Personal loans are fixed-interest loans that offer consistent monthly payments and flexible spending. You can use the funds for almost any expense. When you have a joint personal loan, you share the repayment responsibility with another person, your co-borrower. Both borrowers are equally responsible for repaying the loan payments, even if you intend for one […]
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Personal loans are fixed-interest loans that offer consistent monthly payments and flexible spending. You can use the funds for almost any expense. When you have a joint personal loan, you share the repayment responsibility with another person, your co-borrower.
Both borrowers are equally responsible for repaying the loan payments, even if you intend for one person to be the primary borrower.
Here’s how to get the best terms for a joint personal loan and find a top lender.
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If you apply with a qualified co-borrower, it can be easier to get approved for a personal loan. Your borrowing history, credit score, income, and debt affect your application and approval odds. When making decisions about joint loans, lenders consider both borrowers’ finances and credit scores.
Not all personal loan lenders allow co-borrowers, so working with a lender specializing in joint personal loans is essential. The following online lenders and banks offer joint personal loans for co-borrowers with different credit scores, ranging from excellent to fair.
Lender | Rates (APR) |
LightStream | 7.49% – 25.49% |
SoFi | 8.99% – 29.49% |
Upgrade | 8.49% – 35.99% |
Credible | 7.49% – 35.99% |
Editorial rating: 4.8 out of 5
LightStream could be an ideal choice for joint personal loans when both parties have strong credit profiles—ideally, FICO scores at or above 740. LightStream offers competitive interest rates and no fees, enhancing affordability for couples or partners.
The rate-beat program is beneficial for joint applicants, ensuring they receive the best possible rate. LightStream’s policies cater to those looking for a seamless and cost-effective joint loan experience, emphasizing its appeal to those with excellent credit seeking joint financing solutions.
LightStream doesn’t allow borrowers to prequalify with a soft credit check, which doesn’t affect their credit score, so we think this lender is best for borrowers who are confident they’ll be approved.
LendEDU rating: 5.0 out of 5
SoFi is a standout for joint borrowers with credit scores of at least 670. The absence of origination fees and prepayment penalties makes SoFi a more affordable option for joint loans.
The benefit of free financial counseling can help both borrowers manage their finances better together. SoFi’s comprehensive support and customer service make it a top choice for those seeking joint personal loans with a safety net.
LendEDU rating: 4.9 out of 5
Upgrade is accommodating for joint personal loans, especially when one or both applicants have FICO credit scores in the 580 to 669 range. The ability to apply with a cosigner increases the chances of approval and could help you secure a lower interest rate.
Upgrade’s quick funding time benefits joint borrowers needing prompt financial assistance. Its hardship plans also provide a layer of security, acknowledging the complexities of shared financial responsibilities in times of need.
LendEDU rating: 5.0 out of 5
Credible is an excellent marketplace for joint borrowers to explore their options without affecting their credit scores. It allows partners to compare rates and terms from several lenders, facilitating the search for the best joint personal loan tailored to their combined financial situation.
The ease of comparison and the number of choices make Credible a top pick for those seeking to apply for joint personal loans, providing a clear overview of what’s available in the market for their specific needs.
Joint personal loans have the same features as other personal loans: fixed interest rates, flexible fund usage, and consistent monthly payments for 24 to 72 months. The only difference is that joint personal loans have two borrowers, whereas most loans only have one.
Because joint personal loans have two borrowers, both can access the funds. They are also equally responsible for the monthly payments and the overall balance. If one borrower misses a payment, it can hurt both borrowers’ credit scores. Because it’s such a significant financial commitment, co-borrowers are often spouses or other close family members who plan to use the money for a joint expense.
Some personal loans allow cosigners, who are different from co-borrowers. If you apply with a cosigner with good credit, your chances of getting the loan can improve. The cosigner signs the loan documents, too, but their responsibility is different. The cosigner can’t access the funds and is only responsible for repayment if the primary borrower defaults on the loan.
When you apply with a co-borrower, the lender reviews information from both borrowers, including credit scores and incomes. So, the application can take a little longer to complete, and it’s helpful if you’re both ready to apply at the same time.
Here are the steps you need to take to apply for a joint personal loan.
Here are some of the most critical factors to consider as you search for the best joint personal loan.
Joint personal loans can be a helpful way to borrow money for shared expenses or goals. But these loans are not always the right option. Here’s how to decide whether a joint personal loan is right for you.
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You need help qualifying | You can qualify on your own |
You want better terms or rates | You have good or excellent credit |
You want to repay the loan together | You do not have a trustworthy co-borrower |
You have a shared expense | You have a solo expense |
Joint personal loans are helpful because you share the burden of the loan—applying, qualifying, and repaying—with another person. It’s a solid option if you have a qualified co-borrower and need help getting a loan or want better terms.
It also makes sense if you plan to use the funds for a shared expense or endeavor. Both borrowers’ access to the money makes it easier to spend and manage the loan.
Joint personal loans are often unnecessary if you can qualify for a competitive rate and terms on your own. Even if you and your spouse plan to use the money for joint expenses, you might not need to be co-borrowers if you can qualify independently.
Borrowing money with another person is a huge commitment. If you don’t have a trustworthy co-borrower, it’s not worth the risk. If your co-borrower misses a payment or pays late, it can harm your credit score and finances.
Lender | Rates (APR) |
LightStream | 7.49% – 25.49% |
SoFi | 8.99% – 29.49% |
Upgrade | 8.49% – 35.99% |
Credible | 7.49% – 35.99% |
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