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Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days

Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.

Interest p.a: 365%(fixed). Representative APR 1058%

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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans subject to status. Over 18s only. Minimum loan amount may apply.

Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

The Different Kinds of Loans

There are many different types of loans for many different uses, this means that it can be quite difficult to find the right loan to suit you and your needs. We are able to help you find the right loan for you no matter what it may be.

For more information on the types of loans that we do at Virtu Financing click on our drop down menu here >>

If you are having trouble deciding still then feel free to use the Contact Us page to ask for some professional help on what might be best for you.

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Joint Loans

It’s always nice to have a helping hand in life especially in times of financial difficulties. With this idea in mind, lenders offer a type of loan that enables you to apply for together with another person. These loans are called joint loans.

What are Joint Loans?

Joint loans are a type of credit made usually by two persons. Some could even involve more than two people. The borrowers are both equally responsible for repaying the loan. They usually have an ownership interest in whatever is bought with the money obtain from the loan. Applying jointly can increase your chances of being approved for a loan especially when your credit record is weak.

Joint loans come in different types of loans and debts, including secured loans such as mortgage, joint bank accounts with an overdrafts facility, and unsecured loans such as personal loans. You can acquire these loans from banks or any nonbank financial firms.

why choose joint loans

Taking out Joint Loans

Taking out joint loans means both you and your co-borrower have to pay the loan cost equally. You share the responsibility and cost of making the repayments, and you can both spend the money you borrow. Joint loans are quite common in the United Kingdom.

The loan application process for joint loans is still the same as getting a loan on your own. The only difference is both you and your co-borrower need to complete the application process together.

Provide your personal details, including your addresses, dates of birth, etc. Give your employment details, each of your earnings per month, your employment history, where you currently work, and your job titles.

As mandated by law, a responsible lender will run a credit check, which looks at both of your credit records to see how you handle your finances and debts in the past. All of the information you both provide is the basis whether your application is accepted. The rate the lender offers you also depends on the provided information.

Because a joint loan considers both your income to work out what you can afford to repay, you have a better chance to be approve with a bigger amount. It is quite common for couples to take out joint loans. While you might be able to borrow more money, it is a serious decision because each of you could be asked to repay the full amount if the other person fails to pay his or her share.

It doesn’t matter who spends the money, or who would own the item or items bought with the money from the loan. Conversely, for joint loans, it also doesn’t matter whether you’re married, in a civil partnership or even if you’re not in a relationship at all.

However, the relationship between borrowers is important when applying for joint loans. Some lenders would only approve joint loans to couples who are related to each other either by blood or by marriage. If you want to get a loan with another person not related to you, be ready to search a little more for an accommodating lender because some lenders require each unrelated borrower to apply individually instead. This makes it harder to qualify for a loan with a large amount.

If you are not related to your co-borrower in any way, be sure to put agreements in writing before buying expensive property. When people get divorced, court proceedings tend to do a thorough job of dividing assets and responsibilities, although that’s not always the case.

Taking out Joint Loans with Bad Credit

If you are struggling with a low credit score, don’t be discouraged. You still have a handful of options. If you have bad or poor credit history or haven’t built credit yet, and you are having difficulty getting a loan, then consider a joint loans.

While other lenders would decline you due to low credit scores, some lenders are willing to provide the finance you need on terms that works best for you. Joint loans for bad credit can range from £1,000 to £15,000. If you have a partner that is willing to apply with you, you’ll find many lenders who’d offer you a loan.

The application will be assessed based on both of your credit scores, so the combined score can be stronger than applying as an individual. That’s a big benefit if your individual scores are too low to be accepted by most lenders.

Both your incomes will also be taken into account. If your incomes are insufficient individually, your combined income could meet the requirements for the loan you intend to apply. Both you and your partner will have to sign the credit contract together, which means keeping up with the loan repayments is both your responsibilities.

If there are missed payments, non-payment or default, both your credit records will be ruined. Sharing this responsibility is an important consideration for taking out joint loans. If your application is accepted, the loan could help you not only in your financial needs, but also help you improve your credit scores.

In a nutshell…

Taking out a loan with another person is a huge responsibility. Joint loans can be a great way to purchase something that you would not be able to afford by yourself. Most couples get joint loans together to buy a car or a property. However, joint loans can also be a problem where you have to repay half of the loan when you didn’t get little or anything out of the money from the loan.

Applying for joint loans can mostly increase your chances of being approved because your incomes will be combined. However, it is a challenge applying together if one of you has a low credit score.

Once you have a joint loan with another person, your credit record will be linked to your co-borrower. If you want to apply for a loan in the future, the lender would be able to see the other person’s credit history and take that into consideration as well as your own. If in case you’ll have missed payments or default on the loan, both your credit score and your co-borrower’s credit score will suffer.

why choose joint loans

3 most recent personal loan reviews

Review of Money

Absolutely outstanding service. Quick and smooth online application and was called 4 hours after submission to confirm bank details etc and treated me and my guarantor with respect. Money was in my bank at 7pm. Thank you Money loans!

Review posted by Kerri Hancock, Leicester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Bizzy Loans

I do have to say, one of the best loan sites I have come across, they make everything so easy, with not very good credit history I didn't think I had a chance but they accepted me and I can get my life back on track. Thank you again Bizzy loans.

Review posted by Luke Ridgewell, Chesterfield

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Place For People

A really simple, quick and efficient system to use. The interest rate is a bit steep but it reflects the risk of lending to borrowers with poor credit ratings so I will not complain about that. Being able to pay off extra amounts with out penalties and only paying interest on the amount remaining makes it extremely fair to borrowers.

Review posted by Alan Pinder, Truro

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All Reviews have been acquired from uk.trustpilot.com to guarantee authenticity.