6 Personal Loans With a Cosigner in 2023

LendingClub offers joint loans to applicants who may not qualify for a personal loan otherwise. With this lender, you can receive your funds within 24 hours of approval and won’t be charged a prepayment penalty if you choose to pay off your loan early.

Another one of LendingClub’s perks is that it offers consumers the choice to use their personal loan funds toward business purposes — an option most other lenders prohibit.

However, LendingClub’s APR can run high, and when you take out a loan, you’ll have to pay an origination fee — 3.00% - 8.00% of the total balance of your loan.

• If you need money quickly, LendingClub may be a good option. According to the company, it can close your loan and deposit your money in your bank account in as little as 24 hours.
• If you pay off your LendingClub loan before its term ends, you won’t be hit with any prepayment fees.
• When you first apply, LendingClub will run a soft inquiry to check your credit, which won’t negatively affect your score. A hard inquiry, which will impact your credit, will be required before funds can be disbursed.
• LendingClub charges a one-time origination fee of 3.00% - 8.00% of your loan amount, which will be deducted at funding.
• You can make payments on your LendingClub loan online, by phone or by check.
• If you make your payment more than 15 days late, LendingClub might charge a late-payment fee.

Not only does LightStream, a division of Truist Bank, offer same-day funding to applicants (conditions apply), but it also doesn’t charge borrowers any fees.

While LightStream has some of the most competitive rates on our list, it may be difficult for consumers with less-than-perfect credit scores to qualify. However, LightStream does offer borrowers with low credit scores the option to fill out a joint loan application.

LightStream doesn’t offer prequalification, so if you want to see your potential rates, you’ll have to submit to a hard-credit pull.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

**While LightStream offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.

• LightStream’s flexible term lengths give you the opportunity to determine how big your monthly payment will be. If you choose a longer term, your monthly bill will be smaller, as you’ll be stretching out your repayment over a longer period of time. Keep in mind that you’ll pay more interest over the life of the loan with a longer loan term.
• LightStream doesn’t charge an origination fee, meaning you won’t have to spend any money up front to access your cash. LightStream also doesn’t charge a prepayment penalty for paying off your loan early.
• LightStream states that it looks at your credit and payment history when originating personal loans. If your credit is low enough that you’re considering a cosigner, you may not qualify for the lower end of interest rates that LightStream offers.

While Navy Federal Credit Union does allow you to apply for a personal loan with a cosigner, you will have to become a member first. To become a member with this lender, you’ll need to fit one of the following criteria:

• An active duty military member
• Member of the Delayed Entry Program
• Department of Defense officer candidate/Reserve Officers Training Corps
• Department of Defense reservist
• A veteran, retiree or annuitant
• A family or household member of someone who fits the above criteria

With Navy Federal, you won’t have to pay an origination fee and the APR is capped at 18% due to federal laws around how much interest credit unions can charge.

• Similar to other credit unions, you’ll have to become a member of Navy Federal in order to receive a loan.
• Unlike many lenders, Navy Federal does not charge borrowers an origination fee. However, if you’re late on payments, you may be charged a $29 late fee.
• At just $250, Navy Federal’s minimum loan limit may make this lender a good fit for consumers looking for a small personal loan.
• Other than its membership criteria, Navy Federal doesn’t offer up many details on how to qualify for a personal loan on its website, including what credit score you need.

If you can qualify for a personal loan with a co-borrower, OneMain Financial offers benefits including quick funding timelines and prequalification services.

Aside from offering joint applications, OneMain Financial also provides secured loans to borrowers who want to increase their chances of getting approved. With this lender, borrowers can put up a vehicle as collateral and potentially secure lower interest rates.

On the downside, however, OneMain Financial charges higher interest rates than other lenders that allow for cosigners (35.99%). With a OneMain Financial personal loan, you may also have to pay an origination fee that can range anywhere from 1.00% - 10.00%.

• OneMain Financial states that you could receive your funds within a day of applying for your personal loan.
• OneMain Financial doesn’t charge a prepayment fee.
• The interest rates that OneMain Financial offers are fairly high, with the lowest possible APR being 18.00%.
• OneMain Financial does charge origination fees for its personal loans (1.00% - 10.00%). These loans vary by state, so you’ll have to check with the bank when you’re applying.

Aside from allowing consumers to have a co-applicant, SoFi offers personal loan borrowers a plethora of perks, including no required fees. This means borrowers won’t have to worry about origination fees, prepayment penalties or even late fees. SoFi also gives borrowers the option to accept a small origination fee (0% to 6%) in exchange for a lower APR.

However, when seeking a loan with a co-applicant, there are a few things to bear in mind before applying with SoFi.

First of all, any co-applicants must live at the same address as you. Second, having a co-applicant can add at least a week to the application approval process. If you’re in need of quick cash, this may not be the best option for you.

SoFi also offers large loan amounts (up to $100,000), so if you’re in need of a large sum, this lender may be worth considering.

*While SoFi offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.

• Along with LightStream, SoFi offers one of the largest ranges of loan amounts you can borrow ($100,000).
• Unlike most lenders, SoFi can be fee-free. Aside from not charging a required origination fee (which would come out of your overall loan balance), borrowers won’t have to worry about late payment fees either. This isn’t to say, however, that you won’t be impacted by late payments.
• SoFi has a laundry list of ways you cannot use their loans, including the following: education expenses, business expenses, purchasing real estate or securities, making investments and short-term bridge financing.
• SoFi also offers a 0.25% discount for using autopay, which can help lower the overall cost of your loan.

Upgrade has a low minimum credit score of just 580, so applicants whose credit needs some work can still qualify for a loan. However, Upgrade has interest rates as high as 35.99%, and lower interest rates are typically reserved for borrowers with good credit.

To help offset these higher rates, consumers can apply with a co-applicant to secure lower interest rates, or they can take out a secured loan with Upgrade.

Borrowers will want to keep in mind that they may have to pay Upgrade an origination fee (1.85% - 9.99% of your loan amount) as well as late fees.

• While Upgrade doesn’t specify the amount, this lender offers a discount to borrowers who sign up for autopay.
• Unlike lenders that offer no-fee personal loans, Upgrade charges borrowers an origination fee — 1.85% - 9.99% of the total balance of your loan. Upgrade also charges late fees if monthly payments are more than 15 days late.
• Upgrade provides funds quickly to borrowers after they’ve been approved for a personal loan. You may receive your money within one business day after approval.