Joint_Loan_Application_Tips by paydot888

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									Joint Loan Application Tips

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547

Summary:
If you are living with a partner or family member and you need some money
but don't have the means, then you should think about applying for a
joint loan. Joint loans can help you and a partner or family member both
get their hands on more money than you could individually, whilst sharing
the burden of repayment. If you want to know more about joint loans and
how to apply for them, then here is some useful information that might
help.

Who can I get a joint loan with?

Jo...


Keywords:
Personal loans,uk,secured,loans,debt,consolidation,compare,apr


Article Body:
If you are living with a partner or family member and you need some money
but don't have the means, then you should think about applying for a
joint loan. Joint loans can help you and a partner or family member both
get their hands on more money than you could individually, whilst sharing
the burden of repayment. If you want to know more about joint loans and
how to apply for them, then here is some useful information that might
help.

Who can I get a joint loan with?

Joint loans are not available for all types of relationship, but are in
fact limited to certain partnerships. Married couples are the most common
joint loan applicants, although unmarried couples are not eligible. Some
companies will allow applications during engagement, but the loan will
not be given until after marriage. Also accepted are applications from a
parent and child. Although some loan companies also consider two
brothers, all other sibling and family relations are generally not
accepted.

Getting more money

The main reason to jointly apply for a loan is to get a larger amount of
cash than you might be able to if you were applying on your own. Married
couples or parents and children can include both of their incomes to
allow for a larger loan to be taken out. If you have a similar salary,
then you can usually double the amount that you can borrow.

Unequal earnings
Applying for a joint loan doesn't mean you both have to have excellent
salaries. Even if one of you doesn't have a salary, but money earnt from
a part-time job or other work, this can help you both to get more money.
As long as you are both earning and can make a contribution to the
repayment it will be in your interests to apply jointly.

Both responsible

Although both of you will get benefits from the loan, it is important to
remember that you are also both responsible for the repayment of the
loan. Even if you are married and split up, the amount still owed on the
loan will need to be paid back by both of you. Of course there is more
risk of default than a normal loan, because should one of you stop
payments then the other may not be able to keep up and so you will both
end up in default. This means you risk having your credit history damaged
even if you were not responsible for the debt problem. Make sure that you
can definitely afford to pay the loan back, even if you are no longer
living with the other applicant.

Who should get joint loans?

Although most married couples are eligible to apply for a joint loan,
they are not right for everyone. If one of you has a poor credit history
or earns significantly less than the other, a joint loan may not be the
right choice for you. Also, try and make sure that any joint loan you
take out will benefit both of you. Just because you can get more money
does not mean that money will benefit you both. Always use joint loans to
fund something that will help you both, so that you can get the most out
of your loan.

								
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