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Co-Applicant

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Dictionary Says

Definition of 'Co-Applicant'

An additional person seeking to obtain a loan with a primary applicant. One reason a potential borrower might want a co-applicant is to increase his odds of qualifying for a loan or to qualify for a larger loan. A co-applicant is also desirable if the loan is for the purchase of property that will be owned equally by both borrowers, such as business partners or spouses.
Investopedia Says

Investopedia explains 'Co-Applicant'

For example, when a husband and wife apply for a loan, one will be listed as the primary applicant and the other will be listed as the co-applicant. The lender will examine the debt, credit scores and overall financial picture of both the primary applicant and co-applicant in deciding whether to extend the loan. If the loan is granted, the applicants will become co-borrowers, and each will be equally responsible for its repayment.

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