Yes, a husband and wife can consolidate debt together by applying jointly for a debt consolidation loan. Personal loans and home equity loans are common debt consolidation options that may allow married couples to apply for a joint loan as coborrowers, depending on the lender.
Personal debt consolidation loans are unsecured and offer competitive interest rates to qualified borrowers. While home equity loans may offer lower interest rates, they’re only an option for people who own a significant amount of equity in their house. As a result, many married couples will find that a joint personal loan is preferable. For your convenience, we’ve compiled a list of personal loan providers that allow married couples to apply as coborrowers.
Joint Debt Consolidation Loans for Married Couples
| Lender | Loan Amount | APR | Minimum Credit Score |
| $1,000 - $40,000 | 8.98% - 35.99% | 600 | |
| $5,000 - $50,000 | 8.99% - 35.99% | 620 | |
| $5,000 - $100,000 | 7.49% - 25.99% | 700 | |
| $5,000 - $100,000 | 8.99% - 29.99% Fixed APR with all discounts | 680 | |
| $1,000 - $35,000 | 5.99% - 32.24% | Not disclosed |
Note: Credit score requirements are according to either the lender or multiple third-party sources.
You and your spouse may want to consider applying jointly, or one of you could co-sign for the other, if either of you has a much better credit score than the other. Applying with a co-applicant or co-signer who has a higher credit score can help you get approved for a more attractive loan. If one spouse has an excellent credit score, they could also apply for the consolidation loan alone. A lot depends on what offers are available. Not all lenders offer joint loans or accept co-signers, so good offers for individuals may be more readily available.
If you own significant home equity, your borrowing limits will be higher with a home equity loan than with most personal loan options. This can be helpful for consolidating large amounts of debt. However, the loan is secured by your home, so you could lose your home if you can’t keep up with the payments.
For more information, check out WalletHub’s picks for the best joint personal loans. You can also estimate your rates with multiple lenders using our free pre-qualification tool.
This answer was first published on 01/11/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
