| Loan type | Joint loan |
| Rates displayed | Real |
| Loan amounts available | £2,000 – £12,500 |
| Loan terms available | 12 – 60 months (1 – 5 years) |
| Age eligibility requirements | Both borrowers aged between 18 and 75 |
| Access for lower credit scores | Yes, options offered dependent on both credit score |
| Chance of acceptance available | No |
| Loan pay out time after approval | 24-48 hours |
| Early repayment options | Potential options, may include fees |
| Online application | Yes |
Who is Share My Loan?
Share My Loan uses an innovative peer-to-peer lending system that helps benefit both parties. Through a quick, simple process using real rates they offer a way for you to access the credit you need by applying with a loan partner – meaning you both can get the finance you need whilst improving your credit scores.
You can check your eligibility with Share My Loan and other lenders to see what they can offer you and your potential joint borrower.
How much can I borrow with Share My Loan?
The specific amount you may be eligible to borrow will depend on you and your joint borrower’s credit histories and personal circumstances. Share My Loan have a borrowing range from £2,000 to £12,500, and they will be able to check what is the right balance for your situation and what you are eligible to apply for.
How does shared borrowing work?
Shared borrowing links two applicants together under one loan – meaning more security for the lender, and more potential options for those looking to borrow. If you’ve not borrowed credit before, or have struggled keeping on top of your finances in the past, lenders may be reluctant to lend to you based on your credit history alone. However, by teaming up with a friend or family member, you may be able to join forces to access the credit you need.
There are a few things to bar in mind when looking to apply for a shared loan though.
To start, you and your potential shared loan applicant need to meet a few criteria:
- Both borrowers must be aged between 18 and 75
- At least one of the applicants must be a homeowner
- Your relationship with the other borrower can be a friend or family member
- Borrowers cannot be spouses / partners, and cannot be financially dependent.
In addition, when you take out a joint loan, you will be financially linked. This isn’t necessarily a negative situation, but it does mean you need to be aware of how it will affect you. It means that:
- Both borrowers will be individually, and jointly, responsible for the repayments – if you are unable to keep up with them it will affect you both.
- Both borrowers will be actively involved in the application – including the details on the application and likely with a confirmation call from the lender.
- Your credit files will record the link between you – meaning that if you apply for credit alone in the future, potential lenders will be able to see the previous link.
What interest rates can I get on a shared loan?
Your potential rates will be dependent on you and your shared loan partner’s circumstances and credit history. Applying for a joint shared loan will mean you may be eligible for slightly better rates or offers than if you were applying alone.
Credit histories can vary, and the rates you are offered may change to reflect yours. If your credit score is lower, the rates you are offered may be a bit higher due to lenders seeing it as riskier to lend money to you.
Improving your credit score doesn’t have to be a challenge – check out our top tips!
How quickly would a shared loan be paid out?
Share My Loan borrowers usually see their agreed loan amount reach their accounts within 24-48 hours – both you and your shared loan partner would be kept up to date with everything.
Can the loan amount be paid off early?
Sometimes you or your borrowing partner may find yourselves in a better financial situation, and wish to pay off any borrowed money early. Share My Loan will let you know if this is an option when taking out the loan. You could then either increase repayments to pay it off early, or you may find that your credit score improves to make you eligible for a debt consolidation loan – meaning you may be able to pay off the initial loan early.
Remember that if you are consolidating existing borrowed amounts, you may be increasing the length of the debt term, and may also increase the total amount you repay.
Can I apply with Share My Loan if I’m self-employed?
Share My Loan may accept applications where one or both applicants are self-employed. Eligibility is first checked against the criteria mentioned above, and any other offers will then be dependent on yours and your borrowing partner’s circumstances. If you are self-employed, sometimes lenders need you supply additional documents to assess your affordability. If you are eligible for a loan with Share My Loan, they’ll let you know if they need anything extra from you to make their decision.
What should I consider before taking out a loan with Share My Loan?
As with all borrowing, it’s important to make sure you only borrow what you can afford to repay.
- You may need to provide bank or ID verification
- Your loan offer will be subject to final lender and fraud checks
- Any lender will likely want to get in touch with both of you over the phone, to verify the agreement.
- Missed repayments can negatively affect your credit score, and any impacts will likely apply to both borrowers.
How do I check my eligibility for Share My Loan?
It’s easy for you to check your eligibility for a shared loan. Using our soft credit check we can show you your loan options with Share My Loan and over 50 other UK lenders in minutes, all without harming your credit score.
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