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 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).
If you choose to repay your loan early, you'll pay 58 days interest (or the remaining number of days interest if there are less than 58 days left in the loan term) to close the old loan early.
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.
Mobile app available to customers with Digital Banking, compatible iOS and Android devices and a UK or international mobile number in specific countries.
£7,500
0 months
£137.55
£8,253.00
3.9
3.9
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.
Don't worry, there's no impact on your credit rating.
If you meet our eligibility criteria, we'll show you how much you may be able to borrow, your personalised interest rate and monthly payments.
If you’re approaching retirement, please call us on 0800 121 121, Relay UK number 18001 0800 121 121 rather than using this tool.
Depending on what you need money for, a credit card or overdraft might be a better option than a loan.
Our Borrowing Options tool will help you figure out what type of lending will suit you best.
Before you apply, we need to check you're happy with a few things.
