Joint Loans

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If you would like to take out a joint loan for any purpose there are many borrowing options that can enable more than one person to go on the loan application. The joint loans available through our panel of lenders range from £3,000 to £150,000 and can be used for virtually any purpose. The other party to the loan is often your partner, a relative or your spouse but this does not have to be the case for all scenarios - friends or associates may also join together for a loan.

To find out how much you could borrow through a loan for joint borrowers and get a free quote showing all the facts and figures before you make any commitment. Please complete our short online enquiry form (no credit search on this form) or speak confidentially to our UK based loan team for free on 0800 0159 295 or dial 0330 0536001 (mobile friendly) and we will start work on getting your loan arranged immediately.

There are many reasons why our clients decide to take out a joint loan. Perhaps you have shared credit, loans or joint debts and would like to share the responsibility for combining them into a debt consolidation loan to refinance them, or maybe you are just after making an important purchase together, either way we may have options that can help you to meet your goals.


Common Joint Loan Purposes For Our Customers

There are a multitude of reasons why you may decide to pair up and take out a loan together.
Loans for improving your home, buying a new family vehicle, buying a property , refinancing family debts, obtaining a static caravan or holiday home abroad, business or commercial finance, the list goes on. It is also worth noting that two is not always the maximum number of borrowers, some joint plans allow three or even more applicants for the finance.


Can You Borrow More With A Joint Loan?

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Whatever the driver behind your seeking a joint loan a fair question to ask would be, ` can it mean we can borrow more?`. There is an advantage to it in that you if you both have an income, even if some of the income is part time that money can be used to check affordability, helping you to reach joint lenders underwriting criteria.

There are many other factors that are taken into account such as what your individual outgoings are and your credit history but in some cases the lenders will be happier to see two people committed to repaying the loan than one. It is a well know point that big projects cost big money and but many of us simply don`t have enough savings to fund them even in our joint saving accounts, in which case an any purpose joint loan arranged via My Sort of Loan could be the answer for you. Give us a call for free or complete our short online enquiry form and a joint loan may allow you to borrow more money than you would alone and could help you afford to finance your goals together.


How Do Larger Joint Loans Work?

For big loan amounts of between £15,000 and £150,000 our lenders look for security for their loan, this is by way of a secured loan second charge on your property. Lenders understand that longer time frames may be needed to repay large loans so terms are available from 5 to 25 years to avoid stressing your cash flow. If you are a homeowner or mortgage payer and the property for security is in joint names then you will normally both need to apply for the secured loan as you both own the property. Generally a key feature of either secured or unsecured joint borrowing is that you are both responsible for the upkeep of loan payments, if the loan payments are not met then the missed payments will be on both of your credit histories and may affect both of you obtaining loans in the future.

There are probably many questions you have on the matter of joint loans, so before embarking upon that route give our team a call for free on 0800 0159 295 or enquire on line and we will give you the facts and figures without obligation so you can decide whether to go ahead or not. If you are a couple who are homeowners then you could benefit from a joint loan for that new bathroom, kitchen or conservatory, maybe it is time for a family holiday of your dreams, a new family car or some landscaping of the garden. You may have lots of credit cards, store cards and personal loans which are playing havoc with your family accounts and making it difficult to cover the household bills while keeping food on the table as well as keeping up the repayments. Refinancing your debts into one joint loan could help make your family finances more easily manageable and give you some breathing room and allow for more family time such as nights out and holidays.


Bad Credit Joint Loans

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Life likes to throw challenges down from time to time for the vast majority of us. Personal financial circumstances are no exception, scenarios such as a change in work circumstances, a period of illness, being made redundant or a family break up - to name but a few - can put pressure on anyone`s credit situation. This can lead to credit arrears, defaults on cards or loans, mortgage arrears or even county court judgements all of which impact on your access to loans or other finance. It is fair to say that having a joint borrower looking to help you obtain the loan you are considering could be a big help in a bad or adverse credit situation. If one of you has been unfortunate to incur some bad credit but the joint applicant has had a better run recently then that could enhance your options and even give you more loan choices. Even if you have both had some credit issues combining forces may help you to take out a loan. As with any credit all loans are subject to status and affordability, but if you are looking to turn the corner on your finances a joint application may help you make it happen.


Joint Loans Expertise

Optimise Finance have many years of experience in matching our customers with the right loans for them and we have extensive knowledge of joint loans. Our large panel of lenders gives us access to some of the most innovative and most recent loan products on the market, allowing us to offer our customers a tailored no obligation joint loan proposal which is based on your circumstances and requirements and includes payments arrangements to suit. Our finance team are UK based and directly employed by us and they are waiting for your call on freephone 0800 0159295 to talk you through the options our lenders have for you. Alternatively fill in one of our simple joint loan enquiry forms and start your journey towards your financial aspirations today.