Your Best Options If You Need a Personal Loan With a Cosigner

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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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

lenders that accept personal loan cosigners

If you’re in the market for a personal loan but your credit isn’t great, you’re going to have a hard time getting approved. However, getting a personal with a cosigner could be a good option.

Personal loans are available through credit unions, banks, and online lenders, and the terms and conditions vary by institution. Here are some lenders that accept personal loan cosigners.

What’s a personal loan?

Getting a personal loan can help you cover costs when you don’t have money handy, regardless of the reason.

Personal loans are usually unsecured, which means they don’t require collatoral. Secured loans, on the other hand, such as mortgages and car loans, do require collateral.

If you don’t pay back a secured loan, lenders can seize your collateral, such as your house or car. If you don’t pay back an unsecured loan, your credit score will tank, and you’ll have a hard time getting a loan or line of credit in the future.

Why you might need a cosigner

Some personal loans are available if you have a bad credit score, but there’s no guarantee you’ll qualify. To increase your chances, you might consider getting a cosigner. A cosigner is someone who agrees to pay back your loan if you don’t.

If you pay back your loan on time and according to its terms, your credit score will go up, and so will your cosigner’s. But if you miss even one payment, both your credit scores will suffer.

It’s easier to get a loan with a cosigner if they have a good credit score and aren’t a risk to lenders. But be mindful that if you can’t keep up with your payments, your cosigner will be on the hook for the loan. This can hurt your relationship.

Lenders that accept personal loan cosigners

As you research your options, think about how much money you’ll need and how long it’ll take to pay it back. Get your paperwork in order. And before you apply, check your credit report. You can get it for free through websites such as Credit Karma and AnnualCreditReport.com.

Credit unions

A credit union is one of the best options for a personal loan. Because credit unions are local, nonprofit institutions, they might work with you if your credit isn’t great. They’re also more likely to offer leniency if you have a cosigner. Having a cosigner can lower your interest rate, which means you’ll end up paying less over the life of the loan.

Find a credit union near you from the National Credit Union Administration. Talk to local branch representatives to find out about their personal loan offers and whether they accept cosigners.

Online lenders

An online lender can be another great option, but not all lenders operate the same way. Online lenders vary in their terms and repayment options as well as their minimum FICO score requirements. So you might qualify for some loans and not others. Start by comparing personal loan lenders.

As you compare, you’ll find LendingClub, Citizens Bank, and FreedomPlus — all online lenders that accept cosigners. They all accept FICO scores under 700, with LendingClub accepting FICO scores as low as 600.

Here’s a list of some online lenders that accept cosigners for personal loans:

  • LendingClub
  • Citizens Bank
  • FreedomPlus
  • Backed
  • OneMain Financial
  • LightStream

Be sure to contact your preferred lender to see if it’s possible to get a personal loan with a cosigner.

Banks

Only a few banks offer unsecured personal loans, which is why banks generally shouldn’t be your first choice for getting a personal loan.

Wells Fargo is one of the largest banks that allows cosigners for personal loans. You don’t have to be a current banking customer to apply. Citibank is another major bank that accepts cosigners for personal loans.

Here are a few banks that offer personal loans with cosigners:

  • Wells Fargo
  • Citibank
  • PNC
  • TD Bank

Keep in mind that many banks require you to apply in person at a branch, while others allow you to apply online. Check with local banks near you, as requirements for applications and cosigners can vary by branch, bank, and state.

Be prepared for personal loans

While a personal loan can be used for anything, it’s important to do your research before you apply for one. Ask yourself why you need a personal loan and how much money you need. Find a personal loan lender that will take poor credit if yours isn’t up to par. This is helpful whether you have a cosigner or not.

Make sure you have all the documentation you need, including your tax returns and pay stubs, before applying. The more prepared you are before the application process begins, the easier it will be for you to secure a loan.

Whether you’re looking for lenders that accept personal loan cosigners or you’re on your own, remain mindful of everything involved in taking out a personal loan.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 5.950% APR to 14.740% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 18, 2018, 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 credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assumes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.