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Best Personal Loans With Co-Signers

They make it easy to apply for an individual loan with a co-signer

By Lindsay Frankel

Updated November 29 2022

Fact checked by Matthew M Klammer

How We Work Advertiser Disclosure assist millions of readers in finding the most beneficial personal loans through an independent review process and advertisers are not a factor in our selections. We may receive compensation when you make a purchase from a partner we recommend.

38 Lenders reviewed

40 Loan features considered

4 Best of awards

If you’re in a bad financial position or have a limited credit, applying for an individual loan by a co-signer could aid you in obtaining cash that you might not be able to get on your own. A co-signer typically is an honest person from the family or friend group who is willing to take responsibility for the loan in the event that you fail to repay the loan.1 Co-signing isn’t without risk however, if you’ve decided that it’s the best choice take note that there are some lenders that do not accept co-signed applications.

The top personal loans that require a co-signer feature an online application process which makes co-signing simple. They also come with low APRs, minimal charges, and flexible repayment terms to ensure you are able to repay the loan on your own. Before you choose a lender, you should compare the rates as well as the terms and benefits of different lenders with the co-signer.

Best Personal Loans for the Co-Signer in 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

The lender has not disclosed their minimum credit criteria.

$1,000 — $50,000

Check out the Details

Check Rates

Best for Low Fees

Old National Bank

4.2

APR Range

6.26% — 25.00%

Not Disclosed

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

$2,500 — $35,000

Check out the Details

Check Rates

Best to get Fast Financing

Santander Bank

4.1

APR Range

6.99% — 24.99%

Not Disclosed

The lender has not disclosed the minimum credit score criteria.

$5,000 — $50,000

Check out the Details

Check Rates

Best for Veterans

Navy Federal Credit Union

4

APR Range

7.49% — 18.00%

600

The lender has not disclosed its minimum credit score criteria.

$250 — $50,000

Read More

Check Rates

Best Personal Loans For Co-Signers

Our Top Picks

Upgrade

Old National Bank

Santander Bank

Navy Federal Credit Union

See More (1)

Compare Providers

Final Verdict

How to Decide

Co-signer Vs. Co-borrower

Do You Need a Co-signer to get a loan?

Online Loans with Co-signers

What if I’m unable to pay Back My Loan?

What Do Co-signers need?

Methodology

The Most Excellent Overall Upgrade

Investopedia’s Rating

4.3

Upgrade

APR Variation: 7.96% — 35.97%

Time To Receive Loan One day

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

Check Rates

The reason we choose it

Upgrade has a minimal credit score requirement. It also offers an easy and quick online application and offers loans to suit almost any need with competitive interest rates and no prepayment penalty. And if you’re using your loan to consolidate the debt you have, Upgrade can conveniently pay your creditors directly.

Pros and Pros and

Pros

Fast cash in just one business day

Flexible loan amounts and repayment terms

Pre-qualification option

Cons

A relatively high origination fee

APR with a higher maximum than other competitors

Overview

Upgrade is our top overall choice because it It not only offers an easy and fast application process, but loans could be utilized for almost everything, including debt consolidation and medical expenses. You can also pre-qualify to determine if you require a co-signer. Upgrade allows you to borrow anything from $1,000 to $50,000.2

Upgrade was established in the year the year 2017 and has created $10 billion of credit available to borrowers. In addition to providing personal loans and credit cards, they also offer the rewards checking account that comes that offers loan discounts for account holders and the Upgrade card.3

Upgrade charges an origination charge between 2.9 percentage to 8%. This is deducted from the loan funds, which means that the actual loan amount is likely to be a bit lower than the amount you requested. There is also an additional $10 for late fees and there’s no penalty for prepayment which means you’re able to pay extra installments to your Upgrade loan at any time. In addition, Upgrade offers a variety of discounts, such as one for paying your creditors directly.4

To be qualified for a loan from Upgrade You must be at least 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 You or your co-signer must have to have a rating of credit at the minimum of 560. It is important to note that Upgrade loans are not accessible in the Washington area of D.C.2 The application process is simple online with a co-signer or over the phone. You’ll have the option of choosing an interest rate that ranges from 24 to 84 months and your funds will be available as soon as the next working day.

Best for Low Fees Old National Bank

Investopedia’s Rating

4.2

First Midwest Bank

APR Range: 6.26% — 25.00%

Time to Receive Loan One Day

Amount of Loan: $2,500 — $35,000

Check Rates

Why We Decided to Choose This?

First Midwest is our top pick for low fees since the bank doesn’t charge early fees or late fees or prepayment penalties on its personal loans. In addition, it gives an up-to seven year period of repayment and the APR range is quite low.

Pros and Pros and

Pros

Rapid funding in as little as one business day

No cost

Flexible terms for repayment

Cons

No discounts

Only available in 24 states

Limits on borrowing amount are stricter

Overview

Because First Midwest doesn’t charge any charges, including late fees, we’ve chosen it for the lowest-cost personal loan with co-signers. The story of First Midwest began when it was established as a bank in Joliet, Illinois in 1940. By 1983, twenty banks had been merged under the name of First Midwest Bancorp, and by the year 2016, the company exceeded the mark of $10 billion in assets. First Midwest merged with Old National in 2021.6

With the private loan through First Midwest, you can take out between $5,000 and $35,000 and choose terms for repayment that range from 84 months.7 The lender doesn’t charge origination fees as well as late fees or penalty for prepayment. It’s easy to apply for a personal loan with a co-signer via phone or at a branch, and you can receive your money on the same day if you’re already a checking account customer. If not, you can be able to receive your funds within the next business day.

First Midwest doesn’t specify a minimum credit score, but note that the lowest rates are only available to those with good credit. You’ll have to be at 18 and an U.S. citizen or permanent resident of one of the following states 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

Reviews online about First Midwest bank are few and far between. Although there’s not much information available however, the reviews we looked through didn’t mention any issues with First Midwest’s personal loan product.

Review this review Full First Midwest Bank Personal Loans Review

Best for Fast Funding Santander Bank

the Rating of Investopedia

4.1

Santander Bank

APR Range: 6.99% — 24.99 percent

Loan Amount: $5,000 — $50,000

Check Rates

The Reasons We Choose It

If you’re granted the personal loan by Santander with a co-signer you could get your money within the same day, based on the time of the application. Plus, there’s an easy online application for pre-qualification and a few fees.

Pros and Cons

Pros

Quick funding as soon as the same day

Flexible terms for repayment

No origination fees or prepayment penalty

Cons

Available only in the 12 US states.

Higher APR range than competitors

Minimum loan amount of $5,000 loan amount

Overview

Santander is ranked first for fast funding because it can disburse funds as soon as the same day. Santander’s loans are also free of charge and is a reliable bank with many years of experience.

Bancorp Santander was incorporated in Spain in 1857 to facilitate commerce and commerce with Latin America. After years in expansion throughout 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.9

Santander provides personal loans that range from $5,000 to $50,000 with flexible repayment terms that range from 36 to 84 months. The APR ranges from 6.99 percent to 24.99%, with the benefit of a 0.25 autopay discount.10 Santander doesn’t charge any origination charges and you can receive the entire amount as fast as the next day and there are no charges for early repayment, which means you can pay off the loan early if you have the funds. The downside is that Santander charges a late fee of $20 or 10% (whichever is greater) of the outstanding balance. We recommend that borrowers create automatic payments in order to avoid paying these charges.

It’s easy to apply for an Santander personal loan online using co-signers or you can visit the branch. You can review your rate without hurting your credit. To be qualified for a loan, you must be 18 years older and reside in one of the states: 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 information about your income before you make an application. The proceeds of loans cannot be used to fund college tuition.

Santander has received poor reviews from customers on third-party sites like Trustpilot.11 There are many complaints about long wait times for customer service. This is something to consider in the event that you find yourself needing assistance for your personal loan.

Check out our complete Santander Bank personal loans review.

Review 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 Band: 7.49% — 18.00%

Time to Receive Loan Date To Receive Loan: 0 days

Loan Amount: $250 — $50,000

Check Rates

Why We Decided to Choose It

Navy Federal is our top option for veterans since this credit union offers an interest rate that is low and no charges.

Pros and Pros and

Pros

No origination fee or prepayment penalty

Quick funding on the same day

Low APR maximum and no minimum credit score requirement.

Cons

Higher rates and lower borrowing amounts for longer terms

No pre-qualification is available.

Only available to members

Overview

Navy Federal offers a low maximum APR and no fees for co-signed loans, making this credit union the top choice for veterans. Navy Federal is a member-owned non-profit credit union that was established by a group of Navy Department employees at the close of the Great Depression.12 The credit union now has over 11 million members.13 The membership is open to active duty military, members of the veterans’ community, Department of Defense employees and family members who are eligible.

Personal loans do not include any charges for origination, late fees, or penalties for early payment. You are able to repay your loan at your own terms, but note that rates will be higher for terms that exceed 36 months, and terms that exceed 60 months are only available for home renovation loans. Apply online for a personal expense loan between $250 to $50,000, however when you’re applying for the loan to pay off debts 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, but online applications aren’t available.

There is no pre-qualification for Navy Federal loans, so be prepared for a slight dip in your credit score from the credit report upon submitting your application. Navy Federal will review your credit score, your banking history as well as employment and income information when making a decision. Eligibility is open to members over 18 years old within every U.S. state.

Navy Federal has been recognized as the best by Forrester for customer satisfaction and provides 24 hour support.15 This credit union has excellent ratings on Trustpilot and has a 4.7 out of five-star ratings by hundreds of customers.16 However, the majority of users say that the credit union offers a quick and easy process, low rates, and friendly customer service in their testimonials.

Read the entire Navy Federal Credit Union Personal Loans Review

Find the Top Personal Loans with a Co-Signer in February 2023.

Overall Rating

Best For

APR Range

Average Origination Fee

Late Fee

When To Receive The the Loan

Amount of Loan

Latest 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 Low Fees

6.26% — 25.00%

0.00% — 0.00%

$0.00 — $0.00

1 Days

$2,500 — $35,000

84 Months

Check Rates

Hide, not for me

Santander Bank

4.1

Best for Fast Financing

6.99% — 24.99%

None

Not specific

N/A

$5,000 — $50,000

N/A

Check Rates

Hide, not me!

Navy Federal Credit Union

4.0

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

There are a few lenders that accept co-signers on personal loans It’s important to keep in mind when looking at loans. But there are still several reliable lenders to choose from—some, like Santander offers quick loan approval while others, such as First Midwest and Navy Federal, don’t charge any fees. However, our top pick for an individual loan that requires a co-signer is the upgrade.

Upgrade offers loans for almost anything including debt consolidation and will pay your creditors directly. It also checks the boxes for quick funding, no prepayment penalties Competitive rates for starting with discounts and flexible repayment conditions.

How to Choose the Best Personal Loans With Co-Signer

Determining Your Need for a Personal Loan With a Co-signer

If you’ve made a few mistakes in your credit history or are just beginning building credit score, then you might not be able to get a personal loan on your own. Co-signing with a co-signer signifies that an individual with creditworthiness agrees to pay back the loan in the event of a fall behind. For this reason, you are more likely to be approved for an loan by a co-signer.

But, remember that in the event that something changes your situation, and you’re not able to repay the loan co-signer would be held accountable for the balance. If they’re not able to pay enough funds, the loan could sever their credit. If you do not want to risk damaging your relationship with that person, make sure you review your plan of payment together and keep them updated on any financial challenges you could encounter.

Comparing Personal Loan Lenders and allowing the Co-signer

Before you can officially apply for an individual loan with a co-signer, it’s a good idea to check your eligibility with a couple of lenders and research their offerings. While looking at your options take note of:

APR: Choose the lender that has the lowest APR you can be eligible for.

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

Loan amounts: Only borrow only what you need. Find a lender who offers the correct loan amount.

Terms: Make sure the lender has a long enough term that you’ll be able to afford the monthly payments.

Time to fund: If you require cash urgently limit your options to lenders offering same or next-day financing.

Application process: Determine how simple it will be to you as well as your co-signer fill out your application on the internet.

Customer service: Choose a lender with a positive reputation for customer service, and make sure their customer support team operates at a time and location that is convenient for you.

How to Apply for a Personal Loan with a Co-signer

Pre-qualification: The first step in applying begins with a rate check with the lenders you want to work with. You’ll need to share your contact details and your SSN, as will the co-signer.

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

Formally apply: Submit income and employment information for both you and the co-signer to the lender for review.

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

Redeem the funds: Wait to receive the funds in your account at the bank.

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

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

A co-signer agrees to be responsible for the loan however, they don’t be able to access the funds. For instance, your parents might agree to co-sign your loan to ensure you receive an APR that is low, however the funds will be transferred to you as the borrower. A co-borrower, on contrary, is given an equal right to loan profits. For instance couples who are married could apply for an loan together and then split the funds and the obligation to repay. In both cases the lender will scrutinize the credit score of both applicants as well as income details before making an assessment.

Do you require a co-signer for the Personal Loan?

Not necessarily. If you’re able to meet the eligibility criteria on your own then there’s no need to solicit someone else to co-sign. However, if your credit score precludes you from getting a loan, or you need help getting a lower rate and creditworthy friends or family member sign might be the best choice.

Do I qualify for an online loan with a co-signer?

Yes. Not all lenders allow co-signers. However, there are many alternatives to cosign online loans which include Upgrade.

What happens if I’m Not Able to pay back my co-signed loan?

If you fail to pay back a co-signed loan, one of two scenarios can occur:

Your co-signer can make monthly payments on the loan until the loan is paid

If no one can afford to repay the loan, defaulting will destroy the credit of your co-signer as well as your own. The loan could also be turned over to a collection agency or an agency. The debt collector could bring you to court and attempt to garnish your wages.

What Do Co-signers Need for a Loan?

Typically lenders will have the same eligibility requirements for cosigners and borrowers. Co-signers need to satisfy the requirements of credit for the loan and supply income or employment information.

How to Choose the Best Personal Loans With a Co-signer

Our team analyzed 38 lenders and collected 1,520 information points before deciding our top choices. We weighed more than 20 factors and assigned more weight to those with an impact that was more important to prospective borrowers.

The top selections were made by analyzing factors such as requirements for membership (weighted 15%) and average fixed APR (weighted 15%), and average origination charges (weighted 10 percent).

We also considered the flexibility of terms for repayment, useful features like pre-qualification and whether a co-signer or joint application is allowed to ensure that the borrowers have the best possible experience. For more information on the criteria we used to select applicants and our the process, our complete method is available.

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

Getty Images / Luckystep

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