Best Personal Loans With a Cosigner in 2025

Improve your odds of getting a loan by adding a cosigner with good credit

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Written by
Lauren Nicholson
Updated January 14, 2025

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Cosigner and co-borrower loans at a glance

Achieve: Best rate discounts for co-borrowers

(5,491)
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Ratings and reviews are from real consumers who have used the lending partner’s services.

(5,491)
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Ratings and reviews are from real consumers who have used the lending partner’s services.

8.99% - 29.99%

$5,000 - $50,000

24 to 60 months

1.99% - 8.99%

620

Pros
  • Save up to 5.5% on interest when you add a co-borrower
  • Qualify with fair credit
  • Can get an APR discount if you have a healthy retirement account
Cons
  • Will keep 1.99% - 8.99% of your loan as an origination fee
  • Must borrow at least $5,000
  • Might pay an interest rate as high as 29.99% if you have so-so credit

What to know

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If you’re already planning to apply for a loan with a co-applicant, you might as well get a discount — and with Achieve’s co-borrower discount, you can save up to 5.5% on your APR. Achieve also offers discounts for allowing Achieve to pay your creditors directly and for having money in retirement accounts.

You won’t be on the hook for prepayment penalties in case you’re able to make early loan payments, but you will need to pay an upfront loan processing fee called an origination fee to take out a loan with Achieve.

How to qualify

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Other than a credit score of at least 620, Achieve may ask you to provide the following documents and information:

  • Proof of income
  • Social Security number
  • Government-issued ID
  • Employment status
See Personalized Results Read Our Expert Review

LightStream: Best co-borrower loans with low starting rates

(363)
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(363)
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Ratings and reviews are from real consumers who have used the lending partner’s services.

6.94% - 25.29% (with discounts)

$5,000 - $100,000

24 to 84 months

Loan Term Disclosure

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 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 $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 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.

None

Not specified

Pros
  • Low rates for excellent credit
  • Doesn’t charge any fees
  • Can get your loan the same day that you apply
  • Borrow up to $100,000 (many lenders only offer up to $50,000)
Cons
  • Can’t check rates without taking a ding to your credit
  • Both you and your co-borrower need good or excellent credit

What to know

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LightStream rewards borrowers (and co-borrowers) with good to excellent credit by offering ultra-low rates. Starting at just 6.94%, this online lender has some of the best rates on the market. It also offers same-day funding and its loans have no fees.

While LightStream currently has the most competitive rates on our list, both co-applicants will need at least good credit to qualify. LightStream doesn’t let you prequalify for a personal loan. If you want to see your potential rates, you’ll have to submit to a hard credit pull, which can take up to five points off your score.

How to qualify

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LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and the ability to handle paying their current debt obligations
  • Savings, whether in a bank account, investment account or retirement account
See Personalized Results Read Our Expert Review

Navy Federal Credit Union: Best co-borrower loans for military members

User ratings coming soon
User ratings coming soon

8.99% - 18.00%

$250 - $50,000

Up to 60 months

None

Not specified

Pros
  • Rates cap out at 18.00%, even if you just barely qualify
  • Borrow as little as $250
  • Get money in as soon as the same day
Cons
  • Charges a $29 late fee (high for a personal loan)
  • Must have military connection to be eligible
  • Need to join credit union to get a loan

What to know

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If you’re affiliated with the military, it’s worth your time to check your loan rates with Navy Federal Credit Union (NFCU). Per law, federal credit unions can’t charge rates that are higher than 18.00%. That means you might get lower rates there than with other online lenders. Loans also start at $250, making it perfect if you need a small loan (assuming you qualify).

While Navy Federal Credit Union does allow you to apply for a personal loan with a co-applicant, you will have to become a member in order to get a loan. Also note that if you’re late on payments, Navy Federal will charge a $29 late fee.

How to qualify

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NFCU is only available to:

  • Active-duty members of the military (regardless of branch)
  • Veterans, retirees and annuitants
  • Those in the Delayed Entry Program (DEP)
  • DoD Officer Candidates and ROTC
  • DoD Reservists
  • Immediate family of military members, as well as household members

You’ll also need to meet the following requirements:

  • Administrative: Provide your Social Security number, home address, credit card or bank account number and a form of government identification
  • Membership: Create a Membership Savings Account and maintain a $5 balance in order to join the credit union
    • See Personalized Results Read Our Expert Review

    OneMain Financial: Best co-borrower loans for bad credit

    (8,453)
    User Ratings & Reviews rating-reviews-tooltip-icon

    Ratings and reviews are from real consumers who have used the lending partner’s services.

    (8,453)
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    Ratings and reviews are from real consumers who have used the lending partner’s services.

    18.00% - 35.99%

    $1,500 - $20,000

    24 to 60 months

    $25 to $500, or 1.00% - 10.00%

    500

    Pros
    • Accepts credit scores as low as 500
    • Using your car as collateral can help you get approved or get lower rates
    • Can get your loan within an hour of approval if you get it loaded onto a debit card
    Cons
    • Although you can qualify with bad credit, rates are expensive
    • Could get charged a high origination fee
    • Can only borrow up to $20,000 (other lenders offer up to $50,000-$100,000)

    What to know

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    If you have bad credit and want a personal loan with a co-borrower, OneMain Financial might be the solution. You only need a credit score of at least 500 to qualify. Plus, it offers secured loans, which are loans that require collateral. In OneMain’s instance, collateral is your car. Secured loans are typically easier to qualify for, and can come with lower rates.

    However, if you have good credit, OneMain won’t be a good fit. Its minimum APR is 35.99%, much higher than many lenders (probably because OneMain specializes in bad credit loans).

    How to qualify

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    When you apply for a loan from OneMain Financial, it will ask for:

    • A valid government-issued ID
    • Your Social Security card
    • Proof of residence, such as your driver’s license (if your address is up to date) or a utility bill
    • Proof of income, like pay stubs or tax returns
    See Personalized Results Read Our Expert Review

    SoFi: Best for co-borrower loans for good credit

    (97)
    User Ratings & Reviews rating-reviews-tooltip-icon

    Ratings and reviews are from real consumers who have used the lending partner’s services.

    (97)
    User Ratings & Reviews rating-reviews-tooltip-icon

    Ratings and reviews are from real consumers who have used the lending partner’s services.

    8.99% - 29.99% (with discounts)

    SoFi Pricing Disclosure

    Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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.

    Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

    $5,000 - $100,000

    24 to 84 months

    0.00% - 7.00% (optional)

    680

    Pros
    • Free financial planning available
    • Customer service is available via live chat, seven days a week
    • Provides a 0.25% discount for autopay and direct pay
    • Borrow up to $100,000 (other lenders only offer up to $50,000)
    Cons
    • Asks for an optional origination fee in exchange for a lower rate
    • Having a co-applicant can lengthen the application process
    • Must borrow at least $5,000

    What to know

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    SoFi is a solid lender if you have at least good credit. It offers unique benefits like free financial planning, which can help you retool your budget, create an investment strategy and more. It also offers a 0.25% discount if you sign up for autopay, with an additional 0.25% if you let SoFi pay your creditors directly with a debt consolidation loan.

    Keep in mind that applying with a co-borrower can add a week or two to the loan approval process. And if you’re looking for a small loan, consider another lender — SoFi loans start at $5,000.

    Under most circumstances, SoFi offers same-day loans. However, depending on their credit history, including a co-borrower on your application can add a week or two to the approval process. Also, SoFi may ask for an origination fee (0.00% - 7.00%) in exchange for a lower rate. Be sure to ask for offers that do and don’t include the fee to see which option works best in your favor.

    How to qualify

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    You must meet the requirements below in order to get a loan from SoFi:

    • Age: Be the age of majority in your state (typically 18)
    • Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
    • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
    • Credit score: 680+
    See Personalized Results Read Our Expert Review
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    Trustpilot

    What is a cosigner?

    A cosigner is a second person who signs a loan agreement, taking equal legal responsibility for repaying the loan.

    Getting a personal loan with a cosigner can make it much easier for the original borrower to qualify for a loan. Lenders take on less risk when two people agree to be responsible for repaying a loan, especially when the cosigner has good or excellent credit.

    If the original borrower can’t pay back the loan, the lender can collect payment from the cosigner.

    On this page

    Cosigner vs. co-borrower

    The terms cosigner and co-borrower are sometimes used interchangeably, but there are important legal distinctions to keep in mind.

    Co-borrowers have the right to access the borrowed money, while a cosigner does not. However, cosigners and co-borrowers are both responsible for payments, which means both borrowers’ credit is on the line if either misses payments or defaults on the loan.

    CosignerCo-borrower
    Can’t access or withdraw money from the loan (example: Parent cosigners don’t have the right to access student loan money marked for their child’s school expenses.)Has equal right to loan money (example: If you and your spouse take out a home improvement loan to pay for a kitchen remodel, you can both legally access the funds at any time.)

    What are the risks of using a cosigner?

    Before you decide to cosign a personal loan, it’s important to evaluate the downsides. Here’s what you need to know about the risks of using a co-applicant on a loan:

    • Damage to credit. Each applicant is legally responsible for the loan, so missing payments or going into default will hurt the credit of both parties.
    • Legal consequences. If you stop making payments, your debt will eventually go to collections and one or both of you could be sued by a debt collector.
    • Hard credit pull. Lenders typically run a hard credit inquiry when you apply for a loan. This can cause a small, temporary dip in the credit scores of both the original borrower and the cosigner.
    • Harder to qualify for future loans or credit. Cosigning a loan can increase your debt-to-income ratio, which may make it difficult to take out more credit until the cosigned loan is paid off.
    • Strained relationship. If you have trouble repaying a loan, financial repercussions may not be the only fallout. Your relationship with your co-applicant may suffer as well.

    How to compare personal loans if you have a cosigner

    Applying for a personal loan with a cosigner comes with additional hoops to jump through. Here’s what you should consider before applying with a cosigner:

    • Cosigner qualifications: Most lenders require that both applicants meet their minimum eligibility requirements. Lenders will consider factors like income, credit score and credit history. Some lenders may even require that co-applicants live at the same address.
    • Application timeline: Using a cosigner or co-borrower may add extra time to the personal loan application process, since the lender will be evaluating two applicants instead of just one.
    • Cosigner release: Lenders may allow you to release your cosigner from your loan contract after a certain period of time and a history of on-time payments. If your lender doesn’t offer cosigner release, consider refinancing your loan instead.
    • Interest rates, terms, fees and amounts: A LendingTree study showed that borrowers saved up to $3,138 by getting six or more loan offers and choosing the one with the best terms and lowest rates. You can get offers from up to five lenders by filling out one form with LendingTree.

    How to use LendingTree to find a personal loan with a cosigner

    Check your credit.

    Get your credit score for free with LendingTree Spring. We’ll need this info to personalize your loan offers.

    Tell us what you need.

    Find your lowest rate by tapping into America’s largest network of lenders. You could have multiple offers in minutes, with no impact to your credit score.

    Compare and win.

    See what loans you could qualify for and which have the strongest approval odds. When you’re ready to borrow, we’ll be there every step of the way.

    See Personalized Results

    How we chose the best personal loans with cosigners

    We reviewed more than 30 lenders that offer personal loans to determine the overall best five lenders for cosigner loans. To make our list, lenders must allow co-applications and have competitive APRs. From there, we prioritize lenders based on the following factors:

    • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
    • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
    • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

    According to our systematic rating and review process, the best personal loans with a cosigner come from Achieve, LightStream, Navy Federal Credit Union, OneMain Financial and SoFi. LendingTree reviews and fact-checks our top lender picks on a monthly basis.

    Frequently asked questions

    Credit score requirements vary from lender to lender, but in general, it’s wise to have a cosigner with a credit score of 670 or higher. This can make it easier not only to get approved for a personal loan but also to receive better offers that can save you money and offer you financial flexibility.

    Yes. Adding a creditworthy co-applicant increases your odds of approval and lowers the lender’s risk, since the lender can hold two people accountable for repayment instead of just one. If your cosigner has good credit and a reliable credit history, this can further boost your odds.

    Consider getting a personal loan with a cosigner if you want:
     

    • Better approval odds
    • A large loan
    • Lower interest rates

    Note that your cosigner will need good or excellent credit to help you achieve these goals.

    Missing payments on a personal loan that you take out with a cosigner will damage both your credit score and your cosigner’s.
     
    If neither of you make payments, your lender will eventually send your loan to a collection agency. The agency will attempt to collect payment and sue one or both of you if you don’t pay.