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Personal Loans Reviews

The Best Personal Loans with a Co-Signer

They make it easy to obtain a personal loan with a co-signer

By Lindsay Frankel

Updated November 29, 2022

The factual information was verified by Matthew M. Klammer

Our Process Advertiser Disclosure We help readers across the world find the most beneficial personal loans through an impartial review process. The process is independent and the advertisers do not influence our picks. We may earn compensation if you visit partners we recommend.

38 Lenders reviewed

40 Loan features considered

4 Best of awards

If you’re a person with bad credit or a poor credit history, obtaining the personal loan with a co-signer may help you access cash you may not qualify for on your own. A co-signer is typically a trustworthy friend or family member who agrees to be responsible for your debts in the event you don’t repay the loan.1 Co-signing comes with risks however, if you’ve decided that it’s the best choice but be aware that not all personal lenders allow co-signed loans.

The most effective personal loans that require a co-signer feature an online application procedure that makes co-signing easy. They also have lower APRs, a few fees, with flexible payment terms so that you can pay back the loan on your own. Before you pick one, make sure you compare the rates as well as the terms and benefits of several lenders with your co-signer.

The Best Personal Loans with Co-Signers of February 2023

Credit Score

Loan Amount

Company

APR

Credit Score est.

The Loan Amount

More Information

Best Overall

Upgrade

4.3

APR With Autopay Discount

7.96% — 35.97%

560

This lender does not disclose their minimum credit requirements.

$1,000 — $50,000

Check out the Details

Check Rates

The Best Deal for Low Fees

Old National Bank

4.2

APR Range

6.26% — 25.00%

Not Disclosing

This lender doesn’t disclose its minimum credit score requirements.

$2,500 — $35,000

See Details

Check Rates

Best to get Fast funding

Santander Bank

4.1

APR Range

6.99% — 24.99%

Unknown

This lender does not disclose the minimum credit score specifications.

$5,000 — $50,000

Read More

Check Rates

Best for Veterans

Navy Federal Credit Union

4

APR Range

7.49% — 18.00%

600

This lender doesn’t disclose its minimum credit score criteria.

$250 — $50,000

Read More

Check Rates

The Best Personal Loans with the Co-Signer

Our Top Picks

Upgrade

Old National Bank

Santander Bank

Navy Federal Credit Union

Learn More (1)

Compare Providers

Final Verdict

How to Decide

Co-signer Vs. Co-borrower

Do you require a co-signer to obtain a loan?

Online Loans with Co-signers

What if I’m unable to pay my loan?

What Do Co-signers need?

Methodology

The Best Overall Upgrade

the Rating of Investopedia

4.3

Upgrade

APR Variation: 7.96% — 35.97 percent

Time to Receive Loan One day

Amount of Loan The loan amount is $1,000 to $50,000.

Check Rates

The Reasons We Choose It

Upgrade has a minimal credit score, provides the fastest and most simple online application process, and provides loans to suit almost any need with competitive rates at the beginning and no penalties for prepayment. And if you’re using your loan to consolidate your debts, Upgrade can conveniently pay your creditors directly.

Pros and Pros and

Pros

Fast and quick funding in one business day

Flexible borrowing and repayment terms

Option for pre-qualification

Cons

The origination fees are relatively high.

APRs higher than others competitors

Overview

Upgrade is our top overall pick because It not only offers a quick and easy application procedure, but loans can be used for everything, including debt consolidation and medical expenses. You can also pre-qualify to see if you actually require a co-signer. Upgrade lets you borrow between $1,000 and $50,000.2

Upgrade was established in the year 2017 and since then has created $10 billion of credit accessible to the borrowers. In addition to offering personal loans, they also provide a rewards checking account that offers loan discounts for customers of the account and the Upgrade card.3

Upgrade charges an origination charge between 2.9 percent and 8%, which is deducted from loan proceeds, which means the actual loan amount will be slightly lower than the amount you applied for. It also charges a $10 late fee and there’s no penalty for prepayment and you can make extra payments to your Upgrade loan anytime. In addition, Upgrade offers a variety of discounts, including one for payment to creditors directly.4

To be eligible for an loan from Upgrade You must be at minimum 18 years old, and be a U.S. citizen or permanent resident of the United States with an account with a bank as well as an email address.5 The co-signer must have to have a rating of credit at least 550. It is important to note that Upgrade loans are not accessible in the Washington area of D.C.2 You can apply with a co-signer online or over the phone. You’ll have the option of choosing a repayment term that ranges from 24 to 84 month, and your funds will be available as soon as the next business day.

Best for low fees Old National Bank

The Rating of Investopedia

4.2

First Midwest Bank

APR Variation: 6.26% — 25.00 percent

The Loan Receiver’s Time The Loan is due in 1 day.

The loan amount is $2,500. $35,000

Check Rates

Why We Decided to Choose This?

First Midwest is our top pick for low fees since the bank does not charge charges for origination, late fees, or prepayment penalties on its personal loans. What’s more, it allows up to seven years of repayment and its APR is comparatively low.

Pros and Pros and

Pros

Rapid funding in as little as one business day

No cost

Flexible repayment terms

Cons

No discounts

Only available in 24 states

The strictest limits on borrowing

Overview

Since First Midwest doesn’t charge any costs, not even late fees, it’s our choice for the lowest-cost personal loan with a co-signer. First Midwest’s history began with the establishment of a bank by a man named Joliet, Illinois in 1940. In 1983, 20 banks had been merged under the name of First Midwest Bancorp, and by 2016, the institution surpassed $10 billion in assets. First Midwest merged with Old National in 2021.6

With the private loan with First Midwest, you can take out between $5k and $35,000 and pick a repayment term up to 84 months.7 The lender doesn’t charge the origination fee as well as late fees or penalty for prepayment. It’s simple to apply for personal loan by a co-signer on the internet through the phone, at a branch. you can receive your money on the same day if you’re already a current checking customer. If not, you can be able to receive your funds within the next day of business.

First Midwest doesn’t specify a minimum credit score, but take note that the best rates will only be available to those with good credit. You’ll need to be at minimum 18 years old and be a U.S. citizen or permanent resident of one of the states listed below to be eligible:

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

Colorado8

Online reviews of First Midwest bank are few and few. There isn’t a lot of feedback available overall however, the reviews we looked through did not include any complaints about the individual loan product.

Check out the Full First Midwest Bank Personal Loans Review

Best for Fast Funding Santander Bank

The Rating of Investopedia

4.1

Santander Bank

APR Variation: 6.99% — 24.99 percent

The Loan Amount: $5,000 $50,000

Check Rates

Why We Chose It

If you’re granted a personal loan through Santander and a person who is a co-signer, you could receive your money in as little as one day, contingent on the date of your application. Plus, there’s an easy online application for pre-qualification and a few fees.

Pros and Pros and

Pros

Rapid funding on the next day

Flexible repayment terms

No origination fee or prepayment penalty

Cons

It is only available to 12 states.

Higher APR range than other competitors

Minimum loan amount of $5,000 loan amount

Overview

Santander gets the top spot in terms of speedy funding since it can pay out funds on the next day. Santander’s loans also have few fees, and this lender is a reliable bank with many years of experience.

Bancorp Santander was incorporated in Spain in 1857, to ease trading and commerce with Latin America. After many years expanding across Latin America, Santander acquired Sovereign Bancorp in the United States in the year 2010. Sovereign Bancorp, the 18th largest bank in the U.S., changed its name to Santander. Santander employs 190,000 workers and branches all over the world.9

Santander offers personal loans that range from $5,000 to $50,000 with flexible repayment terms between 36 and 84 months. APRs vary from 6.99 percent to 24.99%, with a 0.25% autopay discount.10 Santander does not charge origination fees and you can receive the entire amount as fast as the next day and there aren’t any charges for early repayment, which means you can pay off the loan early if you have the money. But, Santander will charge late payments of either $20 or 10% (whichever is greater) of the overdue balance. We advise borrowers to create automatic payments in order to avoid paying these charges.

It’s easy to get a Santander personal loan online using co-signers or you can visit a branch. You can examine the rate of your loan without affecting your credit. To be eligible to receive a loan you must be 18 years young and a resident of any of the states listed below: Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont and Florida.10 Santander will also review your credit score and income information before you make an application. Loan proceeds can’t be used to pay for college.

Santander is a victim of poor reviews by customers on third-party sites such as Trustpilot.11 There are numerous complaints of long wait times for customer support. It is something to think about in the event that you find yourself needing help with your personal loan.

Read our full Santander Bank personal loans review.

Read through the Full Santander Bank Personal Loans Review

Best for Veterans Navy Federal Credit Union

the Rating of Investopedia

4.0

Navy Federal Credit Union logo

APR Range: 7.49% — 18.00%

Time To Receive Loan: 0 days

The loan amount is $250 to $50,000

Check Rates

Why We Decided to Choose It

Navy Federal is our top pick for veterans because the credit union has a low maximum interest rate and no fees.

Pros and Pros and

Pros

No origination fee or prepayment penalty

Fast and quick funding the next day

APRs that are low and there is no minimum credit score requirement.

Cons

Higher rates and minimum borrowing amounts for longer terms

There is no pre-qualification requirement.

Only for members

Overview

Navy Federal offers a low maximum APR , and there are no charges for co-signed loans This makes this credit union the top choice for veterans. Navy Federal is a member-owned not-for-profit credit institution established by a group composed of Navy Department employees at the closing of the Great Depression.12 The credit union now has over 11 million members.13 Membership is available to active duty military, members of the veterans’ community, Department of Defense employees and eligible family members.

Personal loans don’t include origination fees as well as late fees or prepayment penalties. You can pay back your loan at your own time, however be aware that rates are more expensive for terms of longer than 36 months. Terms longer than 60 months are only offered for home improvements loans. Apply online to get a personal expense loan between $250 to $50,000, however if you’re using the loan for debt consolidation or home improvement, you’ll need to make an application by phone or visit an branch.14 Navy Federal also offers a savings secured and CD secured personal loan however online applications aren’t accepted.

There is no pre-qualification for Navy Federal loans, so expect a small dip in your credit score as a result of the hard credit check upon submitting your application. Navy Federal will review your credit score, bank history including employment and income details when making a decision. Eligibility is open to members who are over 18 in any U.S. state.

Navy Federal has been recognized as the best by Forrester for customer satisfaction and provides 24 hour support.15 The credit union also has excellent reviews on Trustpilot and has a 4.7 out of five-star average rating from thousands of customers.16 However, most customers say they receive a quick and easy process, low rates, and a friendly customer service.

Check out the full review of the Navy Federal Credit Union personal loans

Compare the Best Personal Loans with a Co-Signer of February 2023.

Overall Rating

Best For

APR Range

Average Origination Fee

Late Fee

Time To Receive the Loan

Amount of Loan

Last Repayment

Reset All

Upgrade

4.3

Best Overall

7.96% — 35.97%

1.85%-8.99%

$10.00

1 day

$1,000 — $50,000

84 months

Check Rates

Hide, not me!

Old National Bank

4.2

Best for Fees at Low Costs

6.26% — 25.00%

0.00% — 0.00%

$0.00 — $0.00

1 Days

$2,500 — $35,000

84 Months

Check Rates

Hide, not me!

Santander Bank

4.1

Best for Quick Financing

6.99% — 24.99%

None

Not Particular

N/A

$5,000 — $50,000

N/A

Check Rates

Hide, not me!

Navy Federal Credit Union

4.0

The best for Veterans

7.49% — 18.00%

0.00%

$29.00

0 days

$250 — $50,000

180 months

Check Rates

Hide, not for me!

*APR ranges for certain businesses include discounts for automatic payment or customers of existing banks.

Final Verdict

Not all lenders permit co-signers to personal loans It’s important to remember as you’re comparing loans. There are however a number of reliable lenders to choose from. Some, like Santander, offer quick funding and others, such as First Midwest and Navy Federal do not charge fees. But our top pick for an individual loan with a co-signer the upgrade.

Upgrade offers loans for almost anything, including debt consolidation, and pays your creditors directly. It also checks the boxes for fast funding without prepayment penalties, competitive starting rates with discounts and flexible repayment conditions.

How to Choose the Best Personal Loans that Have Co-Signers

How to determine if you need a Personal Loan Using a Co-signer

If you’ve made a few mistakes in your payment history or are just beginning to build credit, you may not be eligible for an individual loan by yourself. Co-signing with a co-signer signifies that a creditworthy person will pay for the loan when you fail to pay it back. For this reason, you are more likely to be accepted for the loan by a co-signer.

But, remember that if something changes with your financial situation that makes you unable to pay back the loan the co-signer will be on the hook for the balance. If they don’t have the money, the loan could sever their credit. If you do not want to end up damaging your relationship with this person, make sure you discuss your plan for payment together and keep them informed of any financial difficulties you may confront.

Comparing Personal Loan Lenders and allowing co-signers

Before you apply for a personal loan with a co-signer, it’s recommended to check your eligibility with a couple of lenders and look into their options. As you are comparing your options be sure to consider:

APR: Pick the lender with the lowest APR you can qualify for.

Fees: Take note of whether lenders charge late payment, origination, and prepayment fees.

Loan amounts: Only borrow the amount you require. Choose a lender that offers the correct loan amount.

Terms: Make sure the lender offers a long enough period of time that you’ll be able to afford the monthly payments.

The time to fund: If require cash fast, narrow down your choices to lenders with same or next-day financing.

Application process: Determine the ease both you and the cosigner fill out an application in the online format.

Customer service: Look for an institution with a good reputation for customer service. Make sure their customer service team is available at a time that is most convenient for you.

How do I apply for a personal Loan with a Co-signer

Pre-qualify: The initial process of applying starts by obtaining a rate from the lenders you want to work with. You’ll need to share your contact information and SSN as well as your co-signer.

Compare loan offers You can find lenders you can pre-qualify with, compare the rates and terms offered and pick the best solution for your requirements.

In order to apply, you must submit your income and employment details for yourself and your cosigner for review.

Accept and sign: When the lender makes a decision, read the fine print and sign the loan documents.

Pay the money When you receive the funds in your account at the bank.

Repay the loan through your account on the lender’s online portal. Once your monthly payments are built into your budget, you can set up automatic payments to ensure that you don’t forget one.

What Is the Difference Between a Co-signer and a Co-borrower?

A co-signer accepts responsibility for the loan however, they don’t be able to access the funds. For instance, your parents may agree to co-sign your loan to ensure you receive a low APR, but the money will be delivered to you, the borrower. A co-borrower, on other hand, gets an equal right to loan profits. For example couples who are married could apply for the loan jointly and share the money and the obligation to repay. In both instances the lender will scrutinize both applicants’ credit and income details before making the decision.

Do You Need a Co-Signer to get a Personal Loan?

Not necessarily. If you meet the eligibility requirements on your own you don’t need to ask someone to co-sign. However, if your credit score prevents you from obtaining an loan, or you need assistance to obtain a lower rate or a loan with a good credit score, asking a trusted friend or family member to co-sign may be the right choice.

Can I Get an Online loan with a co-signer?

Yes. Not all lenders allow co-signers, but there are many choices that allow online co-signing loans, including upgrading.

What Happens If I Can’t Pay Back My Co-Signed Loan?

If you are in default on a co-signed loan One of two things can happen:

The co-signer is able to make monthly payments for the loan until the loan is fully paid

If nobody is able to pay back the loan the default will ruin the credit of your co-signer as well as your own. The loan may also be sent to a collections department or agency. The debt collector could bring you to court to try to garnish your wages.

What Do Co-signers Need for a Loan?

Typically, lenders have the same requirements for co-signers and borrowers. A co-signer will need to meet the requirements for credit to be eligible for the loan and supply the information regarding their income and employment.

How We Chose the Best Personal Loans with a Co-signer

Our team assessed 38 lenders and collected 1,520 data points prior to deciding on our top picks. We considered more than 20 factors and gave a higher importance to those that have a more significant impact on the potential borrower.

The top picks were selected based on factors like the requirements for membership (weighted 15%), the average APR fixed (weighted 15%) and the average origination charges (weighted 10 percent).

We also took into consideration the flexibility of repayment terms, beneficial features like pre-qualification and whether co-signers or joint application is permitted to ensure that the borrowers have the best possible experience. For further information about our selection criteria and process the complete method is available.

Best-personal-loans-with-a-cosigner-4797191

Getty Images / Luckystep

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