Representative 3.4% APR
Features of a joint loan
A joint loan allows you to borrow money with someone close, such as a loved one, relative or friend. If you are approved, you could use the funds for a big event, project or even a shared passion and pay off the loan as a team.
You could use a joint loan to:
Taking out a loan with a partner could also help in paying off your shared debts. You can pay off your credit cards and other personal loans by making one payment each month.
Find out more about our debt consolidation loans here.
To apply for a joint loan applicants must be 18+, a UK resident and either: both hold a sole Royal Bank of Scotland current account (held for 3+ months) or share a joint Royal Bank of Scotland current account (held for 3+ months).
It’s important to remember that if you repay your loan early, you will be charged an Early Repayment Fee. The amount you will be charged will be equal to 58 days’ interest on the amount you repay early (28 days’ interest if the period of the Loan is one year or less). If there is less than 58 days (or 28 days if applicable) remaining on the loan, the calculation will be based on the actual number of days remaining. This is in addition to your outstanding loan amount and any outstanding interest.”
Things to remember about joint loans
Remember that taking on any new debt is a big decision; extending the term of your debt can incur more interest and cost more in the long run and sometimes an early repayment charge may apply.
If your partner defaults on a payment or the entire loan, you will still be responsible for the full amount.
If you're approved for a joint loan, your credit files will be linked and parties may take both scores into account before approving future requests for credit.
Loan repayment terms
Loan calculator
Representative Example
£7,500
0 months
£137.55
£8,253.00
3.9
% APR
3.9
% p.a
The rate you pay depends on your circumstances and loan amount and may differ from the Representative APR. We will never offer you a rate exceeding 29.9% p.a. (fixed), regardless of loan size. This means you're not guaranteed to get the rate you see in the calculator.
The rate you pay depends on your circumstances and loan amount and may differ from the Representative APR. We will never offer you a rate exceeding 29.9% p.a. (fixed), regardless of loan size. This means you're not guaranteed to get the rate you see in the calculator.
Let's get ready to apply
Before you apply, we need to check you're happy with a few things.
First, you can apply online if you:
- are 18+ and a UK resident with a Royal Bank of Scotland current account (held for 3+ months).
- have not been declared bankrupt in the last 6 years
- have not applied for a personal loan with us within the last 28 days
Now please read a few other important things:
How your information might be used
It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.