Joint Loans

Applying for a Joint Loan? Here’s what you need to know

If you’ve been struggling to get an individual loan, then applying for a Joint loan may be the better option for you. At Evolution Money, we offer a wide range of loans from £5,000 to £50,000. We have assisted thousands of customers in achieving their financial goals, so if you’re considering if it is better to apply for a loan individually or jointly, then we’re here to tell you all you need to know and ensure you choose the right borrowing option for you.

Applying for a Joint Loan can often increase an individual’s chances of being accepted and can contribute to the borrowing options available. Choosing a Joint Loan usually means more income can be considered by the lender, which may result in you and your loan partner securing the loan amount you require.

What could we use a Joint Loan for?

A Joint Loan through Evolution Money can be used for almost any purpose.  Here are some reasons that customers choose a Joint Loan:

Home Improvements

If you’re a couple who have recently purchased a home or plan to increase the value of your property, then a Joint Loan can help you achieve some much-needed home improvements. You could use your Joint Loan to pay for an extension, fit the kitchen of your dreams, or even to redecorate.

With a Joint Loan, you could achieve your ideal home sooner than if you were to secure an individual loan, due to the potential higher loan amount. A Joint Loan option allows homeowners to choose the right borrowing option for them by offering the couple a larger, accessible loan amount so that improvements can soon get underway.

Debt Consolidation

Joint Loans can also be used for debt consolidation purposes by allowing you to pay off existing debts and then combine into one manageable loan repayment rather than juggling several payment dates and different amounts.

As well as clearing debt, individuals with poor credit scores can also use a Joint Loan to improve their financial situation. By combining your application with somebody who possesses a better credit score, you may be more likely to secure a loan and, provided payments are maintained, improve your own credit score.

Large Purchases

Joint Loans can also be used to pay or contribute to large or more expensive purchases.  With Joint Loans at Evolution Money ranging from £5,000 to £50,000, there are plenty of ways which to spend this money.

From cars to holidays, a Joint Loan can help you to achieve your ambitions and personal goals. Shared responsibility between you and your loan partner can also mean there’s less to make in repayments individually too.

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

The advantages of a Joint Loan are clear in that they can potentially increase your chances of securing a loan, especially if you have a poor credit score. Joint Loans can also be a good way to secure a larger loan amount.  When there is more than one borrower, there can be more income to take into account.

However, the decision to apply for a Joint Loan may not always be the best option and its incredibly important that before making any financial decision that you consider a few factors:

With a Joint Loan, both parties are 100% responsible for the entire repayment of the borrowed loan amount rather than a split share or 50% each. Regardless of what the loan contributed to or who owns the assets purchased by the loan, both borrowers are jointly responsible for paying off the loan.

If the relationship with your loan partner, whether it’s a family member, spouse or business partner, dissolves then regardless of the situation even in the incident of divorce, death or illness, you will both remain responsible for all outstanding repayments.

Affordability checks will be made to ensure whether you and your loan partner can afford to make the repayments. If you meet the criteria as an individual, a Joint Loan may not be necessary.

Joint Loans at Evolution Money

At Evolution Money, we pride ourselves on our simple, Joint Loan application process, competitive rates and flexible terms offering loans with a value of £5,000 to £50,000 and lending terms ranging from a year to 20 years.

So if you’re looking for a viable way to afford the cost of improving your home, buying a car or even consolidating your debts with the support of a family member, significant other or business partner then a Joint Loan may be the right solution for you.

Our friendly, qualified loan advisors are available to offer transparent advice and discuss whether applying for a loan individually or jointly is the right option for you. So, for a no-obligation quote, don’t hesitate to call Evolution Money at 0161 814 9158.

If you’ve weighed up your options and have decided a Joint Loan is the right solution for you, then apply for a secured loan online today.

To apply for a loan with Evolution Money, all customers must be aged 21 or over, own their own home, be a UK resident and prove able to make the necessary repayments comfortably from their normal income.