Best Personal Loans With a Co-Signer

Upgrade is our best overall pick because not only does it offer a quick and easy application process, but loans can be used for almost anything including debt consolidation and medical expenses. You can also pre-qualify to see if you actually need a co-signer, and Upgrade lets you borrow anywhere from $1,000 to $50,000. 

Upgrade was founded in 2017 and since then has made $10 billion in credit available to borrowers. In addition to offering personal loans, they also provide a rewards checking account with loan discounts for account holders and the Upgrade card. 

Upgrade charges an origination fee between 2.9% and 9%, which is deducted from the loan proceeds, meaning your actual loan amount will be slightly lower than the amount you applied for. It also charges a $10 late fee, but there’s no prepayment penalty, so it’s okay to make extra payments on your Upgrade loan at any time. As an added perk, Upgrade offers a variety of discounts, including one for paying your creditors directly. 

To be eligible for a loan from Upgrade, you’ll need to be at least 18 years old and a U.S. citizen or permanent resident with a bank account and email address. You or your co-signer will need a credit score of at least 550. Also note that Upgrade loans are not available in Washington, D.C. It’s easy to apply with a co-signer online or over the phone. You’ll be able to choose a repayment term between 24 and 84 months, and you’ll receive your money as soon as the next business day. 

Because First Midwest doesn’t charge any fees, even late fees, it’s our pick for the best low-fee personal loan with a co-signer. First Midwest’s history began when a bank was founded in Joliet, Illinois in 1940. By 1983, 20 banks were merged under the name First Midwest Bancorp, and by 2016, the institution surpassed $10 billion in assets. First Midwest merged with Old National in 2021. 

With a personal loan from First Midwest, you can borrow between $5,000 and $35,000 and choose a repayment term up to 84 months. This lender does not charge origination fees, late fees, or prepayment penalties. It’s easy to apply for a personal loan with a co-signer online, by phone, or at a branch, and you can get your funds the same day if you’re an existing checking customer. If not, you can still receive your money as soon as the next business day. 

First Midwest doesn’t specify a minimum credit score, but note that the lowest rates will only be available to borrowers with excellent credit. You’ll need to be at least 18 years old and a U.S. citizen or permanent resident of one of the following states to qualify:

• Illinois
• Indiana
• Wisconsin
• Iowa
• Main
• New Hampshire
• Vermont
• Massachusetts
• Connecticut
• Pennsylvania
• Rhode Island
• Delaware
• Virginia
• North Carolina
• South Carolina
• Georgia
• Ohio,
• Kentucky
• Kansas
• Missouri
• Arkansas
• Nebraska
• Minnesota
• Colorado

Online reviews of First Midwest bank are few and far between. While there isn’t much feedback available overall, the reviews we researched did not mention problems with First Midwest’s personal loan product. 

Navy Federal offers a low maximum APR and no fees for co-signed loans, making this credit union our top pick for veterans. Navy Federal is a member-owned, not-for-profit credit union founded by a group of Navy Department employees at the end of the Great Depression. The credit union now has 11 million members. Membership is open to active duty military, veterans, Department of Defense employees, and eligible family members. 

Navy Federal’s personal loans do not include any origination fees, late fees, or prepayment penalties. You can pay back your loan in your choice of terms, but note that rates are higher for terms longer than 36 months, and terms longer than 60 months are only available for home improvement loans. You can apply online for a personal expense loan between $250 and $50,000, but if you’re using the loan for debt consolidation or home improvement, you’ll need to apply by phone or visit a branch. Navy Federal also offers a savings secured and CD secured personal loan, but online applications are not available. 

There’s no pre-qualification option with Navy Federal loans, so expect a small dip in your credit score from the hard credit check when you apply. Navy Federal will review your credit score, banking history, employment, and income information when making a decision. Eligibility is open to members over 18 years old in any U.S. state. 

Navy Federal has been recognized as #1 by Forrester for customer experience and offers 24/7 support. The credit union also has excellent reviews on Trustpilot, with a 4.7 out of five-star average rating from thousands of customers. However, most customers say the credit union offers a quick and easy process, low rates, and helpful customer service in their reviews. 

Santander wins the top spot for fast funding because the bank is able to disburse funds as soon as the same day. Santander’s loans also have few fees, and this lender is a reputable bank with a long history. 

Bancorp Santander was incorporated in Spain in 1857 to facilitate trade with Latin America. After years of expansion across Latin America, Santander acquired Sovereign Bancorp in the United States in 2010. Sovereign Bancorp, the 18th largest bank in the U.S., changed its name to Santander. Santander has 190,000 employees and branches all over the world. 

Santander offers personal loans ranging from $5,000 to $50,000 with flexible repayment terms ranging from 36 to 84 months. APRs range from 6.99% to 24.99%, with a 0.25% autopay discount. The bank doesn’t charge any origination fees, so you can get the full amount as soon as the same day, and there are no prepayment penalties, so you can pay off the loan early if you have the cash. However, Santander does charge a late payment fee of either $20 or 10% (whichever is greater) of the past due balance. We encourage borrowers to set up automatic payments to avoid these fees.

It’s easy to apply for a Santander personal loan online with a co-signer, or you can visit a branch. You can check your rate without hurting your credit. To be eligible for a loan, you must be 18 years old and a resident of one of the following states: Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont, or Florida. Santander will also review your credit score and income information when you apply. Loan proceeds can’t be used to pay for college. 

Santander receives poor customer reviews on third-party sites like Trustpilot. There are many complaints about long wait times for customer service. This is something to consider in case you end up needing assistance with your personal loan. 

Read our full Santander Bank personal loans review.