Best of
With a co-signed personal loan, you add a second borrower to your loan application. You're both responsible for paying back the loan.
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Last updated on December 19, 2023
Edited by
✅ Fact checked and reviewed
Edited by
✅ Fact checked and reviewed
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A co-signed or joint loan is an option for people who don't qualify for a personal loan on their own. Adding another person’s credit history and income to an application can help you qualify and get a lower rate or higher loan amount.
A co-borrower is similar to a co-signer, except the co-borrower has access to the funds from the loan.
Here are lenders that offer personal loans with a co-signer or co-borrower, plus information about the differences and risks associated with adding someone else to your loan application.
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NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
Why trust NerdWallet
- 35+ personal loans reviewed and rated by our team of experts.
- 20+ years of combined experience covering personal loans and financial topics.
- Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.
NerdWallet’s
Best of Award Winner
Best Personal Loan
Overall
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
on SoFi's website
More details
Why our nerds love it
SoFi stands out with competitive rates, no required fees and multiple rate discounts. It offers fast funding, a wide range of loan amounts and terms, plus perks like free financial advice. Read our methodology
Personal Loans With a Co-Signer in 2024
Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Est. APR ▾ ▾ | Loan amount ▾ ▾ | Min. credit score ▾ ▾ | Learn more |
|---|---|---|---|---|---|
Upgrade Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 Best for Personal loans with a co-borrower | 8.49-35.99% | $1,000-$50,000 | 560 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet |
SoFi Personal Loan Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet | 🏆Top 3 most visited 5.0 /5 Best for Personal loans with a co-borrower Rate discount | 8.99-29.99% | $5,000-$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet |
Truist Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 4.0 /5 Best for Personal loans with a co-signer | 8.19-17.24% | $3,500-$50,000 | None | Check Rateon NerdWallet on NerdWallet |
PenFed Credit Union Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans with a co-signer | 7.99-17.99% | $2,000-$50,000 | 700 | Check Rateon NerdWallet on NerdWallet |
LendingClub Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans with a co-borrower | 9.57-35.99% | $1,000-$40,000 | 600 | Check Rateon NerdWallet on NerdWallet |
Achieve Personal Loans Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans with a co-borrower | 8.99-35.99% | $5,000-$50,000 | 620 | Check Rateon NerdWallet on NerdWallet |
LightStream Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans with a co-borrower | 7.99-25.49% | $5,000-$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
U.S. Bank Personal Loan Check Rateon NerdWallet on NerdWallet | 4.5 /5 Best for Personal loans with a co-borrower | 8.24-21.49% | $1,000-$50,000 | 660 | Check Rateon NerdWallet on NerdWallet |
Explore all of our lender picks by category
Our pick for
Personal loans with a co-signer
on NerdWallet
Truist Bank Personal Loan
4.0
NerdWallet rating
Est. APR
8.19-17.24%
Loan amount
$3,500-$50,000
Min. credit score
None
Check Rateon NerdWallet
on NerdWallet
PenFed Credit Union Personal Loan
4.5
NerdWallet rating
Est. APR
7.99-17.99%
Loan amount
$2,000-$50,000
Min. credit score
700
Our pick for
Personal loans with a co-borrower
Check Rateon NerdWallet
on NerdWallet
LendingClub
4.5
NerdWallet rating
Est. APR
9.57-35.99%
Min. credit score
600
Visit Lenderon Upgrade's website
on Upgrade's website
Check Rateon NerdWallet
on NerdWallet
Upgrade
5.0
NerdWallet rating
Est. APR
8.49-35.99%
Loan amount
$1,000-$50,000
Min. credit score
560
Visit Lenderon SoFi's website
on SoFi's website
Check Rateon NerdWallet
on NerdWallet
SoFi Personal Loan
5.0
NerdWallet rating
Est. APR
8.99-29.99%
Loan amount
$5,000-$100,000
Min. credit score
None
Check Rateon NerdWallet
on NerdWallet
Achieve Personal Loans
4.5
NerdWallet rating
Est. APR
8.99-35.99%
Loan amount
$5,000-$50,000
Min. credit score
620
Visit Lenderon LightStream's website
on LightStream's website
Check Rateon NerdWallet
on NerdWallet
LightStream
4.5
NerdWallet rating
Est. APR
7.99-25.49%
Loan amount
$5,000-$100,000
Min. credit score
660
Check Rateon NerdWallet
on NerdWallet
U.S. Bank Personal Loan
4.5
NerdWallet rating
Est. APR
8.24-21.49%
Loan amount
$1,000-$50,000
Min. credit score
660
What’s the difference between a co-signer and a co-borrower?
Co-signers and co-borrowers have a similar effect on a personal loan application but different responsibilities for repaying the loan and accessing funds.
Co-signer: A co-signer vouches for someone else’s loan application and agrees to repay it if the borrower doesn’t. The co-signer can’t access the loan proceeds, nor can they see information about the loan, like how much you’ve repaid or if you missed a payment, unless they request that information be sent to them.
Co-borrower: A co-borrower is a partner applicant on a joint personal loan and shares responsibility for repayment. This person has equal access to loan funds and payment information.
How to get a personal loan with a co-signer or co-borrower
Here are the steps to get a personal loan with a co-applicant.
Check both of your credit and financial information. The lender will weigh both applicants’ credit scores, incomes and debt-to-income ratios. Familiarize yourself with this information to set expectations before applying.
Compare lenders. Some lenders have specific requirements for joint loan applicants, while a co-signer is typically expected to have better credit and income than the primary borrower. Compare personal loan requirements and features from multiple lenders to choose one that best meets your needs.
Pre-qualify and add a co-applicant. The pre-qualification process is different for joint and co-signed loans. Joint loan applicants can sometimes pre-qualify together to preview potential rates and loan amounts. Applicants who want to add a co-signer typically must pre-qualify by themselves and, depending on the results, the lender may provide a co-signed loan option.
Submit your application and get funded. Once you submit an application, the lender will likely do a hard credit check on you and your co-applicant. If approved, expect to receive your funds within a few days.
» Get started: Pre-qualify on NerdWallet
When is a co-signer a good idea?
Lenders use information like your credit and income to decide whether you qualify and what your loan amount and annual percentage rate should be. Adding someone with better credit, higher income and low debt to support your application makes a lender more confident that the loan will be repaid.
A co-signer can help if:
You have bad credit. There are personal loans for bad credit, but few lenders approve applicants with credit scores below 600. If that’s you, a co-applicant with better credit could increase your approval odds.
You want a larger loan. Lenders offer the largest loans to well-qualified applicants, so including a co-applicant could increase the size of your loan.
You need a lower rate. Since the APR affects your monthly payments, adding someone to the application could get you a lower rate, meaning a less expensive loan.
» MORE: See your bad-credit loan options
How much a co-signer or co-borrower helps depends on factors such as:
The co-applicant’s credit score.
Both your credit histories.
Your combined debt-to-income ratio.
The lender’s underwriting criteria.
Risks of adding a co-signer
It’s important for you and your co-applicant to understand the risks of co-signing before submitting an application. These can include:
A hard credit inquiry, which will temporarily lower both of your credit scores.
Higher debt-to-income ratios for both of you, which could make it harder to access credit during the life of the loan.
Damage to both of your credit scores if a payment is missed.
Damage to the relationship, which could be harder to salvage than your credit.
Last updated on December 19, 2023
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Personal Loans With a Co-Signer in 2024
- Truist Bank Personal Loan: Best for Personal loans with a co-signer
- PenFed Credit Union Personal Loan: Best for Personal loans with a co-signer
- LendingClub: Best for Personal loans with a co-borrower
- Upgrade: Best for Personal loans with a co-borrower
- SoFi Personal Loan: Best for Personal loans with a co-borrower
- Achieve Personal Loans: Best for Personal loans with a co-borrower
- LightStream: Best for Personal loans with a co-borrower
- U.S. Bank Personal Loan: Best for Personal loans with a co-borrower
