What makes a joint secured loan a joint loan?

With a secured loan, the borrowers offer an asset as collateral against the cost of the loan. This means the lender can take ownership of the asset if you fail to repay the loan. When it comes to a joint secured loan, it’s therefore best to offer an asset that’s jointly owned by the two applicants, such as a property or family car.

Who is responsible for repaying a joint personal loan?

You and the joint applicant will be equally responsible for repaying the loan and the lender will consider both of your qualifications in the application process. When the income or assets of a person other than the main applicant is being used as a basis for the loan qualifications, co-applicant information must also be provided.

Which is the best personal loan for joint borrowers?

These top providers offer the best personal loans for joint borrowers. Updated Jan 25, 2021. What changed? A joint personal loan is a common way to share the responsibility of a loan. They can also help you get approved for a lower interest rate and origination fee if your coapplicant has a higher credit score than you.

Can a couple apply for a joint loan?

Your choices do not affect your enquiry/loan application in any way. If you agree to our Fair Processing Notice and want to proceed click Agree. Joint loans for couples may offer more options than applying for a loan individually. When there is more than one borrower, there can be more income and more collateral to take into account.

Can a couple get a joint personal loan?

Both applicants will need to meet the criteria for the personal loan. You may be eligible for a higher loan amount when submitting a joint personal loan application. It’s important not to take on more of a loan than you need or can afford, even if you are approved for it.