In this brief guide we are going to answer the question, “can I get a personal loan using my husband’s income” and explain why this may be necessary.

Can I get a personal loan using my husband’s income?

Yes, you can get a personal loan using your husband’s income but this will typically only be if you are applying for a joint personal loan. It is highly unlikely that the lender will consider your husband’s income if his name will not be on the loan application.

To use your husband’s income when applying for a personal loan you will need to jointly apply or he will need to be a guarantor for the loan.

Most lenders may prefer a joint loan application rather than having your husband as a guarantor for the personal loan.

You must have your husband’s consent to use his name in your personal loan applications as the personal loan may be listed on his credit file and the repayment history on the personal loan could affect his ability to get credit in the future if you miss payments and could push his credit score down.

If you use your husband’s name on your personal loan then your husband will be jointly liable for the personal loan and this means that if you default on the personal loan the lender will come after both yourself and your husband for the full loan balance equally.

Reasons why you may want to use your husband’s income for your personal loan

Below are some of the reasons why you may want to use your husband’s income for your personal loan.

  • You don’t have a regular job
  • You have a bad credit score
  • Your income will not be enough to make repayments on the loan

You don’t have a regular job

If you don’t have a regular job then you may need to use your husband’s income when applying for a personal loan as the mortgage lender may not like how unstable your income is and thereby decline you for a personal loan.

Your income will not be enough to make repayments on the loan

If your income will not be enough then applying for a personal loan with your husband’s income is your best bet and this is especially true if your husband’s income will be able to cover the personal loan repayments with enough room to spare for other monthly expenses.

You have a bad credit score

If you have a bad credit score then you may still be able to get a personal loan if you apply with your husband and the lender considers your husband’s income as the main income on the personal loan application.  

It is however very likely that due to your bad credit the APRs you may be offered will be significantly higher than what you would have otherwise been offered and in some cases, the personal loan lender may require you to put collateral down before you are approved for the personal loan.

How to apply for a personal loan with your husband’s income?

If you have decided to apply for a personal loan with your husband’s income then you should do a few things to ensure the loan application goes smoothly.

You will be making a joint loan application and you should decide who will be the lead applicant.

Ideally, the lead applicant will be the person with a good credit score and enough disposable income to cover the repayments on the loan.

You should ensure you have gathered your income and tax documents for the past 6 months or 1 year in case the personal loan lender asks you for them.

You should then use an eligibility checker to search the marketplace to find the best joint personal loans available and then apply when you find a suitable one.

In this brief guide we answered the question, “can I get a personal loan using my husband’s income” and explained why this may be necessary.

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.