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Joint personal loans

Share equal responsibility for your repayments with a joint application.

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Whether you’re looking to finance a car, do some home renovations or pay for a vacation, there are different ways to secure financing. Applying for a personal loan as part of a joint application could help you check off more eligibility boxes than you could on your own. It’s also a way for you and your partner to assume equal financial responsibility for a large purchase.

But it’s not the same as a cosigned loan. With a joint personal loan, all borrowers must meet credit requirements on their own. Read our guide to find out how joint application loans work and which features you should take into account before applying.

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1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 4.70%, Unsecured 8.00% - 46.96%
$300 - $50,000
3–60 months
Requirements: min. credit score 300
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More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
goPeer Personal Loan
8.00% - 33.92%
$1,000 - $25,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 600
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Connects creditworthy Canadians looking for an unsecured loan with Canadians looking to invest. Apply in minutes and get a response within 24 hours.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
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Apply in less than 5 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours.
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
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Apply online and get approved in less than 3 minutes. Receive funds in as little as 15 minutes. Borrowers with bad credit or no credit can apply.
LoanConnect Personal Loan
Secured from 4.99%, Unsecured 5.99% - 46.96%
$100 - $50,000
3–120 months
Requirements: min. credit score 300
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Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6–60 months
Requirements: min. income $13,000/year, min. credit score 500
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More Info
Get a free quote without affecting your credit score and get an unsecured loan the same day. 100-day money-back guarantee: If you're not happy with your loan, pay back the principal and get the 100 days of paid interest and fees back.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
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More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
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How to apply for a joint personal loan

You can apply for a joint personal loan as long as you and your partner meet the lender’s requirements. Before you get started, compare providers by prequalifying for a few options together.

Once you select a lender, you both need to provide the same information about your employment and personal finances on the joint application. Depending on the lender, this can be done all at once or separately. The lender will consider the application details as a whole when underwriting the loan.

Is it better to apply for a loan individually or jointly?

Whether you should apply for a loan individually or jointly depends on your relationship with your co-applicant, your credit scores and personal finances.

If you plan on sharing the expense with your co-borrower, a joint personal loan makes more sense than applying on your own. Applying with a co-applicant can also help you get a lower interest rate and origination fee if you have a limited credit history or low credit score.

But if your credit score is higher, applying with a co-borrower can actually hurt your personal loan application.

4 loan features to know about before you apply

Before you start your joint application, there are a few things to consider:

  • If you’re 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 make the repayments, the other is still responsible for the rest of the repayments.
  • Both applicants will need to collectively 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 borrow more than you need or can afford, even if you’re 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 may need to think about when taking on the responsibility of a joint loan.

What are the benefits of applying with another person?

Joint application loans can be a viable option for several reasons, including:

  • Increase your chances of approval. If you are on a lower income, self-employed or just want to increase the strength of your application, a joint personal loan is one way to increase your chances of being approved for a loan, since the details of both applicants will be 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. Since you both agree to manage the repayments, the lender will consider the income and financial situation of both applicants when deciding how much money to lend.
  • Consolidate large debts. If you and your partner both have large debts separately, you may both be able to save by applying for a joint debt consolidation loan. You can split the monthly repayment according to how much debt you contributed to the loan and benefit from the reduced interest rate and fees.

Find out the difference between a joint applicant and a cosigner

Bottom line

Joint personal loans can be a convenient option for people who want to share equal responsibility in a large purchase. It can help bolster your application and increase your chance of approval if you have a lower income. However, it’s important to think about who you’re entering into the agreement with. Both of you must have the ability to manage the loan in order to make it a viable option.

As with every loan opportunity, be sure to compare your personal loan options before making your final decision.

Frequently asked questions

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