Personal Loans Reviews
Best Personal Loans for a Co-Signer
These lenders make it simple to apply for an individual loan with a co-signer
By Lindsay Frankel
Updated November 29, 2022
Truth checked by Matthew M Klammer
Our Process Advertiser Disclosure We help millions of readers find the best personal loans through an independent review process and advertisers don’t influence our choices. We could earn a commission 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 limited credit, applying for a personal loan by a co-signer could allow you to access funds you may not qualify for by yourself. A co-signer usually is a creditworthy person from the family or friend group who agrees to be responsible for the loan in the event that you fail to repay the loan.1 Co-signing comes with risks however, if you’ve determined it’s the best option for you but be aware that there are some lenders that do not accept co-signed applications.
The best personal loans that require a co-signer feature an online application process that makes co-signing a loan simple. They also come with low APRs, minimal charges, as well as flexible terms for repayment that ensure you can repay the loan by yourself. Before you choose a lender, compare the rates, terms, and features of various lenders along with your co-signer.
Best Personal Loans for the Co-Signer in February 2023
Credit Score
Loan Amount
Company
APR
Credit Score est.
Loan Amount
More Details
Best Overall
Upgrade
4.3
APR Discount With Autopay
7.96% – 35.97%
560
This lender doesn’t disclose its minimum credit score criteria.
$1,000 – $50,000
Read More
Check Rates
Best for Low Fees
Old National Bank
4.2
APR Range
6.26% – 25.00%
Not Disclosing
This lender doesn’t disclose their minimum credit specifications.
$2,500 – $35,000
Read More
Check Rates
Best for Fast funding
Santander Bank
4.1
APR Range
6.99% – 24.99%
Not Disclosing
This lender does not disclose their minimum credit requirements.
$5,000 – $50,000
Read More
Check Rates
Ideal for Veterans
Navy Federal Credit Union
4
APR Range
7.49% – 18.00%
600
This lender does not disclose its minimum credit score requirements.
$250 – $50,000
See Details
Check Rates
The Best Personal Loans with a Co-Signer
Our Top Picks
Upgrade
Old National Bank
Santander Bank
Navy Federal Credit Union
Learn More (1)
Compare Providers
Final Verdict
How to Select
Co-signer Vs. Co-borrower
Do You Need a Co-signer for a Loan?
Online Loans With a Co-signer
What If I Can’t Pay the loan back?
What Does a Co-signer require?
Methodology
Best Overall Upgrade
Investopedia’s Rating
4.3
Upgrade
APR Variation: 7.96% – 35.97 percent
Time To Receive Loan One day
Loan Amount: $1,000 – $50,000
Check Rates
Why We Chose It
Upgrade has a lower minimum credit score requirement. It also offers an easy and quick online application process and offers loans for almost any purpose with competitive starting rates and no prepayment penalties. If you’re taking advantage of your loan to pay off 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 conditions
Pre-qualification option
Cons
Relatively high origination fee
Higher maximum APR than some competitors
Overview
Upgrade is our top overall pick because not only does it offer an easy and quick application procedure, but loans could be utilized for almost everything, including debt consolidation and medical expenses. You can also apply to determine if you require a co-signer. Upgrade lets you borrow between $1,000 and $50,000.2
Upgrade was founded in 2017 and since then has made $10 billion in credit accessible to borrowers. In addition to providing personal loans and credit cards, they also offer the rewards checking account that comes with loan discounts for account holders and the Upgrade card.3
It charges an origination charge between 2.9 percentage and 8%, which is taken out of the loan proceeds, meaning your actual loan amount is less than the amount you’ve requested. Upgrade also charges the late fee of $10, but there’s no prepayment penalty which means you’re able to make extra payments to your Upgrade loan at any point. To make things even better, Upgrade offers a variety of discounts, including one that allows making payments to your creditor directly.4
To be qualified to receive a loan from Upgrade, you’ll need to be at least 18 years old and a U.S. citizen or permanent resident with an account with a bank as well as an email address.5 You or your co-signer must have an overall rating of credit at the minimum of 560. Also note that Upgrade loans aren’t offered in Washington D.C.2 It’s easy to apply online with a co-signer or by phone. You’ll be able to choose the repayment period between 24 and 84 months, and you’ll get your cash in the shortest time possible on 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
Time to Receive Loan: 1 Days
Amount of Loan: $2,500 – $35,000
Check Rates
Why We Chose This?
First Midwest is our top pick for low fees since the bank doesn’t charge early fees as well as late fees or prepayment penalties on its personal loans. What’s more, it allows an up-to seven year period for repayment and the APR range is relatively low.
Pros and Cons
Pros
Quick funding in as little as one business day
No cost
Flexible repayment terms
Cons
No discounts
It is only available to 24 states.
Stricter limits on borrowing amounts
Overview
Since First Midwest doesn’t charge any costs, not even late fees, it’s our choice for the most affordable personal loan with co-signers. First Midwest’s history began when it was established as a bank in Joliet, Illinois in 1940. By 1983, twenty banks were merged under the name of First Midwest Bancorp, and in 2016, the bank had surpassed the mark of $10 billion in assets. First Midwest merged with Old National in 2021.6
With a personal loan with First Midwest, you can get a loan of between $5,000 and $35,000 and choose a repayment term up to 84 months.7 This lender doesn’t charge origination fees as well as late fees or penalties for early payment. It’s simple to apply for a personal loan by a co-signer on the internet via phone or at a branch, and you’ll receive your money on the same day if you’re already a current checking customer. If not, you’ll get your cash in the next business day.
First Midwest doesn’t specify a minimum credit score, but be aware that the lowest rates are only available to those who have excellent credit. You must be at 18 and a 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
Online reviews about First Midwest bank are few and far and between. There isn’t a lot of information available however, the reviews we looked through didn’t mention any issues with the private loan product.
Check out through the Full First Midwest Bank Personal Loans Review
Best for Fast Funding Santander Bank
Investopedia’s Rating
4.1
Santander Bank
APR Band: 6.99% – 24.99 percent
The Loan Amount: $5,000 $50,000
Check Rates
The Reasons We Choose It
If you’re granted a personal loan from Santander and a person who is a co-signer you could receive your money within the same day, contingent on the time of your application. There’s also an easy online application for pre-qualification and a few fees.
Pros and Cons
Pros
Quick funding as soon as the next day
Flexible repayment terms
There is no origination fee, or prepayment penalty
Cons
Available only in the 12 US states.
Higher APR range than some competitors
$5,000 minimum loan amount
Overview
Santander wins the top spot for quick funding due to the fact that it can disburse funds as soon as the same day. Santander’s loans also have few fees, and this lender is a trusted bank with a many years of experience.
Bancorp Santander was incorporated in Spain in 1857, to ease trade 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 people and has branches across 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. APRs range between 6.99 per cent to 24.99%, with a 0.25% autopay discount.10 The bank does not charge origination fees which means you can obtain the entire amount as fast as the same day, and there are no charges for early repayment, which means you can pay off the loan early if you have the funds. But, Santander does charge a late payment fee, which is either 20% or $20 (whichever is greater) of the past due amount. We recommend that borrowers make automatic payments to avoid the fees.
It’s easy to apply for an Santander personal loan on the internet with a co-signer, or go to the branch. You can examine the interest rate without damaging your credit. To be eligible for a loan, you must be over 18 years old older and reside in 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 details before you make an application. Loan proceeds can’t be used to fund college tuition.
Santander has received poor reviews from customers on third-party sites like Trustpilot.11 There are many complaints regarding the long wait time for customer support. This is something to consider in case you end up needing assistance for you personal loan.
Read our complete Santander Bank personal loans review.
Read this review Full Santander Bank Personal Loans Review
Best for Veterans Navy Federal Credit Union
Investopedia’s Rating
4.0
Navy Federal Credit Union logo
APR Range: 7.49% – 18.00%
Time to Receive Loan Date To Receive Loan: 0 days
Amount of Loan: $250 – $50,000
Check Rates
Why We Decided to Choose This?
Navy Federal is our top option for veterans since the credit union has the lowest interest rate and no charges.
Pros and Cons
Pros
There is no origination fee, or prepayment penalty
Quick funding on the next day
Low maximum APR and no minimum credit score requirement
Cons
Rates that are higher and amount of borrowing for loans with longer terms.
No pre-qualification is available.
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 our top pick for veterans. Navy Federal is a member-owned not-for-profit credit institution founded by a group consisting of Navy Department employees at the end of the Great Depression.12 The credit union now has 11 million members.13 Membership is available to active duty military, members of the veterans’ community, 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 are able to repay your loan at your own terms, but note that rates are higher for terms that exceed 36 months, and terms longer than 60 months are only offered for home improvement loans. It is possible to apply online for a personal expense loan between $250 and $50,000, but when you’re applying for the loan to pay off debts or home improvements, you’ll have to apply by phone or visit an branch.14 Navy Federal also offers savings secured as well as a CD secure personal loan but online applications are not available.
There’s no pre-qualification option with Navy Federal loans, so you can expect a small dip in your credit score from the credit score before you submit your application. Navy Federal will review your credit score, your banking history, employment, and income information in making a final decision. Membership is available to anyone over 18 years old within all U.S. state.
Navy Federal has been recognized as #1 by Forrester for customer satisfaction and offers 24/7 support.15 The credit union also has excellent reviews on Trustpilot, with an average of 4.7 out of five stars average rating from thousands of customers.16 However, the majority of customers agree that they receive a quick and easy process as well as low fees and friendly customer service in their reviews.
Read the entire Navy Federal Credit Union Personal Loans Review
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
Loan Amount
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
The 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 me!
*APR ranges for certain businesses include discounts for automatic payments 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. However, there are a few trustworthy lenders to pick from–some, like Santander offers quick loan approval while others, such as First Midwest and Navy Federal aren’t charged any charges. Our top choice for an individual loan with a co-signer Upgrade.
Upgrade provides loans for nearly everything including debt consolidation and pays your creditors directly. It also fulfills the criteria for quick cash with no penalties for prepayment competitive rates, starting fees with discounts and flexible repayment terms.
How to Choose the Best Personal Loans With Co-Signer
How to Determine if You Need a Personal Loan Using an Co-signer
If you’ve made some mistakes in your payment history or are just beginning your journey to improve credit scores, you may not qualify for a personal loan by yourself. Co-signing with a co-signer signifies that an individual with creditworthiness is willing to repay the loan if you fail to pay it back. This is why you are more likely to be approved for a loan by co-signers.
But, remember that if something changes with your situation, and you’re not able to pay the loan co-signer would be held accountable for the remaining balance. If they’re not able to pay the funds, the outstanding loan could ruin their credit. If you do not want to risk damaging your relationship with the person, make sure you review your plan of repayment together, and inform them of any financial hardship you might face.
Comparison of Personal Loan Lenders that Allow a Co-signer
Before you apply for a personal loan with your co-signer, it is advisable to pre-qualify with a few lenders and look into their options. When making comparisons take note of:
APR: Choose the lender with the lowest interest rate you are able to be eligible for.
Fees: Consider if lenders charge origination, late payment as well as prepayment charges.
Amounts of loan: Only borrow what you need. Find a lender who offers the appropriate loan amount.
Terms: Make sure that the lender has a long enough term so that you can afford the monthly payments.
The time to fund: If require cash fast choose to narrow your search to lenders that offer same-day or next-day financing.
Ease of application: Estimate how simple it will be both you and the cosigner submit the application online.
Customer service: Search for an institution with a good reputation for customer service. Also, make sure their customer service team operates at a time and location that is most convenient for you.
How to Apply for a Personal Loan with a Co-signer
Pre-qualify: The initial step in applying begins with a rate check with the lenders of your choosing. You’ll need to share your contact information and SSN, along with the co-signer.
Compare loan offers: For lenders you are able to pre-qualify look at the rates and terms and pick the best solution for your requirements.
In order to apply, you must submit your income and employment details for yourself and your co-signer to the lender for review.
Accept and sign: When the lender gives you an approval, you must read the fine print before signing the loan documents.
Pay the money: Wait to receive the funds from your account at the bank.
Repay the loan from your account on the lender’s online portal. Once your monthly payments are integrated into your budget, you can set up automated payments so that you don’t miss one.
What is the difference between the Co-signer and the Co-borrower?
A co-signer is willing to take responsibility for the loan but doesn’t possess access to funds. For example, your parent could agree to sign the loan to help you get an APR that is low, however the money will be delivered to you and the borrower. A co-borrower, on contrary, is given an equal right to loan proceeds. For instance, a married couple could apply for an loan jointly and share the money and the repayment responsibility. In both scenarios, the lender will review the credit score of both applicants as well as income details before making a decision.
Do you require a co-signer to get a Personal Loan?
Not necessarily. If you’re eligible to apply for the requirements on your own then there’s no need to solicit someone else to co-sign. On the other hand, if your credit score precludes you from receiving an loan or you require assistance in obtaining a lower interest rate or a loan with a good credit score, asking a trusted friend or family member co-sign may be the right choice.
Can I Get an Online Loan With a Co-signer?
Yes. Not all lenders allow co-signers, however there are many options to cosign online loans such as the option to upgrade.
What Happens If I Can’t pay back my co-signed loan?
If you fail to pay back co-signed loan there are two things can happen:
The co-signer of the loan can pay monthly installments to 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 can also be handed over to a collections department or agency. The debt collector could go to court to try to seize your wages.
What Do Co-signers Need for a Loan?
Typically lenders must meet the same requirements for co-signers and the borrowers. Co-signers must meet the requirements for credit for the loan and also provide the information regarding their income and employment.
How to Choose the Best Personal Loans with a Co-signer
Our team analyzed 38 lenders and collected 1,220 information points before deciding our top picks. We weighed more than 20 criteria and assigned a greater weight to those with the most significant impact on the potential borrower.
The top choices were chosen according to factors such as the requirements for membership (weighted 15 percent), average fixed APR (weighted 15 percent), and average origination fees (weighted 10 percent).
We also considered the flexibility of repayment terms, beneficial features like pre-qualification, and whether co-signers or joint application is permitted to ensure borrowers get the most efficient experience. For further information about how we select our criteria for selection and our process the complete method is available.
Best-personal-loans-with-a-cosigner-4797191
Getty Images / Luckystep
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