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Is it better to apply for a loan individually or jointly?

Joint Loans

Secured Loans > Our Loans > Joint Loan > Applying for a joint loan

Applying jointly for a loan can potentially increase your chances of receiving credit and improve your borrowing options. At Evolution Money, we offer a simple loan application process with competitive rates and flexible terms and have a long history of happy ‘joint loan’ customers.

However, joint loans aren’t always the best borrowing option depending on your circumstances, and therefore it is important to assess your situation and consider if it is better to apply for a loan individually or jointly?

In this blog post, we take a look at some of the advantages, disadvantages and finer details of a joint, or couple loan, to discover the right borrowing option for you.

Advantages of a Joint Loan

If you’re questioning whether it is better to apply for a loan individually or jointly, then you may consider some of the advantages of a joint loan.

A joint loan could be ideal for a homeowner couple planning to make some home improvements.  Often, when more than one person is borrowing the money, there is more income to be considered, which may mean you can secure a larger loan amount or receive more attractive deals on credit. If so, your dream kitchen, conservatory or loft conversion could be a reality sooner than if you applied for a loan individually.

Joint loans can also be used for other purposes such as debt consolidation and can help you to secure money even if you’ve been previously rejected, with an individual loan application or experienced bad credit in the past.

Affordability checks are carried out to find out whether you and your loan partner can afford the repayments of a joint loan

Disadvantages of a Joint Loan

Although sharing the responsibility of payment can be an advantage in terms of securing larger amounts of money, it can also be a disadvantage of a joint loan as the loan requires payment in full regardless of events in the personal relationship.

Both parties are responsible for the loan, rather than a 50% split or a share, and so by signing a credit agreement for the joint loan, you are both agreeing to pay back the loan if the other cannot or will not pay. This can sometimes cause grievance, conflict tension in relationships that have broken down but are paying back a joint loan. This also applies in the event of an accident or death, so it is of great importance to be fully aware of the terms of the loan and the responsibility to pay the full amount in order to avoid any complications.

Another potential disadvantage is that it does not matter which person spent the money and who owns the assets bought with the joint loan amount.  In terms of who has to pay what back, both members are responsible.

Applying for Individual Loans vs Joint Loans

Joint loans can be a fantastic way to secure a large amount of money and benefit from shared responsibility in terms of repayment.

However, when applying for a joint or couples’ loan, you should be aware that if one of you has a poor credit rating, then this may affect the other person’s credit file too once you engage in a joint loan and have to pay back a joint debt.

It is therefore important before making any commitment to a joint loan that you are both able to pay the entirety of the loan and also explore other loan options too, as an individual loan may be more suited to your circumstances especially if you can meet the criteria required for the loan by yourself.

At Evolution Money, our qualified loan advisors are available to discuss your borrowing options and help you to decide whether to apply for a loan individually or jointly. For a no-obligation quote call, 0161 814 9158 or apply for a secured loan online.

Before submitting your loan application, please ensure you fit our criteria and are aged between 21 to 70, own your home, live in the UK and are able to comfortably afford the repayments for the loan from your regular income.


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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