Joint Loans
Joint Loans are available for married couples, couples who co-habit, or in some cases family and friends who live together. They are an ideal way of borrowing money for a purpose that benefits both parties, or as a way to raise more finance than would be possible by applying singly.
If you are approved, your joint loan can be used for any purpose you require. It may be used as a way of consolidating existing debts, or paying for a holiday, a new family car or improvements to your home. Some people even use their joint loan to finance their wedding, cover the cost of a medical bill or pay for tuition fees to further their careers.
How Much Can You Borrow On A Joint Loan?
The amount of money you can borrow will vary depending on your set of circumstances. In theory you can borrow anywhere between £1,000 and £250,000 but it all depends on the type of loan, your income and credit history. The loan company will decide on whether to approve you for that amount according to the personal information you have supplied to them during your application.
Unsecured joint loans, where no asset is secure against the sum of money borrowed, offer between £1000 and £25,000 to be paid back over a period of 1-10 years. You can find unsecured loans with good low interest rates, however they will never be as low as the interest offered on a secured loan.
Getting a Cheap Joint Loan
You also tend to find you can get a better deal on your interest rate if you apply for a larger loan, say over £10,000, which could save you money in the long term. With a secured joint loan you must provide an asset as collateral, this is often a house, so only homeowners are allowed to apply for this kind of finance deal. The amount you could be offered will depend on your combined incomes, your property's value and the credit history
for both applicants.
How Long Do Joint Loans Take?
Each application is dealt with swiftly, but it will vary according to the loan type and complexity as to how long it takes to get joint loans approved. Many unsecured loans are dealt with, approved and paid out within a week, whereas secured joint loans can take up to 4 weeks to complete.
Whatever type of cheap joint loan you apply for, you must make sure you complete the application form accurately and apply for an amount that will be repayable at an affordable level each month.
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