Personal Loans Review
Best Personal Loans for a Co-Signer
These lenders make it easy to obtain the personal loan with co-signers
By Lindsay Frankel
Updated November 29, 2022
Truth checked by Matthew M Klammer
Our Process Advertiser Disclosure We assist millions of readers in finding the most suitable personal loans through an independent review process. Advertisers do not influence our picks. We may receive compensation if you visit partners we recommend.
38 Lenders reviewed
40 Loan features considered
4 Best of awards
If you have bad credit or limited credit history, obtaining the personal loan by a co-signer could help you access cash you might not be able to get by yourself. A co-signer typically is a trustworthy friend or family member who accepts responsibility for your debt in the event you don’t repay the loan.1 Co-signing can be risky however, if you’ve decided that it’s the best choice take note that not all personal lenders allow co-signed applications.
The best personal loans that require a co-signer feature an online application process which makes co-signing simple. They also come with low APRs, minimal fees, and flexible repayment 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 various lenders along with your co-signer.
Best Personal Loans With a Co-Signer of February 2023
Credit Score
Loan Amount
Company
APR
Credit Score est.
Amount of Loan
More Information
Best Overall
Upgrade
4.3
APR Discount With Autopay
7.96% – 35.97%
560
This lender doesn’t disclose their minimum credit criteria.
$1,000 – $50,000
Read More
Check Rates
The best for low fees
Old National Bank
4.2
APR Range
6.26% – 25.00%
Unknown
This lender doesn’t disclose the minimum credit score criteria.
$2,500 – $35,000
Read More
Check Rates
Best for Quick Funding
Santander Bank
4.1
APR Range
6.99% – 24.99%
Unknown
This lender does not disclose the minimum credit score requirements.
$5,000 – $50,000
Check out the Details
Check Rates
Ideal for Veterans
Navy Federal Credit Union
4
APR Range
7.49% – 18.00%
600
The lender has not disclosed their minimum credit specifications.
$250 – $50,000
Check out the Details
Check Rates
Best Personal Loans For a Co-Signer
Our Top Picks
Upgrade
Old National Bank
Santander Bank
Navy Federal Credit Union
See 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’m unable to pay Back My Loan?
What is a Co-signer’s require?
Methodology
The Best Overall Upgrade
the Rating of Investopedia
4.3
Upgrade
APR Band: 7.96% – 35.97%
Time to Receive Loan One day
Loan Amount $ $1,000 – $50,000
Check Rates
The reason we choose it
Upgrade has a lower minimum credit score requirement. It also offers a fast and easy online application and offers loans for almost any purpose with competitive interest rates and no prepayment penalties. If you’re taking advantage of your loan to consolidate your debts, Upgrade can conveniently pay your creditors directly.
Pros and Pros and
Pros
Fast funding within one business day
Flexible loan amounts and repayment terms
Option for pre-qualification
Cons
The origination fees are relatively high.
Higher maximum APR than some competitors
Overview
Upgrade is our best overall option because It not only offers an easy and fast application procedure however, the loans are able to be utilized for almost anything 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 $1000 to $50,000.2
Upgrade was established in the year 2017 and has since provided $10 billion in credit available to borrowers. Alongside offering personal loans and credit cards, they also offer a rewards checking account that offers loan discounts for customers of the account and an Upgrade card.3
It charges an origination charge between 2.9 percent and 8%, which is deducted from the loan funds, which means that the actual loan amount is less than the amount you requested. Upgrade also charges the late fee of $10 however there is no prepayment penalty which means you’re able to pay extra installments on your Upgrade loan at any point. As an added perk, Upgrade offers a variety of discounts, including one that allows making payments to your creditor directly.4
To be qualified for an loan from Upgrade, you’ll need to be at least 18 years old and be a U.S. citizen or permanent resident with a bank account and email address.5 The co-signer will need to have a minimum credit score of least 550. Also note that Upgrade loans aren’t available in Washington, D.C.2 The application process is simple online with a co-signer or by phone. You can choose a repayment term of between 24-84 month, and you’ll get your cash in the shortest time possible on the next working 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 One Day
The loan amount is $2,500. $35,000
Check Rates
Why We Chose Them?
First Midwest is our top pick for low fees since the bank doesn’t charge any early fees as well as late fees or prepayment penalties on personal loans. What’s more, it allows up to seven years for repayment and the APR range is relatively low.
Pros and Pros and
Pros
Fast financing in just one business day
No cost
Flexible terms for repayment
Cons
No discounts
It is only available to 24 states.
Limits on borrowing amount are stricter
Overview
Because First Midwest doesn’t charge any charges, including late fees, it’s our pick for the lowest-cost personal loan with a co-signer. The story of First Midwest began when a bank was founded in Joliet, Illinois in 1940. By 1983, twenty banks had been merged under the name First Midwest Bancorp, and by 2016, the institution exceeded $10 billion in assets. First Midwest merged with Old National in 2021.6
With the personal loan from First Midwest, you can borrow between $5,000 and $35,000 and choose the repayment period of up to 84 months.7 This lender does not charge origination fees and late fees as well as penalties for early payment. It’s simple to apply for personal loan by a co-signer on the internet via phone or in a branch. And you’ll 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 in the next business day.
First Midwest doesn’t specify a minimum credit score, however be aware that the lowest rates will only be available to those who have excellent credit. You must be at 18 and an U.S. citizen or permanent resident of one of the states listed below 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
Colorado8
Reviews online about First Midwest bank are few and few. Although there’s not much information available however, the reviews we looked through did not include any complaints about First Midwest’s personal loan product.
Review through 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%
The Loan Amount: $5,000 $50,000
Check Rates
Why We Chose It
If you’re approved for an individual loan by Santander with a co-signer you could get your money in as little as one day, contingent on the time of the application. Plus, there’s an easy online pre-qualification process and only a couple of charges.
Pros and Cons
Pros
Quick funding as soon as the same day
Flexible terms for repayment
No origination fees or prepayment penalty
Cons
It is only available to 12 states.
More APR than other competitors
Minimum loan amount of $5,000 loan amount
Overview
Santander is ranked first in terms of speedy funding since it is able to pay out funds on the next day. Santander’s loans also have few fees, and this lender is a reliable bank with an extensive history.
Bancorp Santander was incorporated in Spain in 1857 to facilitate commerce with Latin America. After years of expansion 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 has 190,000 employees and branches across the world.9
Santander provides personal loans that range from $5,000 to $50,000 with flexible terms for repayment ranging from 36 to 84 months. APRs range from 6.99 percent to 24.99 percent, which includes the benefit of a 0.25% autopay discount.10 The lender doesn’t charge any origination charges, so you can get the entire amount as early as that day and there aren’t any prepayment penalties, so you can repay the loan in advance if you have the money. But, Santander charges a late fee of 20 percent or 10% (whichever is higher) of the outstanding balance. We recommend that borrowers create automatic payments in order to avoid the fees.
It’s simple to apply for a Santander personal loan on the internet with co-signers, or go to a branch. You can examine your rate without hurting your credit. To be qualified to receive a loan you must be at least 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, and Florida.10 Santander will also review your credit score and income information before you make an application. The proceeds of loans cannot be used to pay for college.
Santander has received poor reviews from customers on third-party sites like Trustpilot.11 There are many complaints of long wait times for customer support. It is something to think about should you ever needing help with you personal loan.
Read our full Santander Bank personal loans review.
Read this review 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
Loan Amount: $250 – $50,000
Check Rates
Why We Chose It
Navy Federal is our top choice for veterans as this credit union offers a low maximum interest rate and has no fees.
Pros and Cons
Pros
No origination fee or prepayment penalty
Fast funding as soon as the same day
APRs that are low and there is no minimum credit score requirement.
Cons
Higher rates and minimum amount of borrowing for loans with longer terms.
No pre-qualification option
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, not-for-profit credit union founded by a group consisting of Navy Department employees at the close of the Great Depression.12 The credit union currently has 11 million members.13 Membership is open to active duty military, veterans, Department of Defense employees, and eligible family members.
Navy Federal’s personal loans don’t include origination fees, late fees, or prepayment penalties. You can pay back your loan according to your preferred the terms, but keep in mind that rates will be higher for terms longer than 36 months. Likewise, terms longer than 60 months are only offered for home renovation loans. You can apply online to get a personal expense loan between $250 and $50,000. However, in the event that you’re using the loan for debt consolidation or home improvement, you’ll need to make an application via phone or in the branch.14 Navy Federal also offers savings secured and CD secured personal loan however online applications are not available.
There’s no pre-qualification option with Navy Federal loans, so you can expect a small decrease on your score due to the hard credit check before you submit your application. Navy Federal will review your credit score, bank history, employment, and income details in making a final decision. Membership is available to anyone over 18 years old from every U.S. state.
Navy Federal has been recognized as the best by Forrester in terms of customer service and provides 24 hour support.15 It has excellent ratings on Trustpilot, with an average of 4.7 out of five stars average rating among hundreds of customers.16 However, the majority of customers say they receive simple and fast service as well as low fees and helpful customer service in their testimonials.
Check out the full 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
When To Receive The the Loan
The Loan Amount
The Most Recent 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 for me
Santander Bank
4.1
Best for Quick funding
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
Ideal 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 permit co-signers to personal loans It’s important to remember as you’re making comparisons between loans. There are however a number of trustworthy lenders to pick from–some, like Santander, offer quick funding, while others, like First Midwest and Navy Federal, don’t charge any charges. But our top pick for a personal loan with a co-signer is Upgrade.
Upgrade provides loans for nearly everything including debt consolidation and pays your creditors directly. It also fulfills the criteria for fast funding without prepayment penalties Competitive rates for starting with discounts and flexible repayment terms.
How to Choose the Best Personal Loans with Co-Signers
How to determine if you need a Personal Loan With a Co-signer
If you’ve committed a mistake in your past payment records or are just beginning to build credit, you might not be eligible for an individual loan on your own. By putting a co-signer on the loan, someone who is creditworthy agrees to pay back the loan if you fall behind. In this way, you may be more likely to get approved for an loan by co-signers.
But, remember that if anything changes in your financial situation and you’re unable to pay 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 aren’t willing to ruin your relationship with this person, ensure that you discuss your plan for payment together and inform them of any financial difficulties you may encounter.
Comparison of Personal Loan Lenders Allowing co-signers
Before you can officially apply for personal loan with a co-signer, it is advisable to apply for pre-qualification with a handful of lenders and study their offerings. When comparing your options be sure to consider:
APR: Choose the lender that has the lowest rate of interest you could be eligible for.
Fees: Consider if lenders charge late payment, origination and prepayment fees.
The amount of loans: Only take the amount you require. Select a lender who will give the right loan amount.
Terms: Make sure that the lender provides a lengthy enough term that you’ll be able to afford the monthly payments.
Funding time: If you need cash quickly, narrow down your choices to lenders offering same or next-day funding.
Ease of application: Estimate how easy it will be both you and the cosigner complete the application online.
Customer service: Search for a lender with a positive reputation for customer service. Make sure their customer service team operates at a time that is convenient for you.
How do I apply for a personal Loan With a Co-signer
Pre-qualify: The first step in applying begins with a rate review with the lenders of your choosing. You’ll need to give your contact info and SSN, along with your co-signer.
Compare loan offers You can find lenders you can pre-qualify with, compare the rates and terms offered, and select the best option for your needs.
In order to apply, you must submit the details of your employment and income for you and your partner to your lender for review.
Accept and sign: Once the lender has given you a decision, read the fine print before signing the loan documents.
Pay the money: Wait to receive the funds from your bank account.
Repay the loan through your account on the lender’s website portal. Once your monthly payment is built into your budget, make automated payments so that you don’t miss one.
What is the difference between a Co-signer and a Co-borrower?
A co-signer is willing to take responsibility for the loan but does not possess access to loan funds. For instance, your parents might agree to co-sign your loan to help you get a low APR, but the funds will be transferred to you as the borrower. A co-borrower, on the contrary, is given equal access to the loan funds. For instance an engaged couple can apply for the loan together and then split the loan proceeds and repayment responsibility. In both cases the lender will scrutinize both applicants’ credit and income data before making an assessment.
Do you require a co-signer to get a Personal Loan?
Not necessarily. If you’re able to meet the eligibility criteria by yourself you don’t need to ask someone to co-sign. In contrast If your credit score prevents you from receiving a 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 to co-sign may be the right choice.
Do I qualify for an online Loan with a Co-signer?
Yes. There are some lenders that do not permit co-signers, but there are plenty of options that allow online co-signing loans, including the option to upgrade.
What happens if I’m unable to Pay Back My Co-Signed Loan?
If you are in default on co-signed loan One of two possibilities can be triggered:
The co-signer is able to pay monthly installments on the loan until it is paid
If there is no way for anyone to afford to pay back the loan the default will ruin both your co-signer’s credit and your own. The loan may also be sent to a collections department or an agency. The debt collector may take you to court to try to seize your wages.
What is a Co-signer’s require for a loan?
Typically lenders will have the same eligibility requirements for co-signers and the borrowers. A co-signer will need to satisfy the requirements of credit for the loan and also provide details about their income or employment.
How to Choose the Best Personal Loans With a Co-signer
Our team analyzed 38 lenders and gathered 1,520 data points prior to deciding on our top picks. We considered more than 20 factors and assigned a greater importance to those that have an impact that was more important to prospective borrowers.
The top choices were chosen by analyzing factors such as the requirements for membership (weighted 15 percent) as well as an average fixed rate (weighted 15%), and average origination charges (weighted 10 percent).
We also took into consideration the possibility of flexible repayment terms, beneficial features like pre-qualification and whether a co-signer or joint application is allowed to ensure that borrowers receive the most satisfying experience. For more details on the criteria we used to select applicants and our our process the complete method is available.
Best-personal-loans-with-a-cosigner-4797191
Getty Images / Luckystep
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