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Applying for a joint loan with a bad credit score

Joint Loans and Bad Credit

Secured Loans > Our Loans > Joint Loan > Joint Loans and Bad Credit

Are you considering a joint loan but concerned about your bad credit score?

Take a look at our straightforward guide from the friendly, loan experts at Evolution Money and find out all you need to know about joint loans and bad credit.

If you have bad credit, getting a loan can be a difficult and frustrating experience. However, at Evolution Money, we pride ourselves on looking at our customer’s individual circumstances rather than just a credit score. As a result, we have helped thousands of applicants with bad credit to reach their financial goals.

What is a Joint Loan used for? 

A joint loan is taken out by more than one person which can sometimes enable them/you to borrow a larger amount of money than when applying for an individual or personal loan. 

This is because, with a joint loan, there is usually more income to be considered by the lender as both customers will be expected to make the repayments through shared responsibility. 

Shared responsibility towards repaying the loan can often result in more manageable monthly repayments than an individual loan. However, you should be aware that the loan will need to be repaid even if the relationship between the parties ends as each person is 100% responsible for paying back the entire loan. 

Before committing to a joint loan, you may want to look into other borrowing options, including individual loans. If you meet all the required criteria by yourself, then a joint loan may not be necessary.

Joint loans can be used for a wide range of purposes from paying for home improvements and investing in your property, large purchases such as a new car or even debt consolidation. 

Can we apply for a joint loan with bad credit?  

If you’ve struggled to secure an individual loan in the past or possess a bad credit score, then a joint loan with the support of a partner may be a suitable borrowing option. As well as allowing you to apply for a more substantial amount of money, a joint loan may also assist helping you get better rates if one of the borrowers has a better credit score.

If you’ve experienced credit problems in the past, then a joint loan from Evolution Money could help you to reach your financial goals. In order to ensure the loan is suitable for you and your partner, we’ll look at a wide range of criteria and carry out affordability checks. 

It is possible, with the support of your loan partner, to improve your credit score by making the agreed, regular payments. However, you should keep in mind that failure to make the monthly repayments on-time and in-full can further lower your credit score and can also affect your loan partners credit score once you have both taken out a joint loan.

Apply for a Joint Loan with Evolution Money 

At Evolution Money, we’re proud to offer joint loans with flexible terms from 1 to 20 years for those who have been struggling to secure an individual loan due to a bad credit score. 

We offer a wide range of borrowing options from £5,000 to £50,000, so if you’re looking to upgrade your kitchen or to consolidate previous debts then a joint loan may be the right decision for you.

However, before making any financial decision, both you and your loan partner must be completely aware of the commitment and both able to pay back the loan. Failure to repay a secured debt can lead to the repossession of your home, so it’s not a decision to make lightly.   

If you’ve weighed up your borrowing options and are interested in a joint loan, then click here to receive a no-obligation quote, that won’t affect your credit score. To discuss your borrowing options with our qualified Underwriters, give us a call on 0161 814 9158.  

To apply for a secured joint loan with Evolution Money, you must be aged 18 or over, own your own home, live in the UK and prove able to afford the monthly repayments from your regular income. 

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

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 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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