9
Best Personal Loans With A Co-Signer
Compare the Best Personal Loans With a Co-Signer
| COMPANY | FORBES ADVISOR RATING | MINIMUM CREDIT SCORE | APR RANGE | LEARN MORE |
|---|---|---|---|---|
|
680
|
8.74% to 24.99%
|
Via MoneyLion’s Website
| |
|
|
580
|
7.74% to 35.99%
|
Via Credible.com’s Website
| |
|
|
Not disclosed
|
8.99% to 17.99%
|
Via MoneyLion’s Website
| |
|
660
|
7.24% to 24.89%
|
Via Credible.com’s Website
| |
|
|
Does not disclose
|
6.99% to 35.49%*
|
Via Credible.com’s Website
| |
|
|
Not disclosed
|
10.24% to 18.51%
|
Compare rates from participating lenders via Forbes Advisor
| |
|
|
600
|
5.96% to 35.99%
|
Via Credible.com’s Website
| |
|
|
Does not disclose
|
6.99% to 27.19%
|
Via MoneyLion’s Website
| |
|
|
600
|
6.25% to 35.99%
|
Via MoneyLion’s Website
| |
|
660+
|
8.99% to 35.99%
|
Via Credible.com’s Website
|
Best Personal Loans With a Co-Signer: A Closer Look
Best for Extended Loan Terms
U.S. Bank
Loan amounts
$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers
Depends on the area you live in
APR range
8.74% to 24.99%
with autopay
Minimum Credit Score
680
$1,000 to $50,000 for existing U.S. Bank customers and up to $25,000 for new customers
Depends on the area you live in
8.74% to 24.99%
with autopay
680
We love that U.S. Bank offers loans with no origination fee and loan terms as long as 84 months. Borrowers can also qualify for a 0.50% discount for using autopay. However, you or your co-borrower will need strong credit, and a credit score over 800 is necessary to obtain the lowest interest rate.
- Does not charge origination, late payment or prepayment fees
- Direct payment to creditors is available
- Offers relationship banking benefits
- Offers both co-signer and co-borrower options
- Minimum credit score of 680 required
- No live chat support option
- Extended phone hours only (not available 24/7)
- Average 2-day funding timeline
Lender Details
Eligibility
- Minimum credit score: 680
- Co-signers/co-borrowers: Accepted
Funding Speed
You could get your loan within four business days after approval.
Best for Debt Consolidation
Upgrade
Loan amounts
$1,000 to $75,000
APR range
7.74% to 35.99%
Minimum Credit Score
580
$1,000 to $75,000
7.74% to 35.99%
580
We like that Upgrade accepts borrowers with fair credit and can directly pay loan funds to your creditors. However, flexible credit requirements come at a cost: Loans have an origination fee of 1.85% and 9.99%, and interest rates may be higher for borrowers with lower credit scores.
- Direct payment to creditors streamlines the consolidation process
- 24/7 live chat customer support available
- Offers both co-signer and co-borrower options
- Charges origination fees on consolidation loans
- High maximum loan APR ( 35.99%)
- Average 3-day funding timeline
Lender Details
Eligibility
- Minimum credit score: 580
- Co-signers/co-borrowers: Accepted
Funding Speed
Funding may occur within one business day of clearing verification.
Best for Small Loans
PenFed
Minimum Credit Score
Not disclosed
APR range
8.99% to 17.99%
Loan amounts
$600 to $50,000
Not disclosed
8.99% to 17.99%
$600 to $50,000
PenFed is a credit union anyone can join by making a $5 deposit into a PenFed checking or savings account. PenFed loans feature low interest rates and no origination fees. Since loan amounts start at just $600, PenFed may be an option if you need to borrow a small sum to bridge an immediate financial gap.
- Interest rate cap lower than many other lenders
- No origination fee
- Must become a member to qualify
- No discount for using autopay
Lender details
Eligibility
- Minimum credit score: Not disclosed
- Co-signers/co-borrowers: Yes
Funding Speed
Next-day funding may be available. The speed of funding may be longer or shorter depending on what time of day you apply for a loan.
Best for Excellent Credit
LightStream
Minimum Credit Score
660
APR range
7.24% to 24.89%
with autopay
Loan amounts
$5,000 to $100,000
660
7.24% to 24.89%
with autopay
$5,000 to $100,000
LightStream provides low interest rates and high loan amounts to borrowers with good to excellent credit. Loans have no origination fee, and same-day funding may be available. However, a downside is that, unlike many other lenders, LightStream doesn’t offer the option to prequalify to check rates without a hard credit check.
- Same-day funding possible
- Low interest rates
- No origination fee
- Need good or excellent credit
- No option to prequalify without a hard credit check
Loan details
Co-signer/co-borrower: Allows co-borrowers
*For borrower or co-borrower
Best for Borrower Rewards
SoFi®
Loan amounts
$5,000 to $100,000
APR range
6.99% to 35.49%*
with all discounts
Minimum Credit Score
Does not disclose
$5,000 to $100,000
6.99% to 35.49%*
with all discounts
Does not disclose
SoFi® offers large loans with multiple rate discount opportunities and no fees, including no origination fees or late fees. What’s more, SoFi® has a rewards program that lets members earn points by completing tasks, which can be redeemed toward paying off eligible loans.
- Offers comprehensive member benefits and perks
- Does not charge origination, late payment or prepayment fees
- Offers direct payment to creditors
- Loan amounts of up to $100,000
- Higher minimum loan amount ($5,000)
- Longer average funding time (4 days)
- High maximum loan APR ( 35.49%*)
- Live chat is limited to business hours
Lender Details
Eligibility
- Minimum credit score: Does not disclose
- Co-signers/co-borrowers: Co-borrowers accepted
Funding Speed
Funds should generally be available within a few days after signing the loan agreement.
Disclosures
*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 other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 06/03/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
*Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 06/03/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibilitycriteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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, income, and other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet.
Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
Best for Military Veterans, Active-Duty Servicemembers and Their Families
USAA
Minimum Credit Score
Not disclosed
APR range
10.24% to 18.51%
with autopay
Loan amounts
$2,500 to $100,000
Not disclosed
10.24% to 18.51%
with autopay
$2,500 to $100,000
USAA is a bank that serves military servicemembers, their families and certain federal employees. Personal loans feature no origination fees and have a low interest rate cap, but there’s no way to prequalify and check rates without a hard credit check.
- No origination fees
- Discounts for autopay
- Loans are limited to USAA members
- No option to prequalify without a hard credit check
Best for Fair Credit
Happen Bank
Loan amounts
$1,000 to $60,000
APR range
5.96% to 35.99%
Minimum Credit Score
600
$1,000 to $60,000
5.96% to 35.99%
600
Happen Bank offers personal loans with funding in as little as 24 hours after approval, making it a solid choice for borrowers who need quick funding. Strong credit isn’t necessary to qualify, but origination fees can go up to 8%.
- Low minimum APR compared to the alternatives ( 5.96%)
- Offers direct payment to creditors
- Offers a co-borrower option
- Live chat support is available
- Charges origination fees
- Higher maximum APR ( 35.99%)
- Lower maximum loan amount ( up to $60,000)
- No autopay discount available
Lender Details
Eligibility
- Minimum credit score: 600
- Co-signers/co-borrowers: Co-borrowers accepted
Funding Speed
Funding may occur within 24 hours.
Best for Short-Term Loans
PNC Bank
Loan amounts
$1,000 to $35,000
APR range
6.99% to 27.19%
Rates may vary by ZIP code
Minimum Credit Score
Does not disclose
$1,000 to $35,000
6.99% to 27.19%
Rates may vary by ZIP code
Does not disclose
PNC Bank personal loans have low rates and loan terms as short as six months. In comparison, loan terms at other lenders typically start at 12 months or more. PNC Bank loans are limited to 26 states and Washington, D.C. In addition, borrowers must be enrolled in PNC online banking to apply online.
- Non-customers can apply
- Customer support offered seven days a week
- Payment hardship assistance
- Not available in every state
- Payment flexibility not offered
- Low maximum borrowing amount
Best for Long-Term Savers
Achieve
Minimum Credit Score
600
APR range
6.25% to 35.99%
Loan amounts
$5,000 to $50,000
600
6.25% to 35.99%
$5,000 to $50,000
Achieve offers rate discounts to borrowers who set up autopay, use loan funds to consolidate existing debt or provide proof of sufficient retirement savings. Loan availability is limited to 26 states, and loans have an origination fee of 1.99% to 6.99%.
- No late fees or prepayment penalty fees
- Same-day funding available
- Multiple rate discount opportunities
- Origination fees
- No option to prequalify with a soft inquiry
- Only available in 26 states
Lender details
Eligibility
- Minimum credit score: 600
- Co-signers/co-borrowers: Yes
Funding Speed
Same-day funding may be available depending on what time of day your loan is approved.
Best for Limited Credit
Prosper
Loan amounts
$2,000 to $50,000
APR range
8.99% to 35.99%
Minimum Credit Score
660+
$2,000 to $50,000
8.99% to 35.99%
660+
Prosper offers loans with funding as soon as one business day. However, origination fees can be between 1% to 9.99%, and interest rates may also be high if you don’t have strong credit.
- Fast funding
- Limited credit accepted
- Origination fee from 1% to 9.99%1% to 9.99%
- No rate discounts for using autopay
*Disclosures
Terms presented, including APR and monthly payment amount, are estimated and created based on information entered by you and through analysis of historical data on loans through Prosper. Your eligibility for a loan and actual terms depend on the information you provide in your application, and other variables including, but not limited to, your credit score, Prosper Rating, loan amount, loan term, employment and income details, credit usage and history. Eligibility for personal loans up to $50,000 depends on a number of factors, including (but not limited to) your financial history, credit score, monthly income, and monthly expenses. Eligibility for personal loans is not guaranteed, and requires sufficient investor commitments to fund.
Personal loans through Prosper have an annual percentage rate (“APR”) of 8.99% to 35.99%, terms between two and five years, and an origination fee from 1% to 9.99%. For example, a three-year $10,000 personal loan with an interest rate of 9.38% and a 9.99% origination fee results in a 16.74% APR. You would receive $9,001.00 and make 36 scheduled monthly payments of $319.77. A five-year $10,000 personal loan with an interest rate of 11.14% and a 9.99% origination fee results in a 15.84% APR. You would receive $9,001.00 and make 60 scheduled monthly payments of $218.12. Whether you are eligible for a specific APR or loan term will depend on a number of factors, including (but not limited to) your current credit rating and information you provide in your application. The lowest rates are for the most creditworthy applicants. Your actual rate may differ.
You may receive your funds one business day following your acceptance of the loan offer, completion of all necessary verification steps and final approval. One business day funding is also dependent on your bank’s transaction processing speed.
All personal loans made by WebBank.
Most Popular is calculated from the number of times each affiliate product was selected by Forbes Advisor users over a six month time period.
Reasons To Use a Co-Signer
When you use a co-signer to apply for a loan, lenders consider their finances along with yours during the underwriting process. Using a co-signer can make sense when:
- You have poor credit
- You have no credit or limited credit
- You have unstable income
Their strong credit and consistent income can help you qualify for better loan terms.
Co-Borrower Vs. Co-Signer: What’s the Difference?
Lenders that allow co-borrowers on personal loans are more common than those that allow co-signers. There’s a subtle but key difference between the two applicant types.
Co-borrower and co-applicant
Co-signer
The co-signer is backing your loan and agreeing to be financially responsible if you default. A co-borrower is someone, like a partner or spouse, who applies for a loan jointly with you.
In both cases, a co-borrower’s and co-signer’s credit history and income on the application can qualify you for lower rates if they have good credit, which could save you money, especially if you want to use a personal loan to consolidate high-interest debt.
How To Qualify for a Loan With a Co-Signer or Co-Borrower
The best co-signers and co-borrowers have the following characteristics:
- Strong credit: Their credit score should be at least 670, and ideally above 700. That’s because borrowers with good or excellent credit qualify for the best personal loans.
- Consistent income: They should have a regular monthly income through employment or other income sources to show they’re capable of repaying your debt.
- Low debt-to-income (DTI) ratio: Ideally, they should have a DTI ratio below 36%, since this indicates they have manageable debt responsibilities compared to their income. However, lenders may allow a DTI as high as 50%.
Where To Get a Personal Loan With a Co-Signer or Co-Borrower
Below are some places where you may be able to apply for loans with another person.
- Banks: Online banks and major banks may accept co-borrowers and co-signers.
- Credit unions: Local and national credit unions may accept co-borrowers and co-signers on personal loans
- Online lenders: Alternative lenders that operate primarily online may allow co-signers or co-borrowers on personal loans.
Potential Risks of Using a Co-Signer
Using a co-signer is beneficial to the borrower, but it can pose a significant financial risk to the co-signer. If you stop repaying debt, missed payments can wreak havoc on the co-signer’s credit score, and they might have to start paying your debt to avoid further repercussions.
In the worst-case scenario, the lender could sue you and your co-signer for unpaid debt, and disputes over money could damage your relationships. That’s why it’s essential to keep up with payments if you use a co-signer.
How To Apply for a Loan With a Co-Signer or Co-Borrower
Applying for a personal loan with a co-signer or co-borrower is similar to applying for a personal loan without one. Below is an overview of the steps:
- Check rates. Review loan options from different lenders and try to prequalify for loans. Many lenders allow you to submit a preliminary prequalification application to check rates without it impacting your credit score.
- Add a co-signer or co-borrower to your application. Adding another person is often a straightforward process. After sharing your details, you need to provide their personal information, such as their Social Security number, email address and income.
- Compare rates and fees. Review the different rate and term offers you receive. Interest rates are typically expressed as an annual percentage rate (APR) and often capped at 36%. Additionally, lenders may charge origination fees of up to 12% to process your loan.
- Review loan terms. Personal loan terms of 12 to 84 months may be available. Review the costs and payments associated with each loan term to determine which one best suits your budget.
- Complete the loan application. After choosing a loan, complete the loan process, which may include a hard credit check for you and your co-borrower or co-signer. If approved, you’ll sign documents, and funds are typically direct deposited into a bank account of your choice.
Pros and Cons of Using a Co-Signer
Before using a co-signer to take out a personal loan, consider the pros and cons below.
Pros
- Improves chances of approval. When you have poor credit, fair credit or limited credit history, applying with a co-signer is a way to increase your approval odds.
- Lower your rates. Not only can a co-signer help you get approved, but applying with a co-signer or co-borrower with good or excellent credit can lower your borrowing costs.
Cons
- Missing payments can affect your co-signer. Any missed loan payments will show up on your co-signer’s or co-borrower’s credit report, which can impact their credit score.
- Finding a co-signer isn’t always easy. Because of co-signing risks, it may be hard to find someone who will agree to co-sign a loan if you have bad credit.
Alternatives to Using a Co-Signer
If you can’t find a co-signer or co-borrower, below are alternative solutions for borrowing:
- Consider a savings-secured loan. Credit unions and banks may offer secured loans backed by savings you have in a savings account or certificate of deposit (CD). Interest rates on these loans may be lower and easier to qualify for than unsecured loans because the cash in savings lowers the risk for the lender.
- Try a credit card. Credit cards may be another solution if you need to borrow money and can’t qualify for a personal loan. Some credit cards are designed for borrowers with fair credit or limited credit, although the interest rates may be high.
- Apply for bad credit loans. Certain lenders provide personal loans designed for borrowers with fair or poor credit, which can be easier to qualify for than other loans. However, beware that interest rates and origination fees may also be high.
- Borrow from someone you know. Instead of borrowing money from a lender, you could borrow money from someone you know to bridge a financial gap. Come up with an arrangement that you can both agree on, and ensure timely payments to avoid financial disputes.
Methodology
We reviewed 35 popular lenders based on 19 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan cost. 32%
- Eligibility and accessibility. 21%
- Loan details. 20%
- Customer experience. 16%
- Application process. 11%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated the availability of each provider’s customer support team.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Personal Loans Rating & Review Methodology.
Frequently Asked Questions (FAQs)
Is it easy to get a personal loan with a co-signer?
Having a co-signer with good credit or additional income might help you qualify for a personal loan when you can’t get one on your own. Most lenders that accept co-signers try to make the application process easy to navigate.
Can you get a loan with bad credit with a co-signer?
Depending on your situation, you may be able to qualify for a bad credit personal loan on your own. But if you’re unable to meet a lender’s qualification requirements or you want to secure a lower interest rate, a co-signer with good credit might help you overcome these obstacles.
What credit score does a co-signer need for a personal loan?
Lenders have different personal loan requirements when it comes to the credit score you need to qualify for financing. Many lenders want to see a minimum credit score of at least 600. But a score of at least 670 is considered to be a good credit score and may open more borrowing opportunities and lower interest rates.
What if I can’t repay my loan and I have a co-signer?
As much as it stings, if you can’t repay your loan, it’s best to reach out to your co-signer in advance and let them know. If you’re proactive in letting your co-signer know, it gives them a chance to make the payment for you and preserve their credit. If they find out in any other way, the damage may already have been done.
If you miss a payment, your lender may or may not reach out to your co-signer directly to make the payment. Often, lenders don’t reach out to the co-signer until you’ve already defaulted on the loan.
If you default on the loan, then your lender may sue you and/or your co-signer for the full amount, due immediately and in cash. Not only will that harm both of your credit reports, but it could ruin your relationship too.