A joint personal loan is a common way to share the responsibility of a loan. With a joint personal loan, both parties’ names are on the loan and both have access to the funds – and both are responsible for paying it back.
You can often secure a lower interest rate and origination fee if your coborrower has a higher credit score than you. And since lenders look at the combined income, you can often qualify for more money with a joint personal loan.
Keep in mind that joint loans aren’t the same as cosigned loans, which is when someone backs your loan with their credit, but doesn’t have access to the funds.
7 best lenders that accept joint loan applications
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 rates from a competitor, depending on the offer.
Min. credit score
Good to excellent credit
APR
7.49% to 25.49%
Loan amount
$5,000 to $100,000
Not available in: Iowa, West Virginia
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 rates from a competitor, depending on the offer.
Pros
Award-winning customer experience
Loans up to $100,000
Might beat competitor offer
Cons
Both borrowers must have good credit of 670 or higher
SoFi doesn't require any fees on its personal loans and offers competitive rates. But what really sets it apart are the extra services that both borrowers can take advantage of. You'll both have access to networking events, financial advice and other tools to help you make smart financial decisions after you're approved.
Min. credit score
680
APR
8.99% to 29.99% fixed APR
Loan amount
$5,000 to $100,000
Available in all states
SoFi doesn't require any fees on its personal loans and offers competitive rates. But what really sets it apart are the extra services that both borrowers can take advantage of. You'll both have access to networking events, financial advice and other tools to help you make smart financial decisions after you're approved.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Upgrade puts more of an emphasis on your monthly cash flow than your credit score, making it a great option for applying with a coborrower. Together, you both need to have at least $1,000 in cash flow per month to get approved. Applying with a joint applicant can also help you score a lower interest rate and lower the origination fee — which can run as high as 9.99%.
Min. credit score
620
APR
8.49% to 35.99%
Loan amount
$1,000 to $50,000
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Upgrade puts more of an emphasis on your monthly cash flow than your credit score, making it a great option for applying with a coborrower. Together, you both need to have at least $1,000 in cash flow per month to get approved. Applying with a joint applicant can also help you score a lower interest rate and lower the origination fee — which can run as high as 9.99%.
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
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 0.25% 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.
Min. credit score
Varies
APR
7.49% to 23.24%
Loan amount
$3,000 to $100,000
Available in all states
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 0.25% 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.
FreedomPlus is a highly-rated lender that accepts fair credit borrowers plus coappliants – which can help snag you a better rate if they have good to excellent credit. You can also get a rate discount if you do debt consolidation. But it's not available in all states and has a slightly longer turnaround time than some other online lenders. And if you want a loan under $1,000 you'll need to look elsewhere.
Min. credit score
620
APR
8.99% to 35.99%
Loan amount
$1,000 to $100,000
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
FreedomPlus is a highly-rated lender that accepts fair credit borrowers plus coappliants – which can help snag you a better rate if they have good to excellent credit. You can also get a rate discount if you do debt consolidation. But it's not available in all states and has a slightly longer turnaround time than some other online lenders. And if you want a loan under $1,000 you'll need to look elsewhere.
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.
Min. credit score
550+
APR
5.99% to 35.99%
Loan amount
$1,000 to $100,000
Not available in: Hawaii
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.
Pros
Bad credit OK
Funding in as soon as one day
Over 15 lenders in its network
Cons
May receive many phone calls and emails from partner lenders
With loans starting at $200, Digital Federal Credit Union has one of the widest range of loan amounts out there. It also allows you to use the money to pay for college, so you can share the expense with the student or a parent. And if your coapplicant is a Plus or Relationship member, you can qualify for an interest rate discount.
Min. credit score
Not stated
APR
9.24% to 18%
Loan amount
$200 to $100,000
Not available in: Hawaii, Maine
With loans starting at $200, Digital Federal Credit Union has one of the widest range of loan amounts out there. It also allows you to use the money to pay for college, so you can share the expense with the student or a parent. And if your coapplicant is a Plus or Relationship member, you can qualify for an interest rate discount.
Our team of loan experts looked at 120+ personal loan lenders and weighed key factors like origination fees, interest rates and eligibility requirements. The best joint personal loans have no origination fees, low starting APRs, a range of borrowing amounts and underwriting flexibility.
We included lenders that cater to a range of credit scores and incomes. We also regularly revise our selections to make sure our picks are the best in their categories.
How is a joint loan different from a cosigner loan?
With a joint loan, your coborrower is equally responsible for the payments, and whatever is purchased with the loan is considered owned by both borrowers. A cosigner, on the other hand, is only responsible for the loan if the main borrower defaults. Applying with a cosigner can also help you meet requirements you can’t on your own — like a minimum income or credit score.
Choose a joint loan if you and your coborrower want equal access to the funds and you both agree to be responsible for paying back the loan. Choose a cosigner if you’re looking to increase your chances of getting approved, and you will pay back the loan on your own.
6 steps to apply for a joint personal loan
You can apply for a joint personal loan as long as you and your coborrower meet the lender’s requirements. Before you get started, compare providers by prequalifying for a few options together.
If you’re ready to move ahead with a joining personal loan, follow these steps:
Check your credit. Check your credit profile and clean up any errors. Keep making your payments on time and don’t take on any new debt before applying for a personal loan.
Compare lenders. Use our list of the top 7 no fee lenders to research and compare offers. Once you find a lender that you like, check if it has a prequalification process so you can see your rates before applying.
Get prequalified. Go to the lender’s website and do an online prequalification, if available, to see your potential rates. Doing a prequalification won’t hurt your credit score and you can see your rates before you apply.
Submit an application. Once you’ve chosen a lender you want to work with, do a full application and upload any requested documents. This will require a hard credit pull which may lower your score by a few points.
Sign for your loan. If approved for loan, you and your coborrower will need to sign the loan documentation so the funds can be released.
Wait for your funds to arrive. Each lender is different, but you may have your funds in your bank account as soon as the same day, although one to three business days is more common.
Both you and your coborrower need to provide the same information about your employment and personal finances on the joint application. Depending on the lender, this can be done all at once or separately. The lender will consider the application details as a whole when underwriting the loan.
Is it better to apply for a loan individually or jointly?
Whether you should apply for a loan individually or jointly depends on your relationship with your coapplicant, your credit scores and personal finances.
If you plan on sharing the expense with your coborrower, a joint personal loan makes more sense than applying on your own. Applying with a coapplicant can also help you get a lower interest rate and origination fee if you have a limited credit history or low credit score.
But if your credit score is higher, applying with a coborrower can actually hurt your personal loan application.
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 instead of just yours.
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 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.
Can I get a joint personal loan with bad credit?
As long as you and your coborrower meet the lender’s requirements, you can qualify for a joint personal loan even if you have a credit score below 580. Applying for a joint loan could even help you qualify for a lower interest rate and more favorable loan terms than you might have received if you applied on your own.
How do I get out of a joint loan?
There are a few ways to get out of a joint loan, 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.
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 you must have the ability to manage the loan in order to make it a viable option.
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
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Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
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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
AshApril 5, 2018
Hi Brenda,
Thank you for reaching out to us and we are saddened about your loss.
One thing you can consider is loans that accept cosigners. 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 a 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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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
Hi Brenda,
Thank you for reaching out to us and we are saddened about your loss.
One thing you can consider is loans that accept cosigners. 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 a cosigner personal loan.
I hope this helps.
Please do not hesitate to reach out to us again if you have additional questions.
Cheers,
Ash