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Joint Loans for Bad Credit

Looking for joint loans? Sometimes large costs can crop up that need to be resolved quickly. In this situation, you may consider joint loans as an option. However, it’s always good to find out as much as you can about joint loans before you jump into a loan application.

Luckily, this handy Dot Dot Loans webpage is packed with information and frequently asked questions about joint loans. Read on to discover more about joint loans and how they work.

What are joint loans?

Put simply, these are loans with more than one applicant. Most joint loan lenders usually allow 2 people to take out a loan together.

Joint loans are typically used by 2 people who have a close and trustworthy relationship. For example, couples or family members.

How do joint loans work?

Joint loans come in many forms, such as mortgages, unsecured loans, secured loans, and joint current accounts with an arranged overdraft.

Most joint loans are designed for couples, or 2 people with a close relationship. With more than one applicant, you could increase the amount you can borrow as there are multiple sources of income or more collateral on your application.

Both applicants are equally responsible for the repayments on a joint loan. However, repayments are not taken as a 50-50 split from each applicant. Instead, both parties are responsible for the full repayment amounts combined.

When should I consider joint loans?

If you want to borrow money but are concerned about managing the repayments alone, you could consider a joint loan with someone you trust.

Sometimes less than perfect credit can affect your ability to get a loan. Some joint loans for bad credit could help, especially if you apply with someone who has a significantly good credit rating.

Another reason people use joint loans is to potentially increase their borrowing amount. In some cases, you can borrow much more with joint loans than you could with an individual loan. For example, some joint loans are used to consolidate debt.

Can I apply for joint loans for couples?

Yes – some lenders offer joint loans specifically advertised to couples. Most joint loans are used by couples.

Can I apply for joint loans from direct lenders?

Yes – some UK direct lenders offer joint loans.

Can I apply for joint loans for bad credit?

Some lenders may offer joint loans as an option for someone with bad credit. However, you still won’t get your funds until the lender is convinced you can afford to repay your joint loan.

A responsible lender will always carry out affordability checks before offering you a joint loan. If your credit score is significantly poor, you may not pass your affordability check. In this situation, we recommend you seek free and impartial advice to help get your credit rating back on track.

What are the risks of joint loans?

With UK joint loans, each applicant is equally responsible for the repayments, even if the relationship breaks down.

In this situation, you would both still have to make your joint loan repayments. If your circumstances change and one person refuses to pay or cannot repay their share of the loan, the other person must make up for this.

Therefore, you must make sure you apply for joint loans with someone who you can really trust.

Also, if you struggle to make repayments on a joint loan, each person’s credit rating is likely to be seriously impacted. This could make it harder for you to obtain credit in the future.

About Dot Dot Loans

Dot Dot Loans is a direct lender offering a range of loans from £100 to £5000.

We do not offer joint loans; however, we do consider individual applicants with less than perfect credit. One of our bad credit loans could help if you’d prefer to take out a loan without relying on another person.

With Dot Dot Loans, you can choose to repay your loan in fixed instalments over 3 to 48 months, depending on how much you borrow.

You can use our handy tool below to explore your Dot Dot loan options.

Short term loan

Representative Example

Borrow £250 over 6 months with monthly repayment of £81.41. Total amount payable £488.46. Interest rate 248.19% p.a. (fixed). 824.7% APR Representative.

If approved, you’ll receive your funds on the same day. Our quick and convenient loans are funded every hour 24/7.

You will never be charged late repayment fees on a Dot Dot loan. What you agree upfront is what you pay. If your circumstances change and affect your ability to make repayments, our friendly customer service team can help.

Don’t just take our word for it, check out our customer testimonials! We are proud to be rated ‘Excellent’ on the independent review website Trustpilot.

Before applying, we encourage you to carefully review your situation and get all the information you may need about our loans. If you have any questions or queires about our loans, please contact us.

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Approved loans are funded every hour 24/7 No hidden fees or costs Less than perfect credit accepted UK based Customer Service Team

Loans from £100 to £1000

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Representative 824.7% APR

Loans from £1500 to £5000

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Representative 79.4% APR

Short-term loans: 824.7% APR Representative Long-term loans: 79.4% APR Representative