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Joint application personal loan options

Share equal responsibility for your repayments with a joint application 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. It’s also a way for you and your partner to assume equal financial responsibility for a large purchase.

Read our guide to find out how joint application loans work and which features you should take into account before applying.

LoanConnect Personal Loan

LoanConnect Personal Loan


10 % APR


  • Submit one application to compare multiple lenders
  • No application or origination fees

LoanConnect Personal Loan

Compare personal loans from a range of lenders and borrow up to $50,000 through this online broker.

  • APR: 10.00%-46.96%
  • Loan amounts: $500-$50,000
  • Loan terms: 6-60 months
  • Fees: No application or origination fees
  • Processing time: Receive funds within as little as 24 hours.
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Compare personal loan offers

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
6 months - 5 years
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Fairstone offers unsecured personal loans up to $20,000
Cash Money Installment Loan
6 months - 5 years
Vary across provinces/territories
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Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
No end dates
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Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
1-5 years
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LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
3-10 years
Varies by province
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Fairstone offers secured personal loans up to $35,000.
Alpine Credits Home Equity Loan
10.00% - 22.99%
Up to 60 months
Between 5% - 8% of your APR will cover closing and admin fees.
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Alpine Credits offer home equity loans in amounts from $10,000 to $500,000. Must be a homeowner to qualify. Check eligibility for this loan through LoanConnect.

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How to apply for a personal loan with a joint applicant

You and the person you’re applying with will provide personal, employment and financial details as part of the application. This may be done in one application or in separate sections, depending on the lender you choose. The lender will consider the application details as a whole when considering both your eligibilities for the loan, instead of individually considering your credentials.

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 on a large purchase or debt. It can also help improve your application and chances of approval if you have a lower income or don’t meet all of the lender’s eligibility requirements on your own.

Before applying for a joint loan, it’s important to think about who you are entering into the agreement with, both you and their ability to manage the loan and whether you’re taking on the right loan for the both of you.

Frequently asked questions

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