If you and your partner are thinking about taking out a loan together, you’re not alone. Many couples consider joint loans to help cover big expenses – whether that’s a wedding, home improvements, or consolidating existing debt. But before you apply, it’s worth understanding how joint loans work and what they mean for your finances as a couple. Both of you need to consent to your details being processed for the loan and in some cases, you may need to do this either over a telephone call or online At ClearScore, we’re here to make borrowing clearer and easier to understand.
A joint loan is a credit agreement taken out by two people, often couples. Both applicants share equal responsibility for repaying the loan – which means you’re both legally tied to the agreement. If you’re approved, the money will usually be paid into one account, but both of you are liable for making repayments on time. Missing payments can affect both your credit scores (you can check yours for free with ClearScore here).
Couples often choose joint loans because:
You might be able to borrow more together than you could individually.
Combining incomes can sometimes mean a better interest rate.
It can feel fairer if you’re both contributing to something like a wedding, car, or home project.
Taking out a loan together is a big step – it links your finances and your credit reports. Here’s what you need to consider:
Credit impact: If your partner has a lower credit score, it could affect your chances of approval.
Shared responsibility: If one of you misses a repayment, both your credit histories will be impacted.
Joint finances: Applying for a joint loan creates a financial association between you and your partner. Lenders may take this into account when assessing future applications.
If you’re unsure whether a joint loan is right for you, there are other ways to manage borrowing as a couple: Individual loans: You could take out a loan in just one name – this may be better if one of you has a stronger credit history.
Debt consolidation loans: If you want to simplify your repayments, a debt consolidation loan could combine multiple debts into one monthly payment.
Credit cards: A joint credit card isn’t available in the UK, but one partner can add the other as an authorised use
Loans for couples can be a helpful way to share the cost of life’s big moments. But remember – they also tie your credit histories together. Before you commit, check both your credit scores with ClearScore, weigh up the pros and cons, and explore whether an individual loan might work better for you. You can start by checking your personalised loan offers in your ClearScore account. It’s free, and checking won’t affect your score