Best Personal Loans That Allow for a Cosigner

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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When you are facing a crisis or feeling swallowed by debt, a personal loan may help you pay off bills, get out of a hard financial situation, or pay for much-needed home repairs. However, unless you have a good credit score, many lenders may not approve your loan application.

In these situations, some lenders will allow a cosigner to become involved. This person, who often is a close friend or family member, offers their assets and financial information on the loan application so that you can qualify. However, they also are liable if you default on the loan, so it’s vital that you are sure you can make payments in full and on time.

If you are interested in exploring personal loans that allow for cosigners, you may consider these potential lenders and resources.

LendingTree

LendingTree’s personal loan tool can give you an idea of what kind of loan you qualify for, providing a list of personal loan options from lenders based on your creditworthiness. (Disclosure: Student Loan Hero is an affiliate of LendingTree.) If you don’t qualify for a loan or are interested in loans with better terms, your potential cosigner also can enter their information for a new set of loan options.

LightStream

LightStream allows potential borrowers to apply for loans with a joint applicant, who can be a spouse, domestic partner or other individual. Applicants with a poor financial history can rely on the income or assets of the joint applicant, or cosigner, to qualify for a loan.

Personal loans, which LightStream allows applicants to use for “almost anything,” range from $5,000 to $100,000. The company is clear that loans only are awarded to applicants with good credit, but bringing a cosigner into the equation can make that achievable.

 

 

 

 

 

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 3.99%
To
19.99%
*
Credit Req.Not specified
Terms24 to 144 *Months
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

LightStream Disclosures

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your 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 may be 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

With few exceptions, LightStream loans can be used for almost any financial need. That means you can pay for a wedding, repair a house, consolidate debt or buy a boat with your loan, as long as you specify the use on your loan application. LightStream loans may not be used to finance an existing LightStream loan, pay for college or related educational expenses, or finance loans used for those purposes. LightStream also doesn’t lend to businesses.

LightStream offers low interest rates on personal loans, with APRs ranging from 3.99% – 19.99% with terms between 24 to 144 months. However, the lender is clear that applicants or cosigners must have good credit. While LightStream doesn’t specify what that means, a credit score above 700 generally is considered good.

Pros

  • No fees
  • Low, fixed interest rates
  • Guarantees $100 to borrowers who aren’t satisfied with their loan experience
  • Same-day loan funding

Cons

  • Good to excellent credit score required
  • Application triggers a Hard Pull on credit score

LightStream is an excellent choice for applicants or cosigners with a good credit score and solid credit history. With a qualified cosigner, applicants who don’t have outstanding credit can receive a low-interest, no-fee loan they can use for almost anything.

LendingClub

LendingClub offers personal loans up to $40,000 and a quick, online application process. This lender was one of the first to implement peer-to-peer lending, which means that it connects loan applicants directly with individuals or institutions that are interested in lending the money. Without a bank as a middleman, this process saves money and allows LendingClub to offer lower rates.

When you apply for a loan through LendingClub, the lender may recommend that you add a co-borrower to your application to qualify for the loan. A joint application will increase your chances for approval.

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 10.68%
To
35.89%
Credit Req.Not Specified
Terms36 or 60Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

The LendingClub loan application process takes about seven days, and it can be completed online — even from your phone. APRs range from 10.68% to 35.89% for loans of either 36 or 60 months, and applicants who typically get the lowest rates have high credit scores, a long history of credit with “significant successful credit lines,” and a low percentage of outstanding debt compared to income.

Applicants applying with a cosigner should select “joint” for their application type, and they then will be prompted to enter information about themselves and their cosigner — including both people’s Social Security numbers.

Pros

  • Only a Soft Pull of your credit score is required to determine loan eligibility
  • Fixed monthly payments
  • Fixed interest rates
  • No prepayment penalties
  • No application fee

Cons

  • Applications not accepted from residents of Iowa, Guam or Puerto Rico
  • Loan process usually takes seven days or more
  • One-time origination fee of between 2.00% - 6.00% deducted from the loan when it is issued

LendingClub will help you determine whether you need a cosigners and offers an easy way to add a joint applicant to your loan during its online loan application process. While the APRs can be high for applicants with less-than-stellar credit, with a cosigner you could be eligible for much better rates and terms.

Santander Bank, N.A

If you’d like the option to apply for a personal loan in person rather than online (and you live in the Northeast), Santander Bank is one of few brick-and-mortar financial institutions that offer cosigned loans. Santander Bank provides loans between $5,000 and $50,000 that can be used for anything from debt consolidation to emergency car repairs. These loans, however, cannot be used for secondary-educational purposes.

You can start your application online, but you’ll need to complete your paperwork at one of Santander Bank’s 600 branches. When you apply for a personal loan, you’ll be offered the option to apply with a cosigner.

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.99%
To
16.99%
Credit Req.Not specified
Terms2 to 5Years
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure website

Santander offers relatively low APRs, ranging from 6.99% – 16.99%, depending on how creditworthy the applicant is, with terms from 24 to 60 months. To apply, you’ll need your Social Security number, employment information and income information.

While Santander doesn’t offer details about the credit score required to get a personal loan, its website states that successful loan applications have the “highest credit standards.”

Pros

  • Fixed, low APRs and monthly payments
  • No annual application fee, annual fee or prepayment fee

Cons

  • Applicants must live in Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont or Washington, D.C.
  • High credit score required for applicant or cosigner

Because of its low APRs and cosigner policy, Santander could be an excellent source for a loan if you live in the Northeast and may not qualify on your own.

First Midwest Bank

First Midwest Bank offers low APRs, a quick turnaround on loan applications, and an easy application process. While this bank is based in Chicago and serves consumers at more than 100 branch offices in the region, it also offers loans to borrowers online in 26 states.

First Midwest Bank provides loans for between $5,000 – $25,000 with APRs ranging from 8.12% – 17.51%. When you fill out an online application, you can select a “joint” loan and apply with a cosigner.

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 8.12%
To
17.51%
Credit Req.620Minimum Credit Score
TermsNot specifiedYears
Origination FeeNot specified

See Offers Secureon Lendingtree's secure website

To apply with a cosigner, you must submit a joint application, and the applicants whose financial information will go on the loan should have a good credit score, at least five years of credit history with no repossessions, bankruptcies, foreclosures, or other significant credit issues. You also may be asked to submit proof of employment or income.

Pros

  • Low APRs
  • Application decision within 24 hours of applying
  • Fixed rates
  • Flexible payment terms

Cons

  • $100 documentation fee
  • Only residents of certain states qualify

For residents of this bank’s service area, First Midwest Bank is an excellent source for personal loans with a low APR. Its 24-hour turnaround on loan applications will let you know almost immediately whether you or your cosigner qualified.

OneMain Financial

While OneMain Financial doesn’t offer competitively low APRs compared to many personal loan lenders, it does approve loans for applicants with lower credit scores and allows loans with cosigners. Applicants are required to state the purpose of the loan when they apply, and FirstMain personal loans cannot be used for college expenses, business purposes, purchasing securities or gambling.

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 18.00%
To
35.99%
Credit Req.Not specified
Terms24-60Months
Origination FeeVaries

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

OneMain Financial Disclosures

Not all applicants will qualify for larger loan amounts or most favorable loan terms.  Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral).  Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance.  Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions.  APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount.  Flat fee amounts vary by state, ranging from $25 to $400.  Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan.  OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
 
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
 
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain Financial lays out instructions for cosigners, including spouses of applicants. When their information is used for loan qualification, they must provide details about their assets and income. Married people, however, can apply as individuals using their own financial information, and their spouse’s financial information will not be considered.

The lender approves loans between $1,500 and $20,000 with APRs ranging from 18.00% and 35.99%. Terms are for 24 to 60 months.

Pros

  • Fixed APR
  • Fixed payments
  • Applications accepted online and at branches

Cons

  • High APRs
  • Borrowers with good credit could get a better deal with another lender
  • Loan size is restricted to residents of some states, primarily in the South and East Coast

If you struggle to find a cosigner with a strong credit score, OneMain Financial is a good option for getting a personal loan. While the lender’s interest rates are high, especially for those with bad credit, OneMain remains one of the few options where you can get a loan.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 19.16%1 $5,000 to $100,000
8.69% – 35.99% $1,000 to $50,000
7.99% – 35.97%* $1,000 to $35,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.82% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. 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.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. 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. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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