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site-logos Harmoney Unsecured Personal Loan
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site-logos 5.35%
fixed
6.14% 
fixed
$570.96
over 60 months
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Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms.

site-logos Symple Loans Personal Loan
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site-logos 5.75%
variable
6.47% 
fixed
$576.50
over 60 months
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Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple

site-logos SocietyOne Unsecured Personal Loan
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site-logos 5.95%
fixed up to 19.99% p.a.
5.95% 
fixed up to 20.93% p.a. based on $30,000 over 5 years
$579.29
over 60 months
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Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating.

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Compare low rate joint personal loans

Applying for a loan by yourself can be daunting: you might have second thoughts about whether you’ll be able to shoulder the financial burden on your own. If you’re looking for a leg up, though, a joint loan might be the best option for you. Read more about how co-borrowing in a joint loan works in this comprehensive guide.

How does a joint loan work?

A joint loan is essentially a type of personal loan designed to be shared between two co-borrowers, although some lenders allow up to four borrowers in an application. You and your co-borrower are equally liable in a joint loan situation for the amount lent to you, so the amount will typically be split between the co-borrowers to cater to what is affordable for both parties. The most commonly sought co-borrowers for joint loan applicants are significant others, siblings, friends, parents and other family members. This is because you want to partner with someone you can trust to fulfil their end of the deal, as it is at times a significant financial commitment. Adding security to your loan in the form of another borrower can increase your chances of having your application approved.

Why should I apply for a joint loan?

As joint loans typically come under the umbrella of personal loans, the potential uses of your funds are up to you. Many joint loan applicants will do so in order to be approved for greater sums of money, which are likely to be useful for more substantial purchases or investments. You may not be able to meet the requirements you’re looking for in a sole personal loan, so a joint loan could make sense for you. Examples of these can include buying a car, renovating your home, covering medical costs or consolidating debt. As previously mentioned, applying for a personal loan alongside another borrower can provide greater stability in the repayment process. It is also more likely to indicate that stability to your lender, who may be more confident in lending more to fund your venture.

Applicants may also look to enter a co-borrowing arrangement as a way to ease into sharing ownership of an asset. For instance, if you and your partner were looking to buy a car together that you would co-own, it makes sense for the two of you to seek a joint loan and pay off the car together. Similarly, larger individual debts between you and your partner can be consolidated into one with a joint loan that will help pay them off simultaneously. Making the first step into asset sharing with a loved one can be a difficult process, so a joint personal loan is designed to transition the process more smoothly.

How do I compare joint loans to help find the right one for me?

Like other personal loans, there are a number of ways that you can tailor your joint loan to maximise the convenience for you and your co-borrower. Most lenders that offer joint loans will offer the choice between making your loan secured or unsecured, meaning that you can either attach an asset as collateral to secure the loan or avoid doing so. Interest rates are generally lower with secured loans and lenders may be more willing to accept your application even if your credit score isn’t perfect. The risk of losing your asset, such as a vehicle, is essentially zero if you’re able to pay off the loan in a timely fashion but this factor may sway people towards unsecured loans nonetheless.

You may also have the option to choose between a fixed or variable interest rate for your joint loan. Fixed rate joint loans maintain the same interest rate throughout the life of the loan, as opposed to variable rate joint loans which can change depending on the ebbs and flows of the market. Variable rate joint loans can provide greater flexibility to borrowers in terms of making extra repayments and paying off the loan early but cannot offer the same level of financial certainty as fixed rate loans, which allow for more accurate budgeting. If you’re looking for a fixed or variable rate joint loan in particular, or secured or unsecured, it’s worth checking out which lenders offer the type of loan you’re looking for with conditions that suit you.

Pros and cons of joint personal loans

If you’re still unsure about joint loans, you can weigh up the positives and negatives with our table below.

PROS

Increase your likelihood of a successful application:

too many cooks don’t spoil the broth with joint loans, with one or more extra borrowers potentially raising your chances of having your application approved.

Borrow more funds

bigger projects can be facilitated by an extra person jumping into the application, as the potential added security for the lender could see them sign off on higher loan amounts.

Build shared responsibility:

not only does the burden of paying back the loan no longer rest solely on your shoulders, but the experience of joint loans can also encourage the transition into co-ownership of assets with your partner.

CONS

Relying on your co-borrower:

it is a heavy responsibility to charge someone with fulfilling a loan, so make sure your co-borrower is reliable and able to help you share the weight of the joint loan.

And hurting your credit:

if your co-borrower is unable to consistently pay their share on time, your credit score will sustain the same damage as theirs.

Other frequently asked questions about joint loans

We’ve answered some other questions that you may have about joint loans

Will I have to pay the whole joint loan if I separate/divorce my partner?

Depending on the nature of the loan and your agreement with your partner, you may have to. If one borrower disappears from the picture, the lender will pursue the other, who would still be legally liable for the whole debt. Ultimately, you’re responsible for the loan if your name is attached as a borrower, regardless of the circumstances that may play out over the course of its repayments.

Do I only owe 50% of my joint loan?

Technically, both co-borrowers owe 100% of the loan. For example, if you enter a $30,000 joint loan with a co-borrower, both borrowers owe $30,000. The lender will only seek out what it has lent, though, so there is no need to pay that amount for each borrower. The lender will likely only chase up one of the borrowers for loan repayments at any given time rather than both, but whether it chooses to alternate between co-borrowers will vary between lenders. Make sure you have a clear repayment arrangement with your co-borrower.

How do I apply for a joint loan?

Joint loans typically follow the same standard process as personal loans when it comes to applications. Both applicants will have to provide documentation relating to identification, residential status, employment status and personal finances. Good credit scores and minimal outstanding debt is always a bonus for those looking to lock in their loan, but there is less emphasis on both having to be perfect with a joint loan. Be realistic with the amount that you’re looking for and don’t apply for more than you can afford to pay back.

Are there any other alternatives to joint loans?

Yes – a joint credit card is one such example. You can establish one credit account with two cardholders and spend with greater freedom than a joint loan. However, higher interest rates on credit cards mean that they’re not ideal for big purchases that would require more than a month to pay off.