Whether you’re looking to finance a car, home renovations or a holiday, there isn’t only one way to secure that financing. Applying for a personal loan as part of a joint application can help you tick more eligibility boxes than you can on your own. It’s also a way for you and your partner to assume equal financial responsibility for a large purchase.
Several lenders offer joint applicant personal loans. This guide will shed some light on these loans and how this type of financing works.
How do you apply for a joint personal loan?
You and the person you’re applying with will provide personal, employment and financial details as part of the application. This may be done in one application or in separate sections. The lender will consider the application details as a whole when considering both your eligibilities for the loan.
What are the important points to remember about these loans?
Before you start your application, there are a few things to consider:
If you are approved, you will assume equal responsibility for the loan with the person you are applying with. This means if either one of you becomes unable to repay, the other is still responsible for the repayments.
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.
Joint personal loans are a serious responsibility. Consider the relationship you have with the person you’re applying with and their financial situation. Is their job stable? What is their credit history like? Are they likely to default? These are the things you will need to think about when taking on the responsibility of a loan.
CUA Unsecured Fixed Rate Personal Loan
CUA Unsecured Fixed Rate Personal Loan
9.89 %p.a.
fixed rate
10.14 %p.a.
comparison rate
No monthly fees
No early payment fees
Flexible repayment options
100% confidential application
CUA Unsecured Fixed Rate Personal Loan
A large personal loan with a competitive fixed rate and no monthly fees. Borrow up to $50,000 with flexible repayment options.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
What are the benefits of applying with another person?
These loans are an option for several reasons, and they provide a variety of benefits. Here are some of the features:
Increase your chances of approval. If you are on a lower income, self-employed or just want to bolster your application, a joint personal loan can be a way to do it. The details of both applicants will considered by the lender.
Share an asset. If you’re planning to share the asset you’re purchasing, such as buying a car with your partner, a joint application could make more sense than one of you applying by yourself. Consider your own personal situation to decide what will work best for you.
Be eligible for a larger loan. You may be eligible for a larger loan if you apply with a partner. As you both agree to manage the repayments, the lender will consider the income and financial situation of both applicants when deciding how much to lend you.
Consolidate large debts. If you and your partner have large debts separately, you can both save by applying for a joint debt consolidation personal loan. Split the monthly repayment according to how much debt you contributed to the loan and benefit from the reduced interest and fees.
Which lenders offer joint applicant personal loans, and are there any conditions?
Joint personal loans can be a convenient option, no matter what reason you’re applying for. Think about who you are entering into the agreement with, both you and their ability to manage the loan, and whether you’re taking on the right loan for the both of you.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
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