What do we need to apply for a joint loan online?

<span data-buffer=""> When you apply for a joint loan, you will need to provide: your completed online application form <span data-buffer=""> proof of address for the previous three years <span data-buffer=""> proof of income and outgoings, e.g. bank statements <span data-buffer=""> proof of homeownership (if a joint secured loan)

When will we receive our money?

<span data-buffer=""> This will depend on the type of loan applied for. Personal loans tend to have a quicker turnaround, and you can have your money in a matter of days. Secured loans can take longer due to the valuation required for your property.

Can we remove a party from the loan?

<span data-buffer=""> Both parties are equally responsible for a joint loan, and it is not possible to remove an individual once the loan is in place.

Can we borrow for more than one purpose?

<span data-buffer=""> Yes, you can have multiple purposes for a joint loan, provided they meet the lender’s criteria.

Can we repay our joint loan early?

There may be options for you to pay off your loan early if the terms and conditions allow, but there might be early repayment charges and fees incurred if you do so.

Can we take out a joint loan if we have bad credit?

<span data-buffer=""> Yes, there are brokers, such as ourselves, who specialise in providing loans to those with bad credit . Be sure to use eligibility checkers first, as they will only conduct soft searches and not affect your report negatively.

What are our other borrowing options?

<span data-buffer=""> Depending on the borrowing purpose of the loan and length of time required to pay it back, there may be more suitable solutions available to you, such as: <span data-buffer=""> Sole loans <span data-buffer=""> Credit cards <span data-buffer=""> Overdrafts

What is a personal loan?

Despite the name, a personal loan can still be joint with another party. It is an unsecured loan (as opposed to being secured against property). As it is unsecured, acceptance is more dependent on your credit history.

Joint loans

Borrow from £1,000 to £500,000

Higher chances of getting accepted
You may be able to borrow more
We compare 100s of loans

No impact on your credit score

Ocean customers say Excellent 4.8 out of 5 based on 2,920 reviews

'Excellent'
From the first person I spoke to, Chris, who took me through everything to the amazing case manager Anthony that worked with me to get the application through the service couldn't have been better. Patient and transparent. I'd highly recommend. Miss Young

'Superb professional advice'
Really helpful team. My first enquiry was dealt with in a professional way and nobody was pushy and gave me the time to consider my options. I have now been able to consolidate and get my outgoings back on track. Mr Reynolds

'Great consultative approach with the client’s best interests in mind'
Very patient and available people that are always keen to make your life easier and to work with you. Trusted customer

How could a joint loan help?

By applying for a loan with someone, you might increase your eligibility for loans, access higher loan amounts, and potentially secure better interest rates.

Below are some common uses of joint loans:

Debt consolidation

Use a loan to repay existing debts and have one single monthly payment to manage instead.

Remember that consolidating debt may mean extending the term of your borrowing and paying more interest overall.

Home renovations

You can use a home improvement loan to pay for renovating your property – you might even increase your home’s value in the process.

Other large purchases

Loans can be used for multiple purposes, including large or unexpected purchases.

It’s important to remember that any agreed payments need to be maintained throughout the course of the loan.

Debt consolidation

Use a loan to repay existing debts and have one single monthly payment to manage instead.

Remember that consolidating debt may mean extending the term of your borrowing and paying more interest overall.

Home renovations

You can use a home improvement loan to pay for renovating your property – you might even increase your home’s value in the process.

Other large purchases

Loans can be used for multiple purposes, including large or unexpected purchases.

It’s important to remember that any agreed payments need to be maintained throughout the course of the loan.

Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances. 12.70% APRC Representative.

Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 79.5% APR Representative (fixed).

How do joint loans work?

Joint loans can be taken out with another person, like a spouse or family member.

Each person involved is considered a co-borrower. They are equally responsible for repaying the loan, and both their credit histories and financial information are considered during the application process.

Check my eligibility

No impact on your credit score

Who can apply for a joint loan?

In order to apply, you must:

• Be aged 18 or over
• Have been a UK resident for the last 3 years
• Have consent from the other co-borrower

For joint secured loans, at least one of you must be the homeowner, and both must reside in the property used to secure the loan. Remember, your home is at risk if you do not keep up with the repayments.

Here’s How We Helped

Mr & Mrs Evans...

Monthly outgoings were £1,157. They consolidated their credit cards, loans, and other credit commitments into one affordable monthly payment with a secured loan, and now only pay £492.

Monthly payments before

£1,157

Reduction after consolidation

£665

New affordable monthly payment

£492

Check now

Won’t harm your credit score

No impact on your credit score

Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.

Customer names have been changed to protect their confidentiality. Average reduction in outgoings of £740.20 per month for customers taking a debt consolidation loan between January 24 - April 24.

Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.

Customer names have been changed to protect their confidentiality. Average reduction in outgoings of £740.20 per month for customers taking a debt consolidation loan between January 24 - April 24.

How to apply for a joint loan

Fill out our simple form with both applicants’ basic details

Get online approval in seconds

Complete application and receive funds

Check my eligibility

No impact on your credit score

What type of joint loans do we offer?

When checking your eligibility, we'll search for all joint loan types available depending on your individual circumstances.

What type of joint loans do we offer?

When checking your eligibility, we'll search for all joint loan types available depending on your individual circumstances.

Joint secured loans

Borrow from £10,000 to £500,000
Spread payments over 3 to 30 years
Make overpayments or pay off early (Subject to lender - Fees may apply)

Joint personal loans

Borrow from £1,000 to £15,000
Spread payments over 1 to 5 years
Make overpayments or pay off early (Subject to lender - Fees may apply)

Joint mortgages

We compare 100s of mortgage deals
Get free, no-obligation expert advice over the phone
Borrow additional money for other purposes

Check my eligibility

No impact on your credit score

You might be able to borrow more when applying with a partner compared to doing so individually. Lenders may offer more favourable interest rates due to the combined financial strength of both applicants.

Adele Kitchen, Personal Finance Writer

Need help with debt?

Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:

Citizens Advice MoneyHelper National Debtline StepChange MoneyWellness