Best Personal Loans With a Cosigner in 2024

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

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Written by
Lauren Nicholson
Updated October 29, 2024

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Cosigner and co-borrower loans at a glance

Achieve: Best rate discounts for co-borrowers

(5,393)
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(5,393)
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8.99% - 35.99%

$5,000 - $50,000

24 to 60 months

1.99% - 6.99%

620

Pros
  • Save up to 5.5% on interest when you add a co-borrower
  • Qualify with fair credit
  • No penalties for paying off loan early
Cons
  • Charges upfront fee
  • Must borrow at least $5,000
  • Rates go up to 35.99%

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.

To learn more, read our full Achieve personal loan review.

How to qualify

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Achieve doesn’t shed much light into its borrower requirements. 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
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LightStream: Best co-borrower loans with low starting rates

(350)
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(350)
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7.49% - 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
  • Competitive rates
  • Doesn’t charge any fees
  • Same-day funding available
  • Borrow up to $100,000 (many lenders only offer up to $50,000)
Cons
  • Can’t check rates without impacting credit
  • Both applicants need good or excellent credit

What to know

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LightStream’s low starting rates for cosigned loans could help you save money on interest over the life of your loan. Plus, LightStream doesn’t charge any fees and offers some of the longest repayment periods and largest loans on the market.

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 offer prequalification, so if you want to see your potential rates, you’ll have to submit to a hard credit pull, which will take up to five points off your score.

To learn more, read our full LightStream personal loan review.

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

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

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8.99% - 18.00%

$250 - $50,000

Up to 60 months

None

Not specified

Pros
  • Low maximum interest rate of 18.00%
  • Borrow as little as $250
  • Get money in as soon as one day
Cons
  • Charges a $29 late fee
  • 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). Since Navy Federal’s APR is capped at 18% due to federal laws, you may get much lower rates there than with other online lenders.

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.

To learn more, read our full Navy Federal Credit Union personal loan review.

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
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OneMain Financial: Best secured loans with a co-borrower

(8,361)
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(8,361)
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18.00% - 35.99%

$1,500 - $20,000

24 to 60 months

1.00% - 10.00%

Not specified

Pros
  • Get better approval odds and lower rates with collateral
  • May receive funds within one business day of approval
  • No fee for paying off loan early
Cons
  • Rates go up to 35.99%
  • Charges an 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 want a personal loan with a co-borrower, OneMain Financial offers secured loans to further increase your chances of approval. OneMain allows you to put up a vehicle as collateral and potentially secure lower interest rates.

On the downside, however, OneMain Financial has higher interest rates than other lenders that allow for co-applicants. OneMain also charges a one-time loan processing fee called an origination fee of 1.00% - 10.00% of your loan amount or a $25 to $500 flat rate.

To learn more, read our full OneMain Financial personal loan review.

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
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SoFi: Best for fast online loans with a co-borrower

(97)
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(97)
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8.99% - 29.99% (with discounts)

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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros
  • No required fees
  • Same-day funding available
  • Provides a 0.25% autopay discount
  • Borrow up to $100,000 (other lenders only offer up to $50,000)
Cons
  • May need to pay upfront fee for lower rates
  • Having a co-applicant can lengthen the application process
  • Must borrow at least $5,000

What to know

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In addition to allowing you to apply with another person, SoFi offers perks like fast funding and no required fees. SoFi gives borrowers the option to pay a small upfront origination fee in exchange for a lower APR, which can help them save money in the long run.

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.

To learn more, read our full SoFi personal loan review.

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

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
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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.

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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. That said, both co-borrowers and cosigners are legally responsible for the repayment of 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.)

Cosigners and co-borrowers are both responsible for payment if the primary borrower misses payments or defaults on the loan.

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.
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How to apply for a personal loan with a cosigner

Applying for a personal loan with a cosigner isn’t much different than applying for one by yourself, though both applicants will need to provide personal information and the approval process may take a bit longer.

  1. Check your credit scores. Use a platform like LendingTree Spring to check and monitor your credit score. This will give you an idea of what kind of interest rates you’ll get and what lenders you’ll qualify with.
  2. Prepare documents. Lenders will want to verify your information after you apply, so preparing your documents ahead of time will help you speed up the application process. Both applicants may need to provide a government-issued identification (driver’s license, passport or birth certificate), proof of income (W-2s or pay stubs) and proof of residence (your rental or mortgage agreement).
  3. Compare lenders. Shopping around for a loan will help you get the lowest interest rates and fees. Before submitting an application, find out which lenders allow you to check your rates without damaging your credit by prequalifying for a loan.
  4. Apply. Once you find the lender that best fits your needs, you’ll formally apply and submit to a hard credit pull, which can temporarily lower your credit score. You can apply for a personal loan with a cosigner online directly on the lender’s website. Once you’re officially approved and you sign your loan contract, you’ll receive your loan in the form of a lump sum.
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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.