Applying for a joint loan with a bad credit score
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 21 or over, own your own home, live in the UK and prove able to afford the monthly repayments from your regular income.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (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 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.
