Editor's choice: Monevo personal loans
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- Loans from $500-$100,000
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Although applying jointly is similar to applying individually, there are a few things to consider before you start your application.
Joint application personal loans can be a viable option for several reasons, including:
|Lender||Joint applications accepted?||Eligible loan types||What conditions are there?|
|Bank of America||Auto refinance||Required documentation includes: W-2s (for the last 2 years); recent pay stubs (two most recent consecutive); bank statements for all financial accounts, including investments (for the last 2 months, all pages); signed personal and business tax returns (all pages and relevant schedules); a copy of most recent quarterly or year-to-date profit/loss statement (if self-employed); most recent monthly statement for any mortgage, home equity loan or line of credit (if you own a home)|
|Chase Bank||Auto loans||You’ll need to provide personal information (including name, Social Security number, date of birth), contact information and current employment and income information for each person applying.|
|LendingClub||All borrowing reasons||The lender will consider both of your qualifications, including but not limited to, credit scores, income, debt-to-income (DTI) ratio and credit history. You and the joint applicant will be equally responsible for repaying the loan and the lender will consider both of your qualifications in the application process.|
|OneMain Financial||Secured and unsecured personal loans||When the income or assets of a person other than the main applicant is being used as a basis for the loan qualifications, co-applicant information must also be provided. Co-applicant information is also required if the property being used for security on a secured loan is jointly owned.|
|Wells Fargo Bank||Auto loans, Home equity finance||A co-applicant can be a spouse, partner, relative, family friend, or another who shares the loan responsibility with you.|
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.
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 or otherwise don’t meet all of the lender’s eligibility requirements. 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.
As with every loan opportunity, be sure to compare your personal loan options before making your final decision.
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