Joint Personal Loan Applications with Bad Credit
Find finance options for co-borrowers struggling with their credit here with Savvy.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
The features and benefits of a joint bad credit personal loan application
Consolidate shared debts
One of the most common uses for a personal loan is to consolidate debts into one repayment, which is especially useful for making shared debts more manageable.
Build shared responsibility
Many couples opt for joint personal loans as a means of taking on a shared financial responsibility, particularly if you’re looking at buying a house together in the future.
All credit histories considered
Our flexible lending partners will assess your application on its merits regardless of your recent or past credit history and there’s no need to worry about putting an asset forward as collateral for your loan.
Choose your term and pay frequency
You and your partner can decide whether to repay your personal loan on a monthly, fortnightly or weekly basis depending on what suits you the most.
Low or no fees
We can connect you with lenders who don’t charge monthly account-keeping fees, establishment fees, early repayment fees or all three.
More affordable repayments
By splitting the repayments between two borrowers, you’ll save money with each instalment compared to a loan taken out by yourself.
Why choose Savvy to help find your bad credit joint personal loan?
Reputable lending partners
We only partner with the most reputable lenders to count amongst our panel, ensuring you have higher quality options at your fingertips.
Finance solutions for all
Our panel is diverse by design, as we aim to offer borrowers from all walks of life finance options that suit their personal situations.
100% online process
From start to finish, you’ll be able to complete your personal loan application online without the need for any messy paperwork.
A checklist for before your joint bad credit loan application
Ensure that you’re both eligible
Above all else, you should first confirm that both you and your co-borrower are eligible to take out a joint personal loan. There’s little point in applying for a personal loan whose criteria you don’t meet, as it’ll lead to a simple and swift outcome and a mark on your credit file. Both of you will need to meet the following qualification points:
- 18 years of age
- An Australian citizen or permanent resident
- Earn at least $400 per week
- Own an Australian online banking account, with which to receive your income
Calculate what you can afford
The second major part of your pre-application self-assessment is determining the amount you and your partner can afford to take on together. You can do this by combining your respective incomes and subtracting your monthly expenses, such as rent, petrol and other living costs, to determine your disposable income. Lenders won’t approve an application for loan repayments taking up more than 25% to 30% of your disposable income, so this can be useful for working out in advance the figure you’re more likely to be approved for.
Double-check your credit reports
You and your partner should also ensure you check your respective credit files before your lender conducts a check on it. You shouldn’t simply enter the process assuming your credit score is at a certain level without knowing for certain what that is and why. While you can be approved with bankruptcies and defaults on your files, you won’t be approved as a current bankrupt and are less likely to be given the green light with recent defaults of a similar loan type.
Review your loan’s interest and fees
You should also check your lender’s site in advance to gain an understanding of the types of rates and fees that they offer on their personal loans. These form the basis of your loan’s cost and, because of your credit situation, are likely to be steeper than those of personal loans for borrowers with good credit. Some of these fees include:
- Establishment fee up to $600
- Ongoing fees up to $20 per month
- Late payment fees up to $35
Prepare your shared documents
Finally, you should gather all of the required documentation ahead of time to ensure your personal loan application is processed as quickly as possible. Because these loans are unsecured, you won’t need to hand over documents about your chosen collateral, but you will need:
- Photo ID for both borrowers (passports, driver’s licences)
- Each of your last two payslips (employment contracts and/or 90 days of bank statements may also be required)
- Centrelink income statements if you derive income from government benefits
- Internet banking details
Common joint bad credit personal loan application queries
Helpful personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
