Joint personal loans
From a new car to a new kitchen, taking that dream holiday or planning your perfect wedding, a joint loan could help you put your ideas into action.
To apply for a joint loan
You can apply if:
- both applicants live at the same address
- both have separate email addresses
- both have a Nationwide current account, either individually or jointly
- both are between 18 and 79 years old
- you have a combined monthly income of at least £700 after tax. Not including bonus, overtime or commission payments
Note:
To apply for a joint loan online, both applicants need to be registered for online banking.
What is a joint loan?
A joint loan is where you take out a personal loan with another person.
It lets you share the repayments between 2 people, which might mean you can borrow more than you could on your own.
You can take out a joint loan:
- as a couple
- with a family member, like a parent
- with a friend
You both need to live at the same address.
Paying back the loan
Think carefully before taking out a joint loan. You'll both be legally responsible for keeping up repayments and paying back the full amount. This doesn't change, even if either of your personal circumstances or relationship does.
Once you have a joint loan, it's not possible to remove 1 person from the agreement.
Your credit histories will be linked
If we approve your joint loan, your credit histories (good or bad) will be linked.
That means any future credit search may see the other person's credit history as well as yours. Your credit rating could be affected if the person you applied with has or develops a poor rating.
Borrowing more with a joint loan
You can only borrow more jointly if you already have a Nationwide joint loan with the same person. Both of you will need to agree to the extra borrowing.
What you need to apply for a joint loan
If you decide a joint loan is right for you, you'll need:
- to both be registered for online banking (if you want to apply online)
- the incomes and outgoings for both of you
- your separate email addresses
If you apply online, 1 person will need to log in to the internet bank or banking app to start the application. They can provide the personal and financial details for both of you.
During the application, we'll ask the second applicant to log in to the internet bank or banking app to confirm they agree to the loan. They'll only have 15 minutes to do this, so it's important they're ready before you start.
Get a quote and apply for a joint loan
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