Joint Personal Loans for Married Couples

When couples marry, their financial lives become intertwined. Even with two incomes, sometimes couples need extra money for expenses.

Vehicle repairs, home improvements, medical expenses, credit card debt, and moving expenses can quickly add up. For many couples, applying for a personal loan is the ideal solution, but they must determine whether to do it jointly or individually.

By applying for a joint personal loan, a married couple may qualify for larger loan amounts and better rates than an individual applicant would because two people are responsible for payments instead of just one. This is especially likely if the primary applicant has an average or poor credit score.

On this page:

• Lenders offering joint personal loans
• How are joint loans unique for married couples?
• Should you apply for a joint personal loan?
• Joint personal loans vs. using a cosigner

Lenders offering joint personal loans

It’s important to remember that not all lenders offer joint personal loans. If you’re interested in applying for one, find an accommodating lender whose loan terms meet your needs.

More specifically, different lenders have different criteria for who qualifies for joint personal loans. Like with other loans, the higher your credit score, the lower the interest rate you will receive.

Here are some of our top picks for lenders offering joint loans:

LightStream

LightStream ranks as our best overall personal loan lender offering joint loans. With low rates, no fees, and a Rate Beat program in which they will beat any rate a competitor offers by 0.10 percentage points, LightStream is a great option for those with excellent or good credit.

• Credit score category: Excellent, good
• Soft credit pull to check rates: Not available
• Deposit time: As soon as the same day
• Origination fee: 0%
• Late fee: None
• Discounts: 0.50% interest rate reduction for enrolling in autopay
• Repayment terms: 24 – 144 months

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Upgrade

Upgrade is a great joint loan option for borrowers with bad or fair credit, as well as those that need smaller loans. You can check rates without affecting your credit score and eligibility is based more on free cash flow as compared to other lenders.

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As soon as the next day
• Origination fee: 2.9% – 8%
• Late fee: $10
• Repayment terms: 36 or 60 months

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Upstart

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.³ This model leads to 27% more approvals and 16% lower rates than traditional models.⁴

• Credit score category: Fair, bad
• Soft credit pull to check rates: Yes
• Deposit time: As fast as one business day
• Origination fee: 0% – 8%
• Late fee: $15 or 5% of payment
• Repayment terms: 36 or 60 months

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How are joint loans unique for married couples?

When applying for a joint personal loan, much of the actual application process remains the same. The difference is that credit score, income, and other pertinent financial information (debt-to-income ratio, etc.) for both parties is utilized by the lender.

A joint personal loan will appear in full on both credit reports. This means the debt is shared, not divided. The shared debt is legally binding regardless of what happens to the marriage. For example, if you and your co-borrower file for divorce, the debt will remain in both names.

A lack of monthly payments will impact the credit reports of both parties. This is true even if one partner no longer has access to funds or the goods purchased with them. Similarly, if one partner files bankruptcy or dies, the other partner remains fully responsible for the debt.

Should you apply for a joint personal loan?

Whether or not you should apply for a joint personal loan depends on a variety of factors. Many experts cite the nature and purpose of the loan as a major consideration when evaluating a joint loan application.

For example, if you need a personal loan for home improvements or debt consolidation, then a joint personal loan may make sense, as both parties have a vested interest.

However, for items that will be used solely by one party, an individual loan or a loan with a cosigner may be a better idea.

The latter option will avoid spreading liability further than necessary. This is particularly true for personal loans for a property that is typically considered to be “owned” by one individual, like a car.

Joint personal loans vs. using a cosigner

The process of applying for a joint personal loan is similar to the one that is required when applying for a personal loan with a cosigner or a co-applicant. However, with a personal loan for married couples, long-term rights and responsibilities are immediately shared.

A cosigner only assumes responsibility for the debt if the original applicant fails to pay it. They do not have any rights to the funds or property.

This table illustrates the differences and similarities between the two types of loans:

	Joint	With a Cosigner
Who Can Access the Money	Both applicants	Primary borrower
Whose Credit Information Affects Eligibility	Both applicants	Both applicants
Who Carries the Debt	Both applicants	Primary borrower, though the cosigner assumes the debt if the borrower defaults

Bottom line

Lenders are more likely to offer you lower rates with joint personal loans because they are less risky as two people are responsible for repayment.

Several lenders allow married couples to submit joint applications online, making the process all the more convenient.

For additional options, compare the best personal loans to find an option that best fits your needs.

Ready to apply for a joint loan? Check out our top-rated lender Lightstream

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¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

²Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴As reported by the Consumer Financial Protection Bureau, based on an internal Upstart study which compares outcomes from Upstart’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).