Joint Loans

£1k to £500k

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  • Comparing 100s of loans
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What is a joint loan?

A joint loan lets two people borrow money together — usually a couple, family members, or close friends. Because lenders look at both borrowers' finances, it can be easier to get approved or to borrow a larger amount. 

How could a joint loan help?

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

Below are some common uses of joint loans:

  • Debt consolidation  
    Combine your debts into one monthly payment

  • Home improvements  
    Renovate or improve your home

  • Other large purchases
    Cover one-off expenses, like a wedding

JOINT LOANS

Try our loans calculator

to see your monthly payments

£17,000
£1k£500k
6 years
1Y30Y

Secured Loan

You need to be a homeowner, as a loan of this value would be secured against your home.

£288.08Estimated monthly repayment
7%Illustrative rate
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Please note this calculator is a guide only. We will search both personal and secured loans. The actual rate offered will be based on your individual circumstances.

Representative Example: If you borrow £34,000 over 10 years, initially on a fixed rate for 5 years at 5.89% and for the remaining 5 years on the Lender's standard variable rate of 10%, you would make 60 monthly payments of £428.34 and 60 monthly payments of £472.06. The total amount of credit is £38,775 (this includes a Lender Fee of £695 and a Broker Fee of £4,080). The total repayable would be £54,029.30. The overall cost for comparison is 10.2% APRC representative. This means 51% or more of customers receive this rate or better.

Who can apply

In order to apply, you both must: 

Be aged 18 years or older

Have been a resident in the UK for the last 3 years 

Have consent from the other co-borrower

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

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Here’s a real customer’s story:

We helped the Patels* cut their monthly costs by £874

by swapping their expensive credit cards, loans, and overdrafts for a secured loan.

Old monthly payments

£1,138

New monthly payment

£264

Remember if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.

Loans can be secured against your home so it may be at risk if you fall behind with repayments.

*Customer names have been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan to repay existing credit commitments in the last 12 months.

How to apply for a joint loan

1

Fill out our simple eligibility form with both applicants’ details

2

Get online approval in seconds

3

Complete application and receive funds

What types of loan 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 £10k to £500k
  • Spread payments over 3 to 30 years
  • Lower interest rates and smaller monthly payments, because the loan is secured against your home

Joint personal loans

  • Borrow from £1k to £15k
  • Spread payments over 1 to 5 years
  • Receive your money fast — often within a few hours of being accepted

Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 10.2% 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. 47.4% APR Representative (fixed).

Joint debt consolidation  

If you've both built up debt, a joint loan can help you combine it into one monthly payment. Before you apply, it's worth knowing that repaying over a longer term can mean paying more interest in total.

Both borrowers are also equally responsible for the loan — so if one person stops paying, the other has to keep up the repayments. Remember, missed payments will affect both credit scores.

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Can I get a joint loan with bad credit?

Having bad credit doesn't automatically rule you out. When you apply for a joint loan, lenders look at both borrowers' credit histories — so if your co-borrower has a good credit record, it could improve your chances of being accepted. 

If you’re a homeowner, a secured joint loan could also be worth considering. Because the loan is tied to your home, lenders feel more confident lending to you, even if your credit history isn't great. 

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We work with a wide panel of lenders, comparing 100s of loans, so you don't have to.

It’s all about you.

Joint loans can open doors, whether that's a bigger amount or a better rate. Just bear in mind that missed payments will show on both credit scores, so it's a shared commitment in every sense.

Zubin Kavarana,Personal Finance Writer

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it a yes

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Got Questions?

They can be. Because lenders look at both borrowers' finances, a joint application can improve your chances of being approved — especially if one borrower has a stronger credit history than the other. 

Not usually. Both borrowers are equally responsible for the full amount, and that doesn't change if your circumstances do. If you need to remove someone from a loan, you'd need to speak to your lender directly. 

Yes. Joint loans aren't just for married couples — you can apply with a family member, partner, or close friend. What matters to the lender is both borrowers' financial circumstances, not your relationship status. 

Yes. Lenders will carry out a credit check on both applicants as part of the application process. This is because both borrowers are responsible for repaying the loan. 

Before you apply online, all you need is a clear view of your household budget. Think about your income, expenses, and existing credit commitments.  

There's no need to gather documents before applying, we'll do the legwork to help you find the right loan first. 

Later in the process, you might be asked for proof of: 

  • Your address for the previous three years 
  • Your income and outgoings, e.g. payslips, bank statements 
  • Homeownership (if you've applied for a secured loan) 

Last updated

Reviewed by: Matt Waller

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