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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.

Compare personal loan offers

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any 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.

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