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Joint personal loans

Share equal responsibility for your loan and improve your chances of getting approved.

The Lending People - Personal Loan

The Lending People - Personal Loan logo

From 6.95% p.a.

Secured and Unsecured loans

  • Borrow up to $75,000
  • Min. loan amount: $2,000
  • Loan term: 1 to 7 years
  • Broker fee of $195 - $995 depending on size and type of loan.
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Promoted
Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
100% ONLINE
The Lending People Personal Loan
6.95% - 26.95%
$2,000
$75,000
1 to 7 years
$0 - $10 depending on lender
$50 to $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured loans of up to $75,000 from a variety of reputable lenders.
Harmoney Unsecured Personal Loan
6.99% - 19.99%
$2,000
$70,000
3 or 5 years
$0
$150
Eligibility: Be a NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
Lending Crowd Personal Loan
5.03% -19.30%
$2,000
$200,000
2, 3 or 5 years
$0
$200 - $500 depending on the amount borrowed
Eligibility: Be a NZ resident/citizen and have a good credit score.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
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Applying for a joint personal loan can help improve your eligibility, especially if you’re looking to score a good interest rate or a larger loan amount. Instead of looking at only your individual circumstances, a lender takes into account your partner, friend or family member’s financial situation and credit history.

How do you apply for a joint personal loan?

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. The lender will consider the application details as a whole when considering both your eligibilities for the loan.

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What are the benefits of applying with another person?

A joint loan may be more beneficial to you than an individual personal loan. Here’s why:

  • Increase your chances of approval. If you are on a lower income, self-employed or just want to bolster your application, a joint personal loan can be a way to do it. The details of both applicants are considered by the lender.
  • Share an asset. If you are planning to share the asset, such as buying a car with your partner, a joint application could make more sense than just one of you applying. Consider your own personal situation to decide what works best for you.
  • Be eligible for a larger loan. You may be eligible for a larger loan if you apply with a partner. As you both agree to manage the repayments, the lender considers the income and financial situation of both applicants when deciding how much money to lend.
  • Consolidate large debts. If you and your partner have a large amount of debt separately, you can both save by applying for a joint, debt consolidation personal loan. Split the monthly repayments according to how much debt you contributed to the loan and benefit from the reduced interest and fees.

The downsides of a joint personal loan?

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 the state of their credit history? Are they likely to default? These are the things you need to think about when taking on the responsibility of a loan.

If you are approved, you assume equal responsibility for the loan with the person with whom you are applying. This means if either one of you becomes unable to repay their part of the debt, the other is still responsible for the repayments. You should make sure that the person who you are applying with is someone you trust and that will not take off overseas and leave you with the debt.

You will also need to prepare yourself for what happens if things go wrong. If one person fails to meet their obligations, it can put a strain on your relationship. This can be particularly upsetting if it is a close family member.

How to apply for a joint personal loan

You can apply for a joint loan through banks and some non-bank lenders. If you both have a relationship with the same bank, it may be a quicker process to apply with them as they already have a record of your financial history. You can also consider a loan broker, who will find and negotiate the right loan agreement for you.

You and the person you are applying with will need to provide personal, employment and financial details as part of the application. This may be done in one application or in separate sections. The lender looks at the application details as a whole while considering both your eligibilities for the loan.

Before you apply for a loan, make sure you are happy with who you are entering into an agreement with. You should be comfortable that you meet the eligibility criteria and have the ability and trust to manage the loan together.

Other types of loans

Not sure if a joint application personal loan is right for you? It pays to do your research. Check out some other types of loans that you could consider.

Frequently asked questions

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