Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Best personal loans with cosigners and coborrowers

Applying with a cosigner can get you a better deal — but lenders that accept them are rare.

The best personal loans with cosigners allow you combine forces with a spouse, parent or anyone else who can help you meet a lender’s credit requirements, qualify for a larger loan and get lower rates. Unfortunately, lenders that accept cosigners on personal loans are few and far between. So this year, we added lenders that accept coborrowers. A coborrower — also known as a joint applicant — can boost your loan amount or lower your rate. But you still need to meet requirements on your own.

We selected these eight lenders from the more than 130 personal loan providers we’ve reviewed to help you find the right loan to share with your spouse, parent or anyone else that can help your application. We also added options for different priorities and credit types.

  • Why trust us? Together, our lending experts have spent over a decade researching and comparing personal loans and other financial products to help our readers make an informed decision. We regularly revise our pages and have spent hundreds of hours making sure that our best providers really do offer the best options available today.

Quick look: Best personal loans with cosigners or coborrowers

Best for low interest rates

LightStream personal loans


Finder rating 4.83 / 5
★★★★★

LightStream offers competitive interest rates and long loan terms. And if you don't quite qualify, applying with a joint applicant can help boost your application — though like most lenders, it doesn't accept cosigners. Its Rate Beat Program can also help you score a low APR by offering to beat competitor rates if you meet its requirements. But there's no preapproval process. LightStream will do a hard pull of your credit and the credit of your coborrower, which can temporarily lower your scores. If you want to compare rates, make LightStream the last application you fill out.

  • Available in all states

if (bestPageCTAButton02acde3590ab4b429eb63bd95314e7a2 != null) { bestPageCTAButton02acde3590ab4b429eb63bd95314e7a2.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for comparing rates

Lendvious personal loans


Finder rating 4.55 / 5
★★★★★

Not all of the lenders in Lendvious's network accept coborrower, but some do. And if you've been struggling to find a lender that will accept poor credit and a coborrower, you might be connected to one that can work with you. Its rates and terms vary based on the credit of both you and your coborrower, so you'll need to fill out its online form to see what type of loan you might qualify for.

  • Not available in: Hawaii

if (bestPageCTAButton4d813c96529c4ecab8a6dab7a964fc85 != null) { bestPageCTAButton4d813c96529c4ecab8a6dab7a964fc85.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for good credit

SoFi personal loans


Finder rating 4.45 / 5
★★★★★

SoFi snags the position of best overall for personal loans — and it's a solid choice if you want to fill out a joint application. It offers a slew of benefits to borrowing, including career coaching, networking events and interest rate discounts. You can also bank and invest with SoFi. But its maximum APR of 22.23% is quite high for a lender that only accepts good credit. Even with a coborrower, you may need excellent credit to score more competitive rates and terms.

  • Not available in: Mississippi, Vermont

if (bestPageCTAButton99b46c71b3cd41e18c213e1051085026 != null) { bestPageCTAButton99b46c71b3cd41e18c213e1051085026.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for fair credit

Upgrade personal loans


Finder rating 4 / 5
★★★★★

You only need a credit score of 600 to qualify for a loan from Upgrade — but a coborrower with a low debt-to-income ratio and a higher score can be useful if you want to avoid an APR of 35.97%. Borrowing with Upgrade also comes with free credit monitoring, which can help you keep an eye on your score and any errors on your report. And if you need flexibility with your loan proceeds, Upgrade also offers a line of credit.

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

if (bestPageCTAButton5b054b913c9d473ab312cbc01f433e19 != null) { bestPageCTAButton5b054b913c9d473ab312cbc01f433e19.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for bad credit

OneMain Financial personal loans


Finder rating 3.4 / 5
★★★★★

OneMain Financial's interest rates are on the high side — even if you have a co-borrower. However, it's still less expensive than working with a short-term lender. And you may be able to get your funds the same day you apply. It also allows you to back your loan with collateral to increase your chances of approval.

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

if (bestPageCTAButton351c85836cf64d518dc8e81fa83b1763 != null) { bestPageCTAButton351c85836cf64d518dc8e81fa83b1763.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for applying with a cosigner

Laurel Road personal loans


Finder rating 4.2 / 5
★★★★★

Laurel Road is one of the few lenders that actually accepts cosigners — not just coborrowers. Its rates cap out at a competitive 23.25% APR. If you don't quite meet its eligibility criteria, a cosigner can help push you over the edge. And if you're a doctor or dentist, you may be eligible for an APR as low as 5.5% and loan amounts up to $80,000. Otherwise, loans top out at $45,000 for all other borrowers.

  • Available in all states

if (bestPageCTAButton43176b0ff5f347eeb590c848f28db07d != null) { bestPageCTAButton43176b0ff5f347eeb590c848f28db07d.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for a wide range of loan amounts

DCU personal loans


Finder rating 4.5 / 5
★★★★★

If you're willing to open an account, Digital Federal Credit Union (DCU) is a good option for borrowers who want access to more than just loans. You can join the credit union during the loan application process. And it allows you to apply with a co-borrower. It doesn't charge an origination fee, and you may be eligible for a personal loan from $200 to $100,000 — one of the widest ranges we've seen.

  • Not available in: Hawaii, Maine

if (bestPageCTAButton946bb5486d014bf7a494d833231c026d != null) { bestPageCTAButton946bb5486d014bf7a494d833231c026d.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best for excellent credit

Wells Fargo personal loans


Finder rating 3.65 / 5
★★★★★

If you and your co-borrower have excellent credit, you may be able to secure a low APR of just 5.24% — one of the lowest we've seen. It doesn't charge an origination fee, and there are several interest rate discounts available for qualifying account holders. But if you don't currently bank with Wells Fargo, you need to visit a branch to apply in person.

  • Available in all states

if (bestPageCTAButton4f79f5c882fc4bfabc78715813b16b0f != null) { bestPageCTAButton4f79f5c882fc4bfabc78715813b16b0f.forEach((CTAButton) => { CTAButton.addEventListener('click', function (e) { window.finder.tracking.track('controlClicked', { control: 'link', cta: true, description: null, target: null, value: null, label: null, text: this.innerHTML.trim(), targetUrl: this.getAttribute('href'), action: 'clicked', category: 'control:link', }); }); }); } }

Best personal loans: By the numbers

Review each lender’s basic terms to better understand which options are the best for your individual needs:

Laurel Road

★★★★★

7% to 23.25%

$5,000 to $45,000

As little as 2 business days

3, 4 or 5 years

LightStream

★★★★★

Competitive

$5,000 to $100,000

Same day

24 to 84 months

Lendvious

★★★★★

5.99% to 35.99%

$1,000 to $100,000

1 to 2 business days

2 to 5 years

Digital Federal Credit

★★★★★

6.99% to 18%

$200 to $100,000

1 to 2 business days

Up to 5 years

Wells Fargo

★★★★★

5.74% to 20.99%

$3,000 to $100,000

As soon as 1 business day

1 to 7 years

SoFi

★★★★★

6.99 to 22.23%

$5,000 to $100,000

As soon as the same day

24 to 84 months

Upgrade

★★★★★

5.94% to 35.97%

$1,000 to $50,000

1 to 4 business days

2 to 7 years

OneMain Financial

★★★★★

18% to 35.99%

$1,500 to $20,000

As soon as the same day

24, 36, 48 or 60 months

Bank and credit union loans with a cosigner

Most community banks and credit unions allow you to apply with a cosigner or joint loan applicant. Larger banks like Wells Fargo also sometimes accept coborrowers, though it’s not as common. These tend to have stricter eligibility requirements than their regional or community counterparts.

They often offer customer discounts — especially banks — so you might be able to get a better deal by borrowing with a joint loan applicant who has an account with the bank. With a credit union, there’s a chance you’ll be able to skip the membership requirement by applying with another person, though typically both applicants need to be members to qualify.

What’s the difference between a cosigner and a coborrower?

The main difference between a cosigner and a coborrower is that you don’t need to meet the lender’s requirements with a cosigner, but with a coborrower you do. Generally, a personal loan with a cosigner is easier to qualify for than a personal loan with a coborrower.

Cosigner definition

A cosigner is someone who lets you use their credit score and income to increase your chances of getting approved. If you're unable to repay your loan, your cosigner is responsible for making payments on your behalf. However, they don’t have access to your loan funds and can’t dictate how you use them. Lenders that accept cosigners for personal loans are rare.

Coborrower definition

A coborrower — also called a coapplicant or joint applicant — applies for the loan with you. You both have to meet the lender’s minimum credit requirements, but a coborrower with a higher credit score can help you get a lower interest rate. And applying with a coborrower usually helps you qualify for a higher loan amount, since the lender considers your combined income. Many lenders offer joint loan applications for personal loans.

When to apply with a cosigner

You might want to apply for a personal loan with a cosigner to help you qualify in the following situations:

  • You don’t meet the lender’s minimum credit requirements
  • You’re unemployed, self-employed or otherwise don’t meet the lender’s income requirements
  • You aren’t a US citizen or permanent resident
  • You’re under 18 — though in some cases, you might still need to be 18

When to apply with a coborrower

Consider a coborrower if you can meet the lender’s basic requirements, but find yourself in one of the following scenarios:

  • You’re sharing the expense with a friend, parent or spouse — like consolidating debt from a joint credit card
  • You need to borrow more money than you can qualify for on your own
  • Your coborrower is eligible for rate discounts
  • Your coborrower’s credit score is higher enough to help you get a lower rate

How to get a personal loan with a cosigner

Getting a loan with a cosigner or coborrower is a lot like getting a personal loan on your own, just with a few extra steps. In most cases, both of you will have to complete applications and submit the same types of documents. Follow these steps to apply for a personal loan with a joint application:

  1. Compare personal loans. Compare banks, credit unions and online lenders that accept cosigners or coborrowers based on factors like interest rates, fees, loan amounts and loan terms. Or, use a connection service to weed out lenders that only let you apply on your own.
  2. Prequalify. Many lenders allow you to submit basic information about yourself and the person you’re applying with to get an estimate of the loan amount, interest rates, origination fee and loan terms you might qualify for.
  3. Apply. In most cases, both of you will have to complete copies of the application and submit the same documents. But sometimes, the cosigner might be the only one required to submit documents. At this point, your application will affect your credit score.
  4. Review your offer. Make sure both of you understand the rates, fees and terms, as well as your legal responsibilities toward repaying the loan before signing the loan documents.
  5. Receive the funds. Usually the lender sends the funds to the primary borrower’s bank account. So if you brought on a coborrower for a customer discount, make sure the person who's eligible for the discount is listed as the primary borrower.

Coborrower policies from different lenders

Joint applications don’t work the same way everywhere. Here are the policies for coborrowers with some top online lenders and banks.

All loans

LendingClub considers both of your qualifications, including but not limited to: credit scores, income, debt-to-income (DTI) ratios and credit histories. You and your coborrower will be equally responsible for repaying the loan.

Secured and unsecured personal loans

If the main applicant relies on another person’s income, that person must be listed as a coborrower and assume responsibility for loan repayments with the main applicant.

All loans

You can apply jointly with another member of your household. You’ll both share the responsibility of paying back the loan.

All loans

FreedomPlus considers two incomes, lowering your DTI and ultimately your assessed risk to the lender. Both applicants agree to apply for joint credit.

Auto loans and refinancing

Your coborrower must provide all of the same financial information as you on the application, including W-2s, tax returns, recent pay stubs and bank statements.

Auto loans and refinancing

Your coborrower must provide the same required documentation when applying — as well as acknowledge and assume equal responsibility.

All loans

Your cosigner can be a spouse, partner, relative, friend or another person who shares responsibility of paying back the loan.

Compare cosigner loans

How much can I save with a cosigner or coborrower?

That depends on the interest rates and terms you could have qualified for on your own. You can find out how much you can save using a joint application by prequalifying with a lender on your own and with another person. Use our calculator to see what kind of a differences a joint application makes on monthly payments and the total cost of interest.

Personal loan calculator

See how much you'll pay

Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your
estimated monthly payment.

or

Compare personal loans now

You can expect to pay back

$

per month
Based on your loan terms
Principal$
Interest$
Total Cost$

Can I hire a cosigner for a personal loan?

Yes, you can hire someone to be a cosigner on your personal loan. But it’s not a good idea. The two we found — Hire a Cosigner and Cosigner Finder — charge a fee to connect you with a cosigner. But be weary of any company that tries to get you to pay up front before it provides a service — it’s often the sign of a scam.

Cosigning a loan is a big commitment and can have a deep impact on the cosigner’s finances. That’s why some lenders won’t even let you bring on a joint applicant with who you don’t have a close personal relationship with.

Alternatives to borrowing with a cosigner or coborrower

Sometimes the negatives outweigh the benefits of borrowing with a cosigner or coborrower. Before putting your relationship on the line, consider these alternatives instead:

  • Secured loans. Backing your loan with collateral like a savings account, car or your home can help you qualify for a competitive rate even if you have poor credit.
  • CDFI loans. Community Development Financial Institutions (CDFIs) are local banks and credit unions that typically offer affordable funding to low-income or low-credit borrowers in the area, usually as a chance to build your credit.
  • Loans for students. If you’re in school and don’t meet credit requirements on your own, some lenders like Boro will consider your grades and major instead of credit and income when you apply.
  • Loans for nonresidents. A handful of lenders like Stilt specialize in funding for nonresidents on a valid visa who don’t have a cosigner but need a loan. They might offer credit building services as well.

Bottom line

Finding a provider that meets your needs and allows a cosigner can potentially result in easier acceptance and a better interest rate. However, you and your cosigner should discuss the terms of the loan before applying. This ensures you both understand the risks before signing the dotted line.

Learn more about how borrowing work by reading our personal loans guide.

Frequently asked questions about cosigner loans

Here are answers to questions you might have about getting a personal loan with a cosigner.

How does a cosigner differ from a guarantor?

A guarantor is associated with apartments or rentals where only the primary applicant is living at the residence, although it's also used with personal loans on occasion. The main difference is that a cosigner is responsible for late or missing payments as well as loan default, whereas a guarantor is only responsible if you default.

Is it easier to get a loan with a cosigner or coborrower?

It depends. A cosigner or coborrower can be helpful because they minimize risk for the lender. But if they have a poor credit score or rocky financial history, they may not make the approval process any easier.

On the other hand, if your cosigner or coborrower has stellar credit, they may increase the odds of you being accepted for a loan. And they may even be able to score you a better rate than you would’ve been offered on your own.

Can I remove a cosigner from my loan down the road?

Yes, it’s possible to remove your cosigner from your loan by either refinancing or consolidating the debt in your own name. Another option is to take out a balance transfer credit card and use that to pay off your loan’s remaining balance. You can learn more with our guide to removing a cosigner from your loan.

Compare more personal loan providers

1 – 8 of 8
Name Product Filter Values APR Min. Credit Score Loan Amount
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $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 35.99%
600
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Upstart personal loans
5.4% to 35.99%
None
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Upgrade personal loans
5.94% to 35.97%
600
$1,000 to $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LendingPoint personal loans
7.99% to 35.99%
585
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
SoFi personal loans
6.99 to 22.23%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
6.34% to 35.89%
600
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on your credit score.
Monevo personal loans
1.99% to 35.99%
None
$500 to $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
loading

Compare up to 4 providers

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

  1. Default Gravatar
    KaylaJanuary 23, 2019

    Where can I matched with a willing loan cosigner?

    • Avatarfinder Customer Care
      JhezJanuary 24, 2019Staff

      Hello Kayla,

      Thank you for your comment.

      A family member, a friend or someone who meets the requirement can be your consigner. Please refer to the eligibility criteria and the steps to apply for the loan with a consigner above.

      Regards,
      Jhezelyn

Go to site