Can We Get Joint Payday Loans?Many people wonder if they can get joint payday loans, either to get a higher loan amount, or because they’re not employed themselves and want to use someone else’s paycheck in order to secure the funds. Unfortunately a payday loan is an individual debt taken on by one person, and it’s not possible to get a joint payday loan.

When you’re in a financial pinch you’ll think of just about anything in order to get the money you need, but joint payday loans aren’t going to be one of them. There are only a few reasons why you’d be considering getting a joint payday loan, one is that you don’t have a steady source of income to use to get the loan, and the other is you don’t make enough at your job to qualify for the loan amount that you need. In either of these cases there’s nothing that a payday lender can do to help you, as their main interest is in loaning money to those that meet the basic eligibility requirements.

They also set their loan limits at levels that they know you can technically afford to pay back, but just barely. They want you to re-loan, so if you need more money than you’re qualified for, payday loans are not your best option, even if they seem like your only option.

Can We Get Joint Payday Loans? Answer: No.

The reason that you can’t get a joint payday loan is because the collateral for the loan is the job, and the job is only held by one person. You can get your spouse or significant other to get you a payday loan if they agree to it, but only one name will be on the loan agreement, and only one person will be responsible for paying back the loan.

How About Two Jobs But One Loan?

If you were thinking of combining the two incomes in order to qualify for a higher loan amount, this isn’t possible either. But you could both get individual payday loans to reach the amount needed, and in many states that allow payday loans you’re allowed to get more than one so you can use that to come up with the funds you need. But it’s definitely not recommended to take out multiple payday loans, because it’s very hard to pay them both off without re-loaning the money, which puts you in the classic payday trap.


How Joint Loans Work

People get joint loans plenty of times, but this entails both parties being responsible for the same debt. If one person doesn’t pay, the other one needs to jump in and cover the loan payments. Likewise, if you fall behind in payments both persons associated with the loan will be held accountable for it, and will have it show up on their credit report, and could potentially be sued for it.

But with payday loans there’s only one person that can pay off the loan, and that’s the person that has the job that was used to get the loan. In this regard it’s a very personal matter, which is one reason why people choose payday loans rather than asking friends and family for help. It’s all kept private and the loan can’t effect other people that aren’t listed on the loan agreement.

It’s common for home mortgages and car loans to have joint borrowers, but these are bigger ticket items and it involves checking credit scores and verifying income, as well as valuing the home and car and using those as a form of collateral for the loan. If either party doesn’t live up to their end of the bargain they stand to lose something of value, which makes it more likely for them to repay the loan. With a payday loan the job is the collateral, so only one party would feel responsible for paying.

Joint Checking Accounts

It can get a little dicey if you have a joint checking account with someone that takes out a payday loan. If they get an online loan they will be giving the lender the banking details and authorizing them to take the money back out on payday. If they use an offline lender they will be writing them a check that they will hold until their next payday, and will then have to come in with cash on their payday to pay the loan off plus the fee.