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Joint loan applications

Share equal responsibility for your repayments with a joint personal loan.

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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. Joint loan applications are also a way for you and your partner to assume equal financial responsibility for a large purchase.

But joint personal loans are 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 - 10 of 10
Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
Customer Survey:
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Personal Loan
Customer Survey:
6.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Aim Finance Personal Loan
Not yet rated
$1,000 - $5,000
9 - 24 months
Requirements: min. credit score 580
Mogo Personal Loan
Customer Survey:
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
SkyCap Financial Personal Loan
Customer Survey:
19.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
Symple Personal Loan
Not yet rated
6.99% - 32.00%
$5,000 - $50,000
12 - 84 months
Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies
Fat Cat Loans Personal Loan
Not yet rated
6.99% - 46.96%
$300 - $50,000
3 - 120 months
Requirements: min. income $1,000/month, min. credit score 300
goPeer Personal Loan
Not yet rated
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)
Fairstone Secured Personal Loan
Customer Survey:
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560

How joint loan applications work

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, joint loan applications make 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 joint loan applications before you apply

Before you submit any joint loan applications, 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 joint loan applications?

Joint personal 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 loan applications can be a convenient option for people who want to share equal responsibility in a large purchase. If you have a lower income, joint personal loans can help bolster your application and increase your chance of approval. 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 about joint loan applications

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