Joint Loans

Better together? It's important that if you're looking to apply for a loan, you understand your options.

Our Personal Loan is available as a joint loan.

You can apply over the phone and manage your loan online and by using our apps.

Joint loan features

  • 4.4% APR representative on loans from £7,500 to £25,000 over 1 to 5 years
  • Make additional payments with no charge
  • Manage your loan in branch, over the phone or online.

Other loan amounts are available at different rates. Loans available from 1 – 7 years. How much we lend and the rate available are subject to our assessment of your circumstances.

What you need to know

  • When you apply for a joint loan, you each agree to pay off the whole debt if the other person doesn't
  • Once you have a joint loan, your credit files will be linked. If you apply for credit in your own name in the future, a credit search would be able to see the other person’s credit history and take that into account as well as your own
  • If you fail to make your loan repayments your credit file may be impacted and we may charge you an administration fee of £25
  • If you make an early settlement Early settlement adjustmentYou can fully or partly repay your loan at any time during the repayment period. If you choose to settle your loan before it’s completed its full term some of our loans may charge an early settlement adjustment. If you have taken out a Flexible Loan you agree to repay the capital plus the interest as it accrues. If you pay off your loan in full before the end of the agreed term, we'll calculate what you owe us at the time which will include capital plus interest accrued but no additional charge. If you’ve taken out any of our other loans, the amount you agree to repay includes interest that is charged to the end of the loan term. If you make an early settlement we'll reduce the charge for credit you have agreed to pay us which means you wouldn’t have to pay all of the interest. This reduction may be adjusted by up to 58 days’ interest - this is the early settlement adjustmentwe will charge you up to 58 days’ interest.

You can apply if both applicants:

  • are Bank of Scotland personal current account customers of at least 1 month (excluding Easycash) or have a mortgage, credit card or loan with us
  • are not in full time education
  • are in paid employment or have a regular income
  • are aged 18 or over
  • are a UK resident (excluding the Channel Islands and the Isle of Man)
  • have not have been declined for credit in the last month or have a history of bad credit
  • are not applying for any of these reasons.

Apply over the phone

You can apply for a joint loan over the phone by calling 0345 604 7291. Lines are open 8am-10pm seven days a week.

When you apply over the phone only one applicant needs to be present, however if accepted both applicants will need to sign the documents sent to you.

Call us

If a joint loan isn't right for you and you'd prefer to apply as a single applicant, find out more about our Personal Loan.