Joint Personal Loans

Compare joint personal loans with Savvy and start the application process with your partner today.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on October 4th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Personal Loans Banner

The features and benefits of joint personal loans

Compare rates and save

With both secured and unsecured personal loans available, you can lock in a competitive interest rates tailored to your profile by comparing offers with us.

100% financing available

You won’t need to make a deposit on your personal loan; get approved for however much you can afford from as little as $2,000 all the way up to $75,000.

Choose your own term length

Loan terms are available from one to seven years, giving you and your co-borrower flexibility to select a loan length that accommodates your repayment needs.

Smaller repayments

By splitting each repayment with your co-borrower, your contribution to the personal loan each month is halved compared to the same loan taken out on your own.

Build your credit scores together

When you and your co-borrower make repayments, you’ll each be gradually improving your credit score, potentially putting you in a better position to borrow in the future.

Consolidate debt

One of the most common uses for a personal loan is to consolidate outstanding debts. Shared debts are no exception and can help you tackle them together.

Types of personal loan

Why compare personal loans through Savvy?

How do I compare joint loans?

How to apply for your joint personal loan

Before commencing your personal loan application with your co-borrower, it’s important to understand each step of the process thoroughly to avoid potential delays.

Understanding each of these steps and how they fit into the procedure of applying for personal loans is important, as it can save you valuable time overall and help you expedite your approval and funding.

You can follow these simple steps to see how the process works, from preliminary research and comparison all the way up to having your funds made available for use.

Compare your options with Savvy

Assess the lender and product options right here and decide on the personal loan best suited to your combined needs.

Gather your shared documents

Provide your lender with photo ID, payslips, bank statements, information on assets and liabilities and anything else they may request.

Submit your application

Once you’ve filled out your application form alongside all the required documentation, you’re ready to send it off.

Receive approval and funds

From there, you can receive an instant outcome in 60 seconds and have your funds transferred in 24 hours.

Pros and cons of joint personal loans


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.


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

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.

If my co-borrower has bad credit, how will our application be assessed?

Joint applications are assessed on the strength of the applicant in the weaker financial position. This means that, even if you have a decent credit score and comfortable finances, you’re likely to only be approved for an amount that your co-borrower is eligible to take on. In this case, a bad credit borrower can likely only apply for an amount up to around $12,000 at a high interest rate, which is what your joint application will fall within.

What criteria will we need to meet to qualify for financing?

The general criteria you’ll be required to meet as co-borrowers applying for a loan are:

  • You must be at least 18 years old
  • You must be a citizen or permanent resident
  • You must be employed
  • You must be earning at least $20,000 annually from consistent sources
  • You mustn’t have a history of defaults or bankruptcy
What is a personal loan comparison rate?

Your comparison rate is a percentage that incorporates both your interest rate and primary fees, such as establishment and monthly costs. This is designed to give you a more accurate indication of the cost of your loan overall, as an interest rate on its own isn’t wholly representative of this.

Can I choose whoever I like as a co-borrower?

No – a co-borrower should be someone that you know, trust and can rely upon to fulfil their half of the deal. Lenders are highly unlikely to approve a personal loan application between two people who have only met a handful of times in the past, for instance.

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.