Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

Get a joint personal loan: Our 7 best options

These top providers offer the best personal loans for joint borrowers.

See top personal loans picks View your options
Learn more about personal loans Read guide

A joint personal loan is a common way to share the responsibility of a loan. They can also help you get approved for a lower interest rate and origination fee if your coapplicant has a higher credit score than you. And since lenders look at your combined income, you can often qualify for more money with a joint personal loan.

But it’s not the same as a cosigned loan. With a joint personal loan, all borrowers must meet credit requirements on their own. We reviewed over 120 lenders before picking these seven best options for applying with a coborrower. We looked at factors like interest rates, origination fees, loan terms and minimum credit scores.

7 best lenders that accept joint applications

Best for low starting rates

LightStream personal loans


Finder rating 4.83 / 5
★★★★★

Go to site

on Lightstream's secure site

LightStream will consider your combined income and assets when you submit a joint application. This can help you qualify for loans closer to LightStream's $100,000 maximum loan amount. And it can help you get a rate close to its low starting APR. LightStream also has a program can beat rates from a competitor, depending on the offer.

  • Available in all states
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Best for good credit

SoFi personal loans


Finder rating 4.3 / 5
★★★★★

Go to site

on SoFi's secure site

SoFi doesn't charge any fees on its personal loans and offers competitive rates. But what really sets it apart are the extra services that both borrowers can take advantage of. You'll both have access to career coaching, financial advice and other tools to help you make smart financial decisions after you're approved.

  • Not available in: Mississippi, Vermont
Fixed rates from 4.99% APR to 19.63% APR (with AutoPay). SoFi rate ranges are current as of August 11, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Best for fair credit

Upgrade personal loans


Finder rating 3.98 / 5
★★★★★

Go to site

on Upgrade's secure site

Upgrade puts more of an emphasis on your monthly cash flow than your credit score, making it a great option for applying with a coborrower. Together, you both need to have at least $1,000 in cash flow per month to get approved. Applying with a joint applicant can also help you score a lower interest rate and lower the origination fee — which can run as high as 8%.

  • Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia

Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

Best for comparing rates

Lendvious personal loans


Finder rating 4.55 / 5
★★★★★

Lendvious is a connection service that can help you compare offers when you're not sure what rates and terms you and your joint applicant can qualify for. Filling out its online form lets you prequalify with multiple lenders in a matter of minutes. And it works with all credit types. But you might get lots of calls from its partners after you apply.

  • Not available in: Hawaii

Best for excellent credit

Wells Fargo personal loans


Finder rating 3.65 / 5
★★★★★

This national bank could be a great choice if you or your joint applicant already have an account. On top of its already-low rates, you can qualify for a relationship discount as high as 0.5% if you're a current customer. But you might struggle to qualify if either of you have with a credit score under 670. And new customers will have to apply in person at a branch.

  • Available in all states

Best for bad credit

OneMain Financial personal loans


Finder rating 3.4 / 5
★★★★★

Go to site

on OneMain's secure site

This provider doesn't have any fixed credit requirements and could be a good option if you or your joint applicant plan have a credit score below 670. You can get funded as soon as the same day and back your loan with collateral for a more competitive deal. But its rates start at a high 18% and can go as high as 35.99%.

  • Not available in: Alaska, Arkansas, California, Connecticut, Massachusetts, Michigan, Rhode Island, Vermont
* OneMain Disclosures:

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Best for a wide range of loan amounts

DCU personal loans


Finder rating 4.5 / 5
★★★★★

With loans starting at $200, Digital Federal Credit Union has one of the widest range of loan amounts out there. It also allows you to use the money to pay for college, so you can share the expense with the student or a parent. And if your coapplicant is a Plus or Relationship member, you can qualify for an interest rate discount.

  • Not available in: Hawaii, Maine

More places to find a joint personal loan

LendingClub

10.68% to 35.89%

$1,000 to $40,000

640

Prosper

7.95% to 35.99%

$2,000 to $40,000

640

LendingTree

Varies

$1,000 to $50,000

Good to excellent credit

FreedomPlus

7.99% to 29.99%

$7,500 to $40,000

620

Upstart

8.27% to 35.99%

$1,000 to $50,000

580 or 600, depending on state of residence

PNC Bank

Starts at 7.24%

$1,000 to $35,000

Not stated

How to apply for a joint personal loan

You can apply for a joint personal loan as long as you and your coborrower meet the lender's requirements. Before you get started, compare providers by prequalifying for a few options together.

Once you select a lender, you both need to provide the same information about your employment and personal finances on the joint application. Depending on the lender, this can be done all at once or separately. The lender will consider the application details as a whole when underwriting the loan.

Is it better to apply for a loan individually or jointly?

Whether you should apply for a loan individually or jointly depends on your relationship with your coapplicant, your credit scores and personal finances.

If you plan on sharing the expense with your coborrower, a joint personal loan makes more sense than applying on your own. Applying with a coapplicant can also help you get a lower interest rate and origination fee if you have a limited credit history or low credit score.

But if your credit score is higher, applying with a coborrower can actually hurt your personal loan application.

What are the benefits of applying with another person?

Joint application personal loans can be a viable option for several reasons, including:

  • Increase your chances of approval. If you have a lower income, are self-employed or just want to bolster your application, a joint personal loan can be a way to do it. The details of both applicants will considered by the lender instead of just yours.
  • Share an asset. If you’re planning to share the asset you’re purchasing, such as a car, a joint application could make more sense than you applying by yourself. Consider your financial situation to decide what will work best for you.
  • Access larger loan amounts. You may be eligible for a larger loan if you apply with a partner. As you both agree to manage the repayments, the lender will consider the income and financial situation of both applicants when deciding how much to lend you.
  • Consolidate large debts. If you and your partner have large debts separately, you can both save by applying for a joint debt consolidation personal loan. You can split the monthly repayment according to how much debt you contributed to the loan and benefit from the reduced interest and fees.

Compare more providers

To look at even more options — including those without joint applications — select the state you live in and your credit score range.

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
Varies
700
$20,000 – $200,000
A highly-rated lender with quick turnaround and reliable customer service.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
5.99% to 17.99%
650
$600 – $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
4.99% to 19.63%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
loading

Compare up to 4 providers

Bottom line

Joint personal loans can be a convenient option for people who want to share equal responsibility in a large purchase. It can help bolster your application and increase your chance of approval if you have a lower income. However, it’s important to think about who you’re entering into the agreement with. Both of you must have the ability to manage the loan in order to make it a viable option.

As with every loan opportunity, be sure to compare your personal loan options before making your final decision.

Frequently asked questions

Answers to questions you might have about applying for a joint personal loan.

Can I get a joint personal loan with bad credit?

As long as you and your coborrower meet the lender's requirements, you can qualify for a joint personal loan even if you have a credit score below 580. Applying for a joint loan could even help you qualify for a lower interest rate and more favorable loan terms than you might have received if you applied on your own.

How is a joint loan different than a cosigner loan?

With a joint loan, your coborrower is equally responsible for the payments, and whatever is purchased with the loan is considered owned by both borrowers. A cosigner, on the other hand, is only responsible for the loan if the main borrower defaults. Applying with a cosigner can also help you meet requirements you can't on your own — like a minimum income or credit score.

How do I get out of a joint loan?

There are a few ways to get out of a joint loan, but one common option is to refinance the loan under the other borrower. This transfers the debt to a different lender and allows the agreed upon person to be solely liable for the balance.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

2 Responses

    Default Gravatar
    BrendaApril 4, 2018

    Looking for a place to add a coborrower, a lot of loan companies say they accept them but when applying, there is no place for it. Can you help? Looking for 10,000 total

      Default Gravatar
      AshApril 5, 2018

      Hi Brenda,

      Thank you for reaching out to us and we are saddened about your loss.

      One thing you can consider is loans that accept cosigners. With having a co-signee, it will help you meet the eligibility criteria and even get better rates.

      Also, you will also read on the above page the difference between a joint application and a cosigner personal loan.

      I hope this helps.

      Please do not hesitate to reach out to us again if you have additional questions.

      Cheers,
      Ash

Go to site