A co-applicant is an additional person seeking to get a loan with a primary applicant. One reason a prospective borrower may like to see a co-applicant boost his odds of qualifying for a loan or qualifying for a larger loan. A co-applicant is also desirable if the loan is for the purchase of property which both borrowers, such as business partners or spouses, will own equally. The applicants will become co-borrowers if the loan is granted, and each will be similarly liable for the repayment.
