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Compare your joint application personal loan options

Improve your chances of approval and share equal responsibility for your loan.

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Editor's choice: Monevo personal loans

Monevo personal loans logo
  • Compare multiple lenders
  • No obligation offers
  • Loans from $500-$100,000
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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 personal loans logo
Finder Rating: 4.83 / 5

★★★★★

Check my rate
at LightStream personal loans's secure site

Best for Low starting rates: LightStream personal loans

670
Min. Credit Score
Varies
Starting APR
$100,000
Loan Amount
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
  • No option to prequalify
  • Must borrow at least $5,000
Loan Amount $5,000 – $100,000
APR Varies
Interest Rate Type Fixed
Min. Credit Score 670
Min term 24 months
Max term 84 months
Turnaround Time Varies
Disclaimer
All loans are subject to credit approval by LightStream.

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 excellent credit: Wells Fargo personal loans

Varies
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
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.
  • Relationship discount of 0.25% or 0.5%
  • Loans up to $100,000
  • Low starting APR of 5.99%
  • No origination fee
  • Higher rates for new customers
  • New customers can't apply online
Loan Amount $3,000 – $100,000
Interest Rate Type Fixed
Min term 12 months
Max term 84 months
Turnaround Time As soon as 1 business day
SoFi personal loans logo
Finder Rating: 4.3 / 5

★★★★★

Check my rate
at SoFi personal loans's secure site

Best for good credit: SoFi personal loans

680
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
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.
  • No fees — not even late fees
  • Borrower perks like career coaching
  • Low APRs from 5.99% to 18.82%
  • No loans under $5,000
  • Can take 30 days to receive funds after approval
Loan Amount $5,000 – $100,000
APR 5.99% to 18.28%
Interest Rate Type Fixed
Min. Credit Score 680
Min term 24 months
Max term 84 months
Turnaround Time Up to 30 days
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.

Best for Fair credit: OneMain Financial personal loans

300
Min. Credit Score
18%
Starting APR
$20,000
Loan Amount
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%.
  • No credit score cutoff
  • Secured and unsecured loans
  • Same-day funding available
  • High starting APR of 18%
  • Origination fee
  • No loans over $20,000
Loan Amount $1,500 – $20,000
APR 18% to 35.99%
Interest Rate Type Fixed
Min. Credit Score 300
Min term 24 months
Max term 60 months
Turnaround Time As soon as the same day
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.

Best for comparing rates: Lendvious personal loans

550
Min. Credit Score
5.99%
Starting APR
$100,000
Loan Amount
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.
  • All credit types OK
  • Low starting APR of 5.99%
  • Compare multiple offers at once
  • No customer service line
  • Might get lots of calls from lenders
Loan Amount $1,000 – $100,000
Interest Rate Type Fixed
Min. Credit Score 550
Min term 24 months
Max term 60 months

More lenders that accept joint applications

Lender APR range Loan amounts Minimum credit score
LendingClub 10.68% to 35.89% $1,000 to $40,000 640
Get your rate
Prosper 7.95% to 35.99% $2,000 to $40,000 640
Get your rate
LendingTree Varies $1,000 to $50,000 Good to excellent credit
Get your rate
FreedomPlus 7.99% to 29.99% $7,500 to $40,000 620 Read review
Upstart 7.98% to 35.99% $1,000 to $50,000 580 or 600, depending on state of residence
Get your rate
PNC Bank Starts at 7.24% $1,000 to $35,000 Not stated Read review

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
LendingClub personal loans
10.68% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
OneMain Financial personal loans
18% to 35.99%
Varies
$20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.
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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 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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2 Responses

  1. 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.

      You may check this page for Personal Loans wherein Lenders accepts Cosigner. 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 Cosigner Personal Loan.

      I hope this helps.

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

      Cheers,
      Ash

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