Personal Loans With a Co-Signer in 2024

With a co-signed personal loan, you add a second borrower to your loan application. You're both responsible for paying back the loan.

Last updated on June 18, 2024
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

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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.

NerdWallet’s

Best of Award Winner
Best Personal Loan Overall
SoFi
SoFi Personal Loan
SoFi
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

Read our methodology
See all winners

Personal Loans With a Co-Signer in 2024

Navy Federal Credit Union Personal Loan
Navy Federal Credit Union Personal Loan
Best for Personal loans with a co-signer
4.0
Est. APR

8.99-18.00%

Loan amount

$250-$50K

Min. credit score

None

Check Rate
on NerdWallet
on NerdWallet
Key Facts:Navy Federal personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
Qualifications:
  • Must be a Navy Federal Credit Union member to apply.
  • No minimum credit score requirement.
  • Must provide personal information and contact details.
  • Must provide information on income and employment.
Available Term Lengths:1 to 5 years
Fees:
  • Origination fee: None.
  • Returned payment fee: $29.
  • Late fee: $29.
  • Federal Express fee: $5.65.
  • Certified Mail fee: $5.83.
Lightstream
LightStream
Best for Personal loans with a co-borrower
Rate discount
Est. APR

6.99-25.29%

Loan amount

$5K-$100K

Min. credit score

660

Visit Lender
on LightStream's website
on LightStream's website
Check Rate
on NerdWallet
on NerdWallet
Key Facts:

LightStream lets you borrow money alone or with a co-borrower. Adding a co-borrower could reduce your rate or increase the amount you can borrow.

Qualifications:
  • Minimum credit score: 660, but can vary depending on the loan purpose and amount.
  • Maximum debt-to-income ratio: 50%.
  • Minimum credit history: 3 years.
  • Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
  • Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: None.
2024 Best Personal Loan Overall
SoFi
SoFi Personal Loan
Best for Personal loans with a co-borrower
Rate discount
Est. APR

8.99-29.99%

Loan amount

$5K-$100K

Min. credit score

None

Key Facts:

Adding someone to a SoFi loan application could get you approved for more favorable terms than you could get alone.

Qualifications:
  • Must be at least 18 years old in most states.
  • Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
  • Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
  • Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 0% to 7%.
  • Late fee: None.
Lending Club
LendingClub
Best for Personal loans with a co-borrower
Flexible payments
Est. APR

9.06-35.99%

Loan amount

$1K-$40K

Min. credit score

600

Key Facts:

You can use a joint loan from LendingClub for most expenses, including paying down one person's debt.

Qualifications:
  • Minimum credit score: 600; average borrower score is above 700.
  • Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
  • Maximum DTI: 40%.
  • Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 years
Fees:
  • Origination fee: 3% to 8%.
  • Late fee: 5% of payment or $15 after 15-day grace period.
  • Insufficient funds: $15.
Upgrade
Upgrade
Best for Personal loans with a co-borrower
Rate discount
Est. APR

9.99-35.99%

Loan amount

$1K-$50K

Min. credit score

580

Key Facts:

Upgrade allows co-signers to help borrowers get approved. The joint applicant must meet its credit requirements. Joint income is also considered.

Qualifications:
  • Minimum credit score: 580.
  • Minimum number of accounts on credit history: One account.
  • Maximum debt-to-income ratio: 75%, including mortgage payments.
  • Minimum length of credit history: Two years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.
Achieve
Achieve Personal Loans
Best for Personal loans with a co-borrower
Rate discount
Est. APR

8.99-35.99%

Loan amount

$5K-$50K

Min. credit score

640

Key Facts:Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
Qualifications:
  • Minimum credit score: 640.
  • Maximum debt-to-income ratio: 70% including a mortgage payment or other housing expense.
  • Minimum income: None.
  • Minimum credit history: 3 years across 2 accounts.
  • Must be a U.S. citizen or permanent resident living in a state where Achieve operates.
  • Must provide a Social Security number or ITIN.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 1.99% - 6.99%.
  • Late fee: $8.
Navy Federal Credit Union Personal Loan
Navy Federal Credit Union Personal LoanBest for Personal loans with a co-signer
Est. APR
8.99-18.00%
Loan amount
$250-$50K
Min. credit score
None
Best for Personal loans with a co-signer
Check Rate
on NerdWallet
on NerdWallet
Key Facts:Navy Federal personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
Qualifications:
  • Must be a Navy Federal Credit Union member to apply.
  • No minimum credit score requirement.
  • Must provide personal information and contact details.
  • Must provide information on income and employment.
Available Term Lengths:1 to 5 years
Fees:
  • Origination fee: None.
  • Returned payment fee: $29.
  • Late fee: $29.
  • Federal Express fee: $5.65.
  • Certified Mail fee: $5.83.
Lightstream
LightStreamBest for Personal loans with a co-borrower
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
Best for Personal loans with a co-borrower
Rate discount
Visit Lender
on LightStream's website
on LightStream's website
Check Rate
on NerdWallet
on NerdWallet
Key Facts:

LightStream lets you borrow money alone or with a co-borrower. Adding a co-borrower could reduce your rate or increase the amount you can borrow.

Qualifications:
  • Minimum credit score: 660, but can vary depending on the loan purpose and amount.
  • Maximum debt-to-income ratio: 50%.
  • Minimum credit history: 3 years.
  • Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
  • Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: None.
2024 Best Personal Loan Overall
SoFi
SoFi Personal LoanBest for Personal loans with a co-borrower
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
Best for Personal loans with a co-borrower
Rate discount
Key Facts:

Adding someone to a SoFi loan application could get you approved for more favorable terms than you could get alone.

Qualifications:
  • Must be at least 18 years old in most states.
  • Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
  • Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
  • Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 0% to 7%.
  • Late fee: None.
Lending Club
LendingClubBest for Personal loans with a co-borrower
Est. APR
9.06-35.99%
Loan amount
$1K-$40K
Min. credit score
600
Best for Personal loans with a co-borrower
Flexible payments
Key Facts:

You can use a joint loan from LendingClub for most expenses, including paying down one person's debt.

Qualifications:
  • Minimum credit score: 600; average borrower score is above 700.
  • Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
  • Maximum DTI: 40%.
  • Minimum credit history: 36 months and two accounts.
Available Term Lengths:2 to 6 years
Fees:
  • Origination fee: 3% to 8%.
  • Late fee: 5% of payment or $15 after 15-day grace period.
  • Insufficient funds: $15.
Upgrade
UpgradeBest for Personal loans with a co-borrower
Est. APR
9.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
Best for Personal loans with a co-borrower
Rate discount
Key Facts:

Upgrade allows co-signers to help borrowers get approved. The joint applicant must meet its credit requirements. Joint income is also considered.

Qualifications:
  • Minimum credit score: 580.
  • Minimum number of accounts on credit history: One account.
  • Maximum debt-to-income ratio: 75%, including mortgage payments.
  • Minimum length of credit history: Two years.
  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.
Achieve
Achieve Personal LoansBest for Personal loans with a co-borrower
Est. APR
8.99-35.99%
Loan amount
$5K-$50K
Min. credit score
640
Best for Personal loans with a co-borrower
Rate discount
Key Facts:Achieve personal loans can be a good debt consolidation option for fair- or good-credit borrowers who qualify for one of the lender’s rate discounts.
Qualifications:
  • Minimum credit score: 640.
  • Maximum debt-to-income ratio: 70% including a mortgage payment or other housing expense.
  • Minimum income: None.
  • Minimum credit history: 3 years across 2 accounts.
  • Must be a U.S. citizen or permanent resident living in a state where Achieve operates.
  • Must provide a Social Security number or ITIN.
Available Term Lengths:2 to 5 years
Fees:
  • Origination fee: 1.99% - 6.99%.
  • Late fee: $8.

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.

  1. 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.

  2. 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. 

  3. 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.

  4. 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.

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.

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 June 18, 2024

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points 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.

To recap our selections...

NerdWallet's Personal Loans With a Co-Signer in 2024

  • Navy Federal Credit Union Personal Loan: Best for Personal loans with a co-signer
  • LightStream: Best for Personal loans with a co-borrower
  • SoFi Personal Loan: Best for Personal loans with a co-borrower
  • LendingClub: Best for Personal loans with a co-borrower
  • Upgrade: Best for Personal loans with a co-borrower
  • Achieve Personal Loans: Best for Personal loans with a co-borrower