The Very Best Loans with Loantra
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*Rates from 4.7% to 278%
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Sometimes we need a loan to help us afford the things we want in life. Sometimes we need a loan to help make life that little bit more comfortable and enjoyable. And sometimes we need a loan to pay the rent, to afford dinner and to avoid catastrophe. This is when loans become desperate loans. The good news is that there are now plenty of options for those who need desperate loans and there’s no need to go without. But when you’re desperate, that makes you susceptible. That means you need to be extra cautious and you need to think long and hard about what you’re agreeing to. This post will help you find desperate loans that won’t make your situation even more desperate…
With joint loans, there are at least two people involved in the application which means enjoying a stronger position to get approved for a particular type of financing. This also means that you will not be alone in covering the loan’s monthly repayments as your co-borrower or co-borrowers are as equally liable.
While this might sound like a favourable scenario, there are things that you might want to consider first. Nothings perfect and joint loans have their own fair share of drawbacks as well. One major disadvantage is that when one party, for some legitimate reason, becomes financially incapable of fulfilling his or her part on the repayments, the other one will have to take over the entire payment responsibility. Simply put, you could potentially end up paying a joint loan all by yours Joint Loans
Every important thing you need to know about Joint Loans in the UK
Sometimes, it’s extremely difficult to apply for a loan with your name and qualifications alone. Your credit rating or income level may not be enough to satisfy what the lender is looking for in the kind of loan that you are requesting and this can lead to a possible application denial or rejection. If such is the case, you can consider taking out a joint loan to ensure that the funding you need becomes satisfied.
What are Joint Loans?
Simply put, a joint loan is a credit agreement wherein two or more individuals are involved. Because if its shared or mutual nature, the financial products are often taken out by couples or business partners who are seeking for outside funding to meet a certain financial need.
The kind of approach is beneficial not only to the borrowers but also to the lender as well. Why? Due to the joint earnings and credit scores, getting approved for bigger credit becomes a whole lot easier. Simply put, because their is more offered in the table, your application becomes less risky and consequently more appealing to lenders.
You can apply for a joint loan from a myriad of lenders both online and from brick-and-mortar institutions like banks.
Dissecting Joint Loans
The financial product involves merging the overall income levels of two or more people who has a stake in the loan. Once your spouse or business partner enters the credit transaction, the credit provider will put into consideration any and all information that both of you provide.
All the information will then be scrutinized heavily so the lender can make an intelligent decision on whether or not both your qualifications are viable for a credit agreement. This means that both your credit histories, monthly earnings, and job details will be highlighted once you and your partner apply for a joint loan.
Joint Loans in the UK
But the type of loan is not only easier to qualify but also to pay back as you have someone to share the financial load month after month. Bear in mind however, that if you become divorced with your spouse or part ways with your business partner, you are not automatically relieved from completing the loan’s repayments. Some of the popular joint loans that you can consider in the UK today include:
- Secured loans like home and auto loans
- Unsecured loans like personal loans from traditional financing institutions and online lenders
- Joint bank accounts which involved overdraft options
Taking out a joint loan if you have bad credit
Without a doubt, the credit option opens up a lot of advantages that you won’t be able to enjoy with other loans. The monthly payments become more stress-free and manageable because someone is sharing the burden and your application will appear attractive since its supplemented by a co-borrower.
This can be a great alternative to bad credit loans that tend to carry high interest rates. If your credit rating is not enough to qualify for a personal loan or mortgage loan, you can make a mutual agreement with someone to take out a joint loan instead and enjoy far better rates and choices when it comes to loan amounts and terms.
The only thing you need to ensure however, is to secure a co-borrower who possesses an excellent credit rating. This is because credit rating is often the most important factor in being accepted for almost any kind of credit agreement. Having stellar credit rating also helps you enjoy the best rates and deals from a joint loan.
Ideal options for larger borrowing amounts
Moreover, the financial predicts are ideal solutions if you want to take out a large amount of credit to cover a major expense like a new home. This is because:
- Putting together more than one set of qualifications and assets improves your chances of getting approved for almost any type of property finance.
2. Teaming up with a partner allows you to afford a home loan with a monthly payment that is otherwise to expensive to cover alone.
- It allows you to secure a home loan even if your credit rating is not enough as long as you can find a co-borrower who possesses a better credit rating.
It’s important to note that joint loans not only apply to the purchase of new properties but also for the renovation of an existing one. So if you want to live in a larger, more enhanced living space, applying jointly for a loan is an option that you can consider.
Joint Liability for a Loan.
Enjoying the benefit of a joint loan lies in the strength of your partner or co-borrower. If you manage to find someone who has a strong credit rating, stable income and monthly earnings and owns several high-value assets, it would be easier for you to get approved for a loan with that person as your co-borrower. This also helps negate some of your flaws like an imperfect credit score and lack of assets.
With that being said, joint loans prove that two heads are better than one – that is if the other head won’t pass away or sour away from the relationship that you share for some legitimate reason.
How to be Smart
Some payday lenders and installment loans are fantastic options when you need desperate loans. For just a small fee, you can have the money in your account right away!
But in other circumstances, these loans can be a bad move and end up getting you into more difficulty. When you’re desperate, it’s easy to make that mistake.
So always compare the prices of different loans before making a decision – don’t take the first offer you can find. Likewise, always make sure that you have budgeted for the repayments and know exactly when you’ll have finished paying it off. This way, you’ll avoid being charged late payment fees and you’ll be able to improve your financial standing in the long run!
See How We Compare to Our Competitors
Representative 49.9% APR (variable). Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7,025.76. Interest rate 49.9% (variable). Repayment terms available between 1 and 5 years. Maximum APR 99.99%
Loantra is a licensed credit broker and not a lender.
We will never charge you for our service and the lender will not increase the rate to cover our fee to them.
We work with over 40 different lenders to bring you the very best rates from across the UK market.
Representative 305.9% APR. Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.
Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.
Any collateral you have against the amount may be at risk of repossession.
5 most recent personal loan reviews
My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.
Review posted by Wayne Crouch, Plymouth
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In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.
Review posted by Neil Morrison, Perth
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Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.
Review posted by Anthony Bell, Chelmsford
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All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.