Joint loan

Joint loan

is loan you share with one or more people. Each borrower is jointly liable for a joint loan.

The benefits of a joint loan are that it may be easier for approval of a loan, as both applicants are assessed on their credit rating and financial history, so there is more income to be considered.

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The process of taking out a loan or other sort of finance with another individual, known as a co-borrower, is known as joint borrowing. If your application is approved, a joint personal loan or credit card will be issued in both of your names, and you will be legally responsible for the debt repayment.

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