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A joint application, or applying with a coborrower, is the most common way to share the responsibility of a loan. Lenders consider both applicants’ credit scores and combined income, making it it easier to qualify for a large amount or competitive rate than you might have on your own.
But it’s not the same as a cosigned loan. With a joint application, all borrowers must meet credit requirements on their own.
5 best lenders that accept joint applications
After reviewing over 120 personal loan providers, we picked lenders that accept joint applicants based on factors like rates, terms and loan amounts available. We also were careful to include providers based on credit types, since lenders consider both applicant’s credit scores with a joint application — unlike with a cosigned loan.
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 rate offers from a competitor by 0.1%, depending on the offer.
Award-winning customer experience
Loans up to $100,000
Might beat competitor offer by 0.1%
Both borrowers must have good credit of 670 or higher
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.
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 borrowers. You'll both have access to career coaching, financial advice and other tools to help you make smart financial decisions after you're approved.
Disclaimer Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 2020 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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.
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%.
Disclaimer 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 $300. 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: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. 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.
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.
4 ways joint application personal loans are different
Although applying jointly is similar to applying individually, there are a few things to consider before you start your application.
If you’re approved, you will assume equal responsibility for the loan with your coapplicant. If either of you becomes unable to repay, the other is still responsible for repaying the loan.
Both applicants will need to collectively meet the criteria for the personal loan. However, lenders may be more lenient. For instance, a lender may consider combined income — rather than individual income — when underwriting your application.
You may be eligible for a higher loan amount when submitting a joint personal loan application. It’s important not to take on more of a loan than you need or can afford, even if you’re approved for it.
Joint personal loans are a serious responsibility. Consider the relationship you have with your coapplicant and their financial situation. Is their job stable? What is their credit history like? Are they likely to default? These are the things you may need to think about when taking on the responsibility of a loan together.
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.
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 one of 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.
How to apply for a personal loan with a joint applicant
You and the person you’re applying with will provide personal, employment and financial details as part of the application. This may be done in one application or in separate sections. The lender will consider the application details as a whole when considering both your eligibilities for the loan.
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.
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 your must have the ability to manage the loan in order to make it a viable option.
Lenders will evaluate the eligibility of both applicants. Your approval will depend on how heavily the lender considers credit scores in its underwriting formula. You can also explore bad credit personal loans for alternative options.
There are a few ways to do this, 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.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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