Joint loan

A joint loan is an option for those who want to share the responsibility of a loan. Whether you’re a couple, friends or family members, a joint loan could help you put your plans in action.

Apply for a loan over the phone.

Although you can’t apply for a joint loan online, you can apply over the phone. You can also still manage your loan with Online Banking, and our mobile and tablet apps. Find out how to apply for a Personal Loan as a single applicant.

Our joint loan features.

  • 3.5% APR representative for loans of £7,500 to £25,000 over 1 to 5 years
  • Overpay as much as you want, when you want
  • You can apply for up to £35,000
  • Manage your loan online with Online Banking.

Other loan amounts are available at different rates. A decision to offer you a loan is based on your individual circumstances. Loans available from 1 - 7 years.

How our joint loans work.

  • When you apply for a joint loan, you each agree to pay off the whole debt if the other person doesn't
  • Once you have a joint loan, your credit files will be linked. If you apply for credit in your own name in the future, a credit search would be able to see the other person’s credit history and take that into account as well as your own
  • If you fail to make your loan repayments we may charge you for our other losses or reasonable costs as a result of you breaking the agreement
  • If you make an early settlement we will charge you up to 58 days’ interest.

Representative Example

You could borrow £10,000 over 48 months with 48 monthly repayments of £223.32. Total amount repayable will be £10,719.36. Representative 3.5% APR, Annual interest rate (fixed) 3.45%.

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other terms and loan amounts are available at different rates. If you qualify for a loan we'll tell you the rate that applies when you get your personalised quote. The maximum APR you could be offered is 29.9% APR.

You can apply if both applicants:

  • are Halifax current account customers of at least 1 month (excluding Easycash)
  • are not in full time education
  • are in paid employment or have a regular income
  • are aged 18 or over
  • are a UK resident (excluding the Channel Islands and the Isle of Man)
  • have not have been declined for credit in the last month or have a history of bad credit.
Learn more about loan eligibilty.

How to apply for a joint loan.

You can apply for a joint loan over the phone by calling 0345 604 7292. Lines are open 8am-10pm seven days a week.

Call us

Find out how to apply for a Personal Loan as a single applicant

  • You can use a joint loan for just about anything. For example, perhaps you’d like to do some home improvements, pay for your dream wedding or buy a car. However, there are some restrictions.

    We will not lend for:

    • Any illegal activity.
    • Speculative purchases, e.g. gambling, investments and share purchases.
    • Business related purposes.
    • The purchase or lease of land or property, either in full or in part. This includes deposits.
    • Timeshares/holiday clubs.

    These limits apply whether you want to borrow money for yourself, or to support someone else. For example, you can't take a loan and give those funds to a family member as a deposit for a house.

     

  • Yes, a joint loan can be a good way to reduce the number of debts you both have. Consolidating your debts means you’ll only have one single monthly payment at a single rate of interest.

    However, if you pay off a debt that has a lower rate of interest than the loan then you could end up paying more overall.

    We have more information on managing debts and money worries as well as details on applying for a debt consolidation loan as a single applicant.

     

  • Taking out a joint loan may mean you can afford a larger amount due to your combined incomes. However, it does mean you are sharing the responsibility of paying it back, so it’s important to make sure it’s the right option for you both.

    If you’re approved for a joint loan, your credit files will be linked. If you apply for credit in your own name in the future, a credit search would be able to see the other person’s credit history and take that into account as well as your own. Any missed repayments would also show up on both credit files.

    You will also still need to pay the loan back if the relationship between you both comes to an end. Therefore, it’s important you are both aware of your responsibilities before applying.

     

Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.