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Who can I apply for a Joint Loan with?

Joint Loans

Secured Loans > Our Loans > Joint Loan > Who can I apply for a Joint Loan with?

Who can I apply for a Joint Loan with?

A Joint Loan can be a fantastic way to secure credit with the support of a partner, discover who you can apply for a Joint Loan with and benefit from a shared responsibility.

 At Evolution Money, you can apply for a Joint Loan with a partner as long as you both meet the following criteria; you are aged 21 or over, own your home, live in the UK, and both pass the affordability checks to ensure you can make the monthly repayments.

If you are eligible for a Joint Loan, you and your loan partner will be able to borrow the agreed amount of money to be repaid over the agreed term. Your loan partner can be anyone, and you don’t necessarily need to be married or biologically related to the person.

What is a Couple Loan?

Joint Loans are often referred to as a couple loan or a Joint Couple Loan as they are usually signed for by married couples or long-term romantic partners due to the commitment of shared responsibility. Married couples may choose a Joint Loan as they can often offer a more substantial loan amount than applying for a loan individually. They can also offer couples a more affordable monthly repayment as more than one income will be contributing to paying back the loan.

However, Joint Couple Loans at Evolution Money are not exclusive to married couples. They can be taken out by a wide range of loan partners, including those in long-term relationships, civil partnerships, family, housemates and friends.

It’s important to remember with any Joint Loan, that as well as being a fantastic borrowing option to achieve your goal, such as purchasing a new car, paying for a loft conversion, or consolidating your previous debts, that the repayments can also be a big financial commitment.

Both parties must be aware of the loan conditions and what shared responsibility means as both loan partners are 100% responsible for repaying the loan once signed. If for whatever reason, one of you proves unable or unwilling to make the monthly repayments then the other person will be expected to pay for the loan amount in full, as you are both fully responsible for the entire loan, rather than just half or your share. Failure to make the monthly repayments on-time and in-full can result in more serious financial problems for both of you.  It is, therefore, essential to ensure that both you and your loan partner are aware of the commitment and are both able to afford the repayments before signing for a Joint Loan.

Can I remove my name from a Joint Loan?

Once you and your loan partner have successfully applied for and signed a Joint Loan agreement, it can prove difficult to remove your name from the commitment. In the case of financial uncertainty or a relationship breakdown, it is important to address any outstanding debt and to inform your lender of any changes in circumstance to avoid missed payments.

If you require free, neutral advice or practical help regarding debt management, don’t hesitate to contact one of the following national debt charities:  Citizens Advice, the National Debtline and StepChange.

To avoid uncertainty regarding repayments, you may decide that an individual loan is a more suitable borrowing option for you. Especially if you meet the required criteria as an individual, are able to take out a loan for the amount necessary and can comfortably afford the repayments.

A Joint Loan with Evolution Money

Our Joint Loans from Evolution Money, range in loan amounts from £5,000 to £50,000 so that stylish new kitchen, home renovation or much-needed family holiday may be a reality sooner than expected.

At Evolution Money, we pride ourselves on offering our customers borrowing options with competitive rates and flexible lending terms of up to 20 years to help you achieve your financial goals. We also take our applicant’s circumstances in to account, rather than just numbers and data, when considering any loan applicant. So, even if you’ve experienced rejection in the past due to a bad credit score or existing debt, you still may be eligible for a Joint Loan with Evolution Money.

To join hundreds of our satisfied Joint Loan customers, contact our friendly, qualified loan advisors on 0161 814 9158 to discuss your application, who you can sign with and to ensure a joint application it is the right borrowing option for you. You can also apply for a secured loan online with our straight-forward application process.

Before making any financial decision and signing for a Joint Loan, it is advised to research a range of borrowing options and to ensure that you and your partner fit the following criteria in order to be approved for a joint loan by Evolution Money:

  • Be aged 21 or over
  • Be a Homeowner
  • Be a UK resident
  • Be able to make the repayments from your regular income

Get in touch today for a no-obligation quote for a Joint Loan from Evolution Money.

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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