Great joint loans for people with bad credit

If you apply for a loan and are rejected due to a bad credit rating, or due to the fact that you do not have any assets to secure against the loan, all hope is not lost. You could apply for a joint loan. Joint loans are available for people with bad credit to secure a loan.

Joint loans are a type of loan that allows two or more parties to apply for a loan jointly. This may involve the combination of salaries and assets to increase the chance that you will receive a loan.

Joint loans are like any other loan and can be used for any purpose such as purchasing a new car or a down payment on a home. By consolidating resources, you should be able to obtain the loan that was previously not achievable.

Halifax offer joint personal loans, from £1,000 to £25,000 over loan terms of between 1 and 7 years at 6.4% APR typical on loans over £7,000. The monthly repayments are fixed for the life of the loan and they offer a waiver of paying the fee for the first three months.

However it must be noted, that when you sign up for a joint loan even when you are not the recipient of the money, you are still liable to pay it back if your partner in the loan defaults. So joint loans must be approached with caution and trust is a must when deciding to help someone with a bad credit rating secures a loan.

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