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While there are many lenders out there offering personal loans, not every lender lets you apply with a co-borrower. Applying with a co-applicant could make sense if you’re married and want to share debt obligations with your spouse, or if you want to meet a lender’s credit requirements and access better interest rates.
If a joint loan application is right for you, check out our recommendations for the best joint personal loans, based on interest rates, loan amounts, repayment terms, credit requirements, and other loan features.
Best Joint Personal Loans of 2023
| Company | APR | Credit Score est. | Loan Amount | More Details | |
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Keep in mind that a co-borrower is not the same as a co-signer. While a co-signer is expected to make payments if you (the primary borrower) fall behind, a co-borrower is equally responsible for the debt from the get-go. Make sure you and your co-borrower are on the same page before taking out a personal loan together. Otherwise, check out our picks for the best overall personal loans.
Best Overall : SoFi
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- APR Range: 8.99% - 23.43%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
Fast funding
Low rates
High loan amounts
Various benefits, including unemployment protection
High credit score requirement
Doesn’t pay off creditors directly for debt consolidation
Doesn’t accept co-signers (only co-borrowers)
Online lending platform SoFi tops our list of the best joint personal loan companies thanks to its fast funding, high loan amounts, and borrower benefits. SoFi offers personal loans up to $100,000 with terms spanning two to seven years. It has a fairly hefty credit score requirement of 680 or higher, but creditworthy borrowers could access competitive rates starting at 8.99%.
While it accepts co-borrowers on personal loans, SoFi requires that you and your co-borrower share the same address. It doesn’t allow co-signers on personal loans.
SoFi doesn’t charge origination, late, or prepayment penalties, and it can fund your loan in as little as one or two days. Large loan amounts, however, may take a few days to process.
SoFi borrowers also get access to a slew of member benefits, including unemployment protection, career coaching, and estate planning. One downside of this lender, however, is that it doesn’t pay off your creditors directly for debt consolidation.
When borrowing a SoFi personal loan, you’ll have to meet the following criteria:
- Have a minimum FICO credit score of 680
- Make a minimum annual income of $45,000
- Live at the same address as your co-borrower
SoFi personal loans are available in all 50 states and Washington, D.C. You can use them for almost any lawful purpose, except for higher education or business expenses.
Best Credit Union : PenFed Credit Union
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- APR Range: 7.74% - 17.99%
- Loan Amount: $600 - $50,000
- Loan Terms: 12 months - 60 months
Offers small loan amounts
Funds may be available the next day
No origination fees
Membership open to all
Charges late fees
Requires membership to borrow
PenFed is a credit union that funds personal loans in all 50 states and Washington, D.C. It may be a good fit if you’re looking for a small loan, as it offers personal loans starting at $600.
PenFed doesn’t charge origination fees, though it does levy a fee of $29 for late payments. If you opt for direct deposit, PenFed could deposit your loan into your bank account as soon as the next day after you’re approved.
This credit union offers protections in the event of unemployment or natural disaster. If you pay your loan from a PenFed account, you also have the option of changing your payment due date.
While you don’t need to be a PenFed member to apply for a joint personal loan, you will need to become a member to actually complete the application and borrow the money. According to the credit union, joining only takes a few minutes and is open to everyone, with no military affiliation required.
Along with becoming a PenFed member, you’ll also need to have a minimum credit score of 650. PenFed lets you check your rates online with a soft credit check, so you can see if you’re eligible for a joint personal loan with no impact on your credit.
Best for U.S. Bank Customers : U.S. Bank
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- APR Range: 8.74% - 21.24%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 12 months - 84 months
No origination fees
Interest rate discounts
Loan terms of up to 7 years
Lower loan limits if you’re not a U.S. Bank customer
Limitations on larger loan amounts
Only operates in 27 states
U.S. Bank provides some of the best personal loans for joint applicants—if you’re already a U.S. Bank customer, that is. That’s because the bank offers personal loans up to $50,000 to existing customers, but it limits the maximum loan amount to $25,000 for non-customers.
Either way, you can choose loan terms between one and five years and get a 0.50% discount on your interest rate if you set up autopay. Borrowers with credit scores above 800 can score an additional 1% discount on their interest rate.
U.S. Bank doesn’t charge origination fees, but it does levy a $10 charge for late payments. You can check your rates online through pre-qualification with no impact on your credit score.
You’ll need a credit score of 660 to qualify for a U.S. Bank joint personal loan. The bank has branches in 26 states.
Larger U.S. Bank personal loans of up to $50,000 can only be used for debt consolidation, a major purchase, or home improvement. The bank’s personal loans can’t be used on education expenses.
Best for Bad Credit : Upgrade
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- APR Range: 8.24% - 35.97%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 24 months - 84 months
Accepts credit scores starting at 560
Will pay creditors directly for debt consolidation
Offers loan terms as long as seven years
Charges origination fees, late fees, and insufficient funds fees
Highest APR is nearly 36%
If you and your joint applicant don’t have very good credit, Upgrade could be a good choice. It accepts credit scores starting at 560, but doesn’t rely on your credit score alone. The lender also reviews your income and cash when evaluating your loan application.
You can borrow up to $50,000 and choose loan terms of two to seven years. Upgrade charges an origination fee on its personal loans, which amounts to 1.85% to 8.99% of your loan amount. It also charges a fee of $10 for late payments and insufficient funds.
If you want to borrow from Upgrade, you can kick off the process by checking your rates with a soft credit check. Setting up autopay on your loan will get you a 0.50% interest rate discount.
You’ll be able to manage your loan online or through Upgrade’s mobile app. You can also access Upgrade’s Credit Health tool if you want to monitor your credit.
Upgrade reviews various aspects of your finances when considering you for a loan, including your credit history, income, and cash flow. It requires a credit score of 620 to qualify for a loan.
At this time, Upgrade’s joint personal loans are available in all 50 states, but not Washington, D.C. You can use an Upgrade loan for almost any purpose except for gambling, investing, or college expenses, including tuition and room and board.
Best for Low Interest Rates : LightStream
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- APR Range: 7.99% - 25.99%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 120 months
Competitive interest rates
Large loan amounts
Long repayment terms
Can’t pre-qualify for a loan
Can’t use loan to refinance an existing LightStream loan
LightStream offers competitive interest rates starting at just 5.99% APR for general personal loans (rates for vehicle-related loans may be even lower). Thanks to its rate beat program, LightStream will beat a competing offer’s rate by 0.1%. This online lender also offers a 30-day loan experience guarantee, allowing you to return your funds if you change your mind.
LightStream offers fast funding, sometimes disbursing funds the same day you apply. It also offers high loan amounts, up to $100,000, with terms that can span as long as 10 years.
Unfortunately, LightStream doesn’t let you pre-qualify for a loan with a soft credit check. You and your co-borrower will need to submit a full application to see your loan offers.
LightStream personal loans are available in all 50 states and Washington, D.C. You must have a credit score of 660 or higher to qualify.
You must use the loan for the purpose you indicated when you submitted your application. Other than that, LightStream says you can use the funds for any purpose you want, except for investments, education, and refinancing an existing LightStream loan.
Best for Military Members : Navy Federal Credit Union
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- APR Range: 7.49% - 18.00%
- Loan Amount: $250 - $50,000
- Loan Terms: 6 months - 180 months
Offers small loan amounts
Flexible repayment terms
No origination fees
Must be a member to borrow
Pre-qualification not available
Charges late fees of $29
Navy Federal Credit Union offers personal loans as small as $250 to credit union members. To join this credit union, you’ll need to have a military affiliation or be a Department of Defense civilian.
This credit union offers flexible terms spanning anywhere from 6 months to 15 years (a wider range than most lenders). Loan terms, however, will vary by loan purpose. The terms you can get on a debt consolidation loan, for instance, may be different from those on a home improvement loan.
Navy Federal Credit Union doesn’t give you the option of pre-qualifying online, so you’ll need to submit a full application to see your loan offers. You won’t have to pay any origination fees on your loan, but late payments are subject to a fee of $29.
Navy Federal Credit Union offers joint personal loans in all 50 states and Washington, D.C.—but you must be a credit union member to borrow. To qualify for membership, you must be one of the following:
- Active duty military, retired, or a veteran, or the family member of someone who is
- Department of Defense civilian
- The child or grandchild of a Navy Federal Credit Union member
While Navy Federal Credit Union doesn’t disclose its credit or income requirements for personal loans, it will review your credit and finances to determine whether you qualify.
Compare the Best Joint Personal Loans of 2023
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Final Verdict
If you’re looking to apply for a joint personal loan with a co-borrower, there are a number of lenders to choose from. SoFi tops our list of the best joint personal loans, thanks to its high loan amounts, fast funding, and competitive rates.
However, it has a fairly hefty credit score requirement of 680, making its loans out of reach for some borrowers. If you’re looking for more flexible borrowing criteria, consider an alternative lender like Upgrade.
Haven’t yet made a decision? Whether you’re applying with a co-borrower or not, it’s always a good idea to pre-qualify with multiple lenders whenever possible. Try a few more lenders with our picks for the best overall personal loans; some allow co-borrowers, while others only allow co-signers or individual borrowers.
Guide to Choosing the Best Joint Personal Loans
Joint Loan vs. Individual Loan
Joint personal loans are different from individual loans, since both borrowers share the debt. When you apply with a joint applicant, both you and your co-borrower are responsible for paying back the loan. Plus, the loan will show up on the credit reports of each borrower.
When you submit a joint application, the lender reviews your and your co-applicant’s information. It reviews both of your credit histories, incomes, debt-to-income ratios, and other financial factors. That’s why adding a co-borrower to your application can boost your creditworthiness if you’re having trouble qualifying on your own.
Factors to Consider When Taking Out a Joint Personal Loan
Before taking out a joint personal loan, consider the following factors:
- Interest rates: Compare multiple loan offers to find the lowest rate and reduce the amount you’ll need to pay in interest over time.
- Fees: Keep an eye out for fees that could add to your costs of borrowing, such as origination fees, late fees, or prepayment penalties. Note that most reputable borrowers don’t charge you for paying off your loan early.
- Repayment terms: Look for a repayment term that works for your budget. A shorter term will help you get out of debt faster, but it will come with higher monthly payments. A longer term will have more affordable monthly payments, but it will mean you pay more in interest over time. Try to strike a balance between monthly payments you can afford and keeping your interest costs down when choosing your loan terms.
- Monthly payments: Your monthly payments will be directly impacted by the amount you borrow, your interest rate, and your repayment term. Make sure the loan has monthly payments you can afford each month so you don’t risk falling behind.
- Reliability of your co-borrower: Before taking on debt with someone, have a clear and honest conversation about your expectations for paying back the loan. The last thing you want to do is miss payments, as doing so could harm your credit and strain your relationship.
How to Apply for a Joint Personal Loan
The process to apply for a joint personal loan will vary by lender, but here are some steps you’ll likely need to take:
- Check your and your co-borrower’s credit scores: Most personal loans are unsecured, so lenders rely on your credit profile to determine whether you qualify for a loan. Review your credit reports and scores so you know what you’re working with.
- Determine your loan amount: Before you apply, use a personal loan calculator to determine how much loan you can afford at different terms and rates. That way, you’ll have a clear sense of what to ask for going into the application process.
- Shop around for loan offers: Take advantage of pre-qualification to check your rates with no impact on your credit score. Compare loan features like APR, repayment terms, fees, and monthly payments to determine the best offer for you.
- Submit a full application: If you see a loan offer you like, your next step will be to submit a full application. Both you and your co-borrower will share your personal details and upload any required documentation, such as pay stubs. At this point, the lender will run a hard credit inquiry on both your credit reports.
- Receive your loan funds: The final step is receiving your loan funds. The lender might send them directly to you, or to your creditors if you’re consolidating debt. Read over the details of your loan agreement to make sure you know when your first payment is due. Consider setting up autopay from your and/or your co-borrower’s bank account so you don’t miss a payment. Some lenders also offer a discount on your interest rate if you set up automatic payments.
Frequently Asked Questions
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How Does a Joint Loan Affect Your Credit Score?
A joint loan can impact your and your co-borrower’s credit scores equally. Since co-borrowers share responsibility for the loan, it will show up on the credit reports of each borrower. Just like individual loans, on-time payments can help improve your scores, while late payments can damage them.
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Can You Get a Joint Loan If One Borrower Has Bad Credit?
When evaluating a joint application for a loan, lenders consider both your and your co-borrower’s credit. If one borrower has bad credit, the lender may assign you higher interest rates or deny your application altogether. But if you have poor credit, applying with another borrower who has good or excellent credit should improve your chances of qualifying.
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What If a Co-Borrower Misses a Payment?
If a co-borrower misses a payment, you may be subject to late fees and the lender could report the missed payment to the credit bureaus—if this happens, the late payment will show up on the credit reports of each borrower. Late payments on your credit reports can drag down your credit score and be a red flag to future lenders, so it’s important to avoid them.
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What Are the Risks of a Joint Personal Loan?
The main risk of a joint personal loan is the possibility of you or your co-borrower not making payments. Late or missed payments can damage both of your credit scores, because both you and your co-borrower are equally responsible for paying back the loan. Make sure to have an open conversation about how you’ll handle repayment before taking on debt together.
You might see a slight dip in your credit score when you apply for a loan, because of the hard inquiry, but the impact should be minimal and relatively short-lived.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.
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