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Joint Personal loans

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Monthly repayment from


Example interest rate

9.20 %

Comparison rate*

10.58 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

Joint Personal Loans

Are you thinking about getting a joint personal loan? Although Joint personal loans can seem like a good idea at first glance, it is important to way up the pros and cons before going ahead. Joint personal loans will often mean you can borrow more money, but it is important to keep in mind that you’ll be liable for the whole loan if your co-borrower doesn’t meet their end of the repayments.

What is a joint personal loan?

As the name implies, joint personal loans are loans that you take out with somebody else. This person could be your spouse or partner, a family member such as a sibling, or simply a friend. If you take out a joint personal loan, both people will be liable for the debt. If two people are approved to take out a joint loan they are known as co-borrowers, and both co-borrowers will be equally responsible for paying back the loan. If you are wondering how to apply for a joint personal loan, applying for joint personal loans is similar to applying for a standard personal loan, except that in most cases both parties will need to provide their personal information and any required financial details. This can make the application process more time-consuming.

One reason you might take out joint personal loans is when you are taking out a loan for an asset or expenses you are sharing such as purchasing a new car, money for home renovations, or paying for a dream wedding, a honeymoon, or another holiday. If you are thinking of taking out a joint loan and wondering who offers joint personal loans, you’ll find many banks and credit providers who offer them but they are less common than individual personal loans so you’ll need to shop around.

What are the pros and cons of joint personal loans?

Firstly, let’s look at the advantages of joint personal loans. Taking out a joint personal loan can mean you have a higher chance of getting approval as both people will be liable for the loan, and together with your combined income, you may also be able to borrow more money. If one of you has a lower credit score, you can increase your chances of getting a loan if you join forces with someone who has a higher credit score.

So what are the downsides of joint personal loans? You will be liable for the loan repayments and the interest payments even if your co-borrower does not meet their requirements, which means if they run out of the money you could be left paying the bill. And if there is any negative effect on the credit rating resulting from your joint loan, it will impact both of you. Before you take out a joint personal loan, it is worth considering what would happen if the co-borrower could no longer afford repayments and have a contingency plan in place. 

Joint personal loans are a big responsibility and you will need to choose your co-borrower wisely. As well as closely looking at their financial history, you’ll want to make sure they are reliable and don’t have any risky spending habits such as gambling or betting. Joint personal loans can be hard to navigate when going through a divorce or separation process. With all these factors to consider, you may find you are better off taking out an individual personal loan, rather than taking on the adding responsibilities of a joint personal loan. One advantage of taking out a single loan is that the approval process is likely to be quicker as there is only one applicant. You also don’t need to take on the risk of the co-borrower defaulting on the loan as you will be solely responsible for managing the loan.

Joint personal loan alternatives

So if you decide to take out an individual loan, where’s the best place to get easy loans?  As well as getting a loan from a bank, there are now several online lenders, such as MoneyMe, who provide loans online at competitive rates. Completing a personal loan comparison in Australia will help you calculate how much a personal loan will cost you and work out the best loan for you. Make sure you look at the comparison rates that take into account fees and charges to give you a more realistic idea about the cost of the loan

MoneyMe is one of Australia’s favourite online lenders and offers customers express loans of up to $50,000. So whether you want to take out a $5,000 personal loan, a $20,000 personal loan, or a $30,000 personal loan, MoneyMe can help. In fact, we have a free personal loan repayment calculator available online to help you determine how much money you can borrow and for how long, s and give you an idea of your repayment amounts.

With our low rates tailored to your profile and no early exit fees, MoneyMe has provided many happy customers with quick cash loans all over Australia. With our quick and simple online application process, you can submit your application in a matter of minutes, and with our low doc personal loans, there’ll be no need to provide extensive paperwork. The online approval process is fast too. Depending on who you bank with, your funds could be in your bank account on the same day. The process of applying for our instant loans is all done online, but we have a dedicated support team who are available to assist you 7 days a week. Contact us today and you could have a personal loan approved in no time.

Our customers

Joint Personal loans

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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