), you must:

  • Be aged 21 or over
  • Own your home
  • Live in the UK
  • Be able to afford the repayments comfortably from your regular income

At Evolution Money, we pride ourselves on our high-level of customer service and look at more than just the numbers when assessing loan applications. So if you’ve experienced bad credit in the past or have existing loans, then you may still be eligible for one of our Joint Loans.

Before you apply for a Joint Loan

Although there are many advantages to taking out a Joint Loan, you should be aware of the size of the commitment and that late or missed payments can cause more severe financial problems.

Before applying for a Joint Loan, ensure that both you and your partner understand that you are both 100% responsible for repaying the loan amount and are able to do so comfortably.  A clear understanding of the loan terms and conditions will help to avoid any future complications, especially if there are changes in circumstance such as a breakdown in the relationship, illness or divorce.

If you personally fit the criteria and are able to secure the loan amount you require and comfortably afford the monthly repayments yourself, then you may decide to apply for an individual loan rather than a Joint Loan. This may prove more straightforward as only you will be responsible for repaying the loan.

However, we understand that when it comes to borrowing, each situation is different. So, at Evolution Money, we carry out an affordability check to determine whether you are both able to make the loan repayments and will look at your unique financial situation before progressing any loan applications.

Applying for a Joint Loan

If you’ve considered your borrowing options, meet the Evolution Money criteria and have decided that a Joint Loan may be the right financial solution for you, then all that is left is to apply online.

We’ve provided thousands of Joint Loans to satisfied customers and are proud to offer flexible lending terms and a competitive rate. So, if you’re looking to borrow between £5,000 to £50,000 to achieve your financial goals, one of Joint Loans may be the answer. You can also choose a lending term to suit you, ranging from 12 months to 20 years to ensure that you can comfortably afford your loan repayments.

Click here to begin our straightforward and secure loan application process, or call our qualified loan advisors on 0161 814 9158 to receive more information on our Joint Loans and a free, no-obligation quote.

Please note that receiving a quote will have no impact on your credit score. However, applying for a Joint Loan with a person with a poor credit rating can potentially affect your credit file too. It is, therefore, essential to consider all borrowing options before committing to a Joint Loan.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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