We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue

What Is A Joint Loan & How Do They Work?

Joint Loans

Secured Loans > Our Loans > Joint Loan > What is a Joint Loan and how do they work?

At Evolution Money, we’ve helped thousands of customers achieve their financial goal with a Joint Loan. To discover what a Joint Loan is, how they work, and if you and your partner could benefit, take a look at our straightforward Joint Loan guide

What Is a Joint Loan?

A Joint Loan, also known as a couple loan, is a loan taken out by two people and can often increase your chances of receiving credit and improving your borrowing options. If you’ve experienced difficulty securing an individual loan in the past, then a Joint Loan where you’ll benefit from more income to take into account may be the best borrowing option for you.

What can you use a Joint Loan for?

With a Joint Loan, you can use the money for a wide range of purposes such as contributing to or covering the cost of renovating your home or adding value to your property through Home Improvements.

The money borrowed from a Joint Loan could also be used to pay for special occasions such as a wedding or holiday. Or, you may decide to use your loan to finance a large purchase such as a new car or motorbike.

Some people also use a Joint Loan to consolidate existing debts with the support of a loan partner by committing to one manageable monthly repayment rather than several repayments with varying amounts. However, you should be aware that consolidating your debt may increase the total debt amount owed.

How does a Joint Loan Work?

A Joint Loan works by both loan partners agreeing to the conditions of the loan and both accepting 100% responsibility for the total repayment.

It could be possible to secure a larger amount of money when applying for a Joint Loan rather than an individual one because the lender is likely to be considering two incomes when it comes to repaying the loan.

If you think a Joint Loan may be for you why don’t you visit our website and apply for a Joint Loan. Our Simple Application Process can be completed in minutes and helps our customers gain a clear understanding of their borrowing options as well as provide a free no-obligation quote.

What If I Have Bad Credit?

At Evolution Money, we assess each of our customer’s unique circumstance when applying for a Joint Loan rather than just looking at numbers on a computer screen. So, even if you have a bad credit rating, you may still be accepted for a Joint Loan with the support of a partner.

To make sure you’ll be able to repay the loan comfortably, we’ll carry out an affordability check on your joint application. If successful in your application for a Joint Loan, it’s likely you’ll improve your credit rating through making regular payments in-full and on-time.

However, you should be aware that failure to do so can further damage your credit score and potentially affect your loan partners credit rating too.

Who is responsible for repaying the Joint Loan?

Both you and your loan partner will be 100% responsible for repaying the Joint Loan. This shared responsibility means that should one of you become unable or unwilling to make the monthly repayments, then the other person will be expected to make the payments in full, rather than be accountable for just their share.

This remains the case, regardless of what the money was spent on or who benefitted. It also stands in the unfortunate event of illness or death. It is therefore crucial that before any commitment is made to a Joint Loan that both you and your partner are in complete agreement and understand the terms and conditions.

How To Apply for a Joint Loan

To apply for one of our Joint Loans, you must first match the following criteria:

  • be aged 18 orover
  • own your own home
  • be a UK resident
  • be able to prove that you can afford the monthly repayments from your regular income.

At Evolution Money, we’re proud to offer a wide range of borrowing options ranging from £5,000 to £50,000 with lending terms up to 20 years. So, if you’re looking to make your dream conservatory a reality, or can’t wait to book your special day then a Joint Loan may be the financial solution for you.

For a no-obligation quote call 0161 814 9158 and speak to one of our friendly, qualified loan advisors or apply for a secured Joint Loan with our simple online application process.


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

Members of the The Finance & Leasing Association

FLA logoWe are a member of the FLA (Finance and Leasing Association) and subscribe to its lending code.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

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.

© 2022 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice | Sitemap
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution