Backed Personal Loan Alternatives
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Backed, a lender that offered low-rate, co-signed personal loans, appears to no longer offer unsecured personal loans. The lender no longer has an online presence and NerdWallet is unable to contact the company. You can find a personal loan at banks, credit unions and online lenders.
Personal loan alternatives to Backed
Online lenders
Online lenders tailor their personal loans to different types of borrowers. These lenders cater to borrowers with good, fair or poor credit and let you borrow for just about any purpose. Many offer joint personal loans, which are similar to co-signed loans. Comparing offers can help you get the best rate and find the loan with the best features.
Here's what a typical online loan looks like:
Credit scores from bad to excellent accepted.
APR range: 6% to 36%.
Loan amounts: $1,000 to $100,000.
» MORE: Compare the best online loans
Credit unions
Credit unions are a good first stop for members with fair or bad credit. They look beyond your credit profile and evaluate things like your standing with the credit union to make a loan decision.
PenFed, a national credit union, allows members to add co-signers to their personal loans. Membership is open to the public.
Here's what a typical credit union loan looks like:
Credit scores from bad to excellent may be accepted.
APR range: 7% to 18%.
Loan amounts: $500 to $50,000.
Compare personal loans
Here are three lenders to consider as alternatives to Backed. They all offer co-signed or joint loans. NerdWallet recommends pre-qualifying with multiple lenders to compare rates.
 |  |  |
|---|---|---|
Est. APR8.49-35.99% | Est. APR7.99-35.99% | Est. APR18.00-35.99% |
Loan term2 to 7 years | Loan term2 to 5 years | Loan term2 to 5 years |
Loan amount$1,000-$50,000 | Loan amount$5,000-$50,000 | Loan amount$1,500-$20,000 |
Min. credit score560 | Min. credit score620 | Min. credit scoreNone |
Banks
The main feature of a Backed personal loan was the ability to add a co-signer, which is rare among bank lenders. PNC is one bank that allows borrowers to add a co-signer to increase their likelihood of approval or get a lower rate.
Here's what a typical bank loan looks like:
Good- to excellent-credit borrowers and existing customers preferred.
APR range: 5% - 29%.
Loan amounts: $1,000 to $100,000.
