What is a joint Loan?

A simple solution, with that all important personal touch.

Share My Loan is a lending platform that provides joint loans and does not charge any upfront fees and you have the flexibility to repay early at any time without penalty. We talk to you both in person to see how we can help – even if you have got a poor credit history. Applying and getting your joint loan is a simple process and the money can be with you on the same day, depending on your circumstances.

Share Your Loan with a Joint Borrower.

Joint loans are unique in that they use ‘joint borrowers’ – who can be family members, friends or colleagues. It is an unsecured loan. Both borrowers are jointly and individually responsible for the repayment of the loan. It is very important that both borrowers understand their responsibilities before applying.

How Does It Work?

When you apply you will be asked to add your joint borrower’s details. Both you and your joint borrower will go through affordability and credit checks to make sure that the loan is suitable and affordable for you as you will both be jointly and individually responsible for repaying the loan. Once these are passed, we will run through some checks over the phone with each of you and if successful the loan will be completed and the money transferred into the joint borrower’s bank account.

Who’s It For?

Joint loans can be for anyone but typically they are for those looking to borrow from £2,000 to £12,500 and who may have had little or no credit previously or had some credit issues historically which are now resolved, but will mean they are ineligible for a loan through their bank. If you have any additional questions about what it means to be a joint borrower or about any aspect of a joint loan, please contact us on 01603 391182.

What is a Joint Loan V1.0 20.07.2021