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What is my responsibility with a joint loan?

Joint Loans

Secured Loans > Our Loans > Joint Loan > What is my responsibility with a joint loan?

What is my responsibility with a joint loan?

If you’re considering a joint loan, then it’s vital that both you and your loan partner understand your responsibility and who will be liable for making the monthly payments. Discover what a Joint Loan will mean for you and your partner with Evolution Money.

How does a Joint Loan work?

A Joint Loan is a loan taken out by two people. They are often referred to as couple loans as they are a popular borrowing option for married couples, civil partners and people in long-term relationships. However, they can also be taken out by family and friends.

When it comes to repaying the Joint Loan, the lender will likely have both yours and your loan partners’ income to consider, which may increase the amount you can borrow. Choosing a Joint Loan can, therefore, improve your borrowing options, increase your chance of receiving credit and allow you to borrow more money than applying for a loan individually.

This can make a Joint Loan an ideal financial solution for many people due to the more manageable monthly payments and the benefit of shared responsibility. They can also be used for a wide range of purposes; home improvements, adding value to your property, large life purchases, family holidays and debt consolidation.

You may even be accepted for a Joint Loan with Evolution Money despite bad credit problems in the past. So, if you’ve been planning a trip, are in need of a new car or are ready to deal with existing debts with the support of a partner then a Joint Loan may be the right borrowing option for you.

Who is responsible for a Joint Loan?

If you and a partner agree to a Joint Loan, it is both of your responsibility to make the monthly repayments.

When you agree to the terms and conditions of a Joint Loan, both you and your partner agree to be 100% responsible and liable for the loan rather than only contributing your half or share of the loan amount borrowed.

Regardless of the situation, if one of you fails to make the monthly repayments, then the other person will be expected to pay off the whole debt, this is because you are both jointly responsible for 100% of the loan. It also doesn’t matter which partner spent the majority of the loan, what the money was spent on, or who benefitted financially as both parties are fully liable.

The commitment to repaying the Joint Loan even remains in the unfortunate event of a relationship breakdown, divorce, illness or death, and so it is crucial that before any decision is made to take out a Joint Loan that both parties are in complete agreement with the terms and conditions and are able to pay back the owed loan amount individually in case of a change in circumstance.

You may want to consider an individual loan in order to avoid any unnecessary future complications between you and a loan partner. This may prove a more suitable solution if you are able to meet the required criteria and pass the affordability check by yourself. However, you would be entirely responsible for the loan and solely liable for any missed payments and, as mentioned, you may not be able to borrow as much money with an individual loan as you would with a Joint Loan application. It’s crucial to do your research before deciding on the best borrowing option for you.

Essentially, your responsibility with a Secured Joint Loan is to ensure that it is paid back on-time and in-full, as late or missed monthly payments can result in more severe financial problems and even the loss of your home. If you’re engaged in Joint Loan and experience a change in circumstance or financial situation, you should make your lender aware as soon as possible.

Shared responsibility with an Evolution Money Joint Loan

At Evolution Money, we offer a wide range of borrowing options, including our competitive Joint Loans ranging from £5,000 to £50,000 with flexible lending terms of up to 20 years.

Join hundreds of satisfied customers in reaching your financial goal and choose a Joint Loan today. That dream kitchen, extension or debt-free future could be closer than you think.

Please note, to apply for a Joint Loan with Evolution Money you must be aged 21 or over, be a homeowner, live as a UK resident and pass our affordability checks to ensure you can comfortably manage the agreed repayments through your regular income.

With thousands of loans approved in the last twelve months, we’re proud to be lenders who look at more than just the numbers on our computer screens and strive to find out our applicants unique financial situation before making any decision on their Joint Loan application.

So, if you’d like to discuss your borrowing options and find out more about the responsibility that comes with a Joint Loan then don’t hesitate to call our qualified loan advisors on 0161 814 9158 for free advice and a no-obligation quote.

If you’ve decided a Joint Loan is a suitable financial solution for you and your partner then apply for a secured joint loan with Evolution Money’s simple online application process

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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