Best personal loans that accept cosigners or coapplicants

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

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A cosigner with good credit can help improve your chances of getting approved for a personal loan. But lenders that accept cosigners to help you meet eligibility requirements are few and far between. These are our top picks, but the majority only accept coapplicants — not cosigners.

Best personal loans that accept cosigners or coapplicants

How we picked the best providers

We reviewed each lender’s terms to ensure they accepted cosigners or coapplicants. Once our list was compiled, we judged each lender based on APRs, eligibility requirements and range of loan amounts to pick the best options.

What’s new in 2020?

We made a distinction between cosigners and coapplicants so you can decide which type of loan best suits your needs. We also changed the categories we judge, with lenders that are best for certain types of credit separated out from lenders that are good for other reasons, like offering large amounts or low starting rates. Finally, we added some new information to our page so you can determine if applying with someone else makes good financial sense.

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

A cosigner is someone who lets you use their credit score and income to help improve your chances of approval. If you are 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.

A coapplicant — also called a coborrower or joint applicant — submits their information along with yours. This can also help improve your chances of approval and help you qualify for a larger loan since the lender will consider your combined income. But unlike a cosigner, a coapplicant is equally entitled to the loan funds — and equally responsible for repayment. There are quite a few lenders that offer joint applications for personal loans.

Because lenders that accept cosigners are rare, we chose to include providers that accept coapplicants so you can make an informed financial decision when you borrow.

Best for for applying with a cosigner: Laurel Road

680
Min. Credit Score
8.01%
Starting APR
$45,000
Loan Amount
Laurel Road is one of the few lenders that actually accepts cosigners — not just coapplicants. Its rates cap out at a competitive 16.3% 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.