8 Personal Loans With a Co-Signer in 2023

Key facts

Pros

• Joint loan option.

• Direct payment to creditors with debt consolidation loans.

• Option to pre-qualify with a soft credit check.

• Option to change your payment date.

Cons

• Origination fee.

• Late fee.

• No mobile app to manage loan.

Qualifications

• Minimum credit score: 600.

• Maximum DTI: 60%; 40% for joint applicants.

• Minimum credit history: 37 months and two accounts.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 3% to 6%.

• Late fee: 5% of payment or $15 after 15-day grace period.

Disclaimer

Between April 2022 and June 2022, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,980 for a term of 36 months, with an interest rate of 13.49% and a 6.00% origination fee of $1,019, for an APR of 17.89%. In this example, the borrower will receive $15,961 and will make 36 monthly payments of $576. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 8.30% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2022 and are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of NerdWallet Compare, Inc. which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party and may receive compensation if you visit the third party’s websites or use any of its products or services. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment before they can be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

Key facts

Pros

• Secured and joint loans.

• Multiple rate discounts.

• Mobile app to manage loan payments.

• Direct payment to creditors with debt consolidation loans.

• Long repayment terms on home improvement loans.

Cons

• Origination fee.

• No option to choose your payment date.

Qualifications

• Minimum credit score: 560.

• Minimum number of accounts on credit history: One account.

• Maximum debt-to-income ratio: 75%, including the loan you're applying for.

• Minimum length of credit history: Two years.

• Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: 1.85% to 8.99%.

• Late Fee: $10.

• Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.24%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners .

Key facts

Pros

• No fees.

• Joint loan option.

• Rate discount for autopay.

• Hardship program for borrowers in need.

• Mobile app to manage loan.

Cons

• No option to choose initial payment date.

• High minimum loan amount.

Qualifications

• Must legally be an adult in your state.

• Must be a U.S. citizen, permanent resident or visa holder.

• Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Key facts

Pros

• Option to pre-qualify with a soft credit check.

• Multiple rate discounts.

• Direct payment to creditors with debt consolidation loans.

• Joint loan options.

Cons

• May charge origination fee.

• Not available in all states.

• No mobile app to manage loan.

Qualifications

• Minimum credit score: 620; borrower average is 700.

• Maximum debt-to-income ratio: 45% excluding mortgage.

• Minimum income: None; borrowers' average household income is $115,000.

• Minimum credit history: 3 years and 2 accounts.

• Not actively delinquent on debt and no bankruptcy in the last 24 months.

• Must be a US citizen, permanent resident or visa holder.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: 1.99% - 6.99%.

Disclaimer

All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 29.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022.  †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST.

Key facts

Pros

• No fees.

• Rate discount for autopay.

• Long repayment terms on home improvement loans.

• Rate Beat program and Experience Guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

• No direct payment to creditors with debt consolidation loans.

Qualifications

• Minimum credit score: 660.

• Several years of credit history.

• Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

• Strong payment history with few or no delinquencies.

• Investments, retirement savings or other evidence of an ability to save money.

• Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• Co-sign, joint and secured loan options.

• Direct payment to creditors with debt consolidation loans.

• Options to choose and change your payment date.

• Fast funding.

Cons

• Exclusive to credit union members.

• Reports payments to only one of the three major credit bureaus.

• No rate discount.

Qualifications

• Must be a member of First Tech Federal Credit Union.

• Minimum credit score: 660.

• Must provide Social Security number and driver's license or other state-issued ID.

• Maximum debt-to-income ratio: 50%.

• Minimum monthly income: $700 if living with others; $1,000 if renting; $1,500 if you own your home.

• Minimum credit history: At least two established accounts.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: Varies.

• Returned check fee: $28.

Key facts

Pros

• Option to pre-qualify with a soft credit check.

• Co-sign and joint loan options.

• Can fund loans within one week.

• Wide range of loan amounts.

Cons

• No rate discount.

• Reports payments to only one of the three major credit bureaus.

• No direct payment to creditors with debt consolidation loans.

Qualifications

• Minimum credit score: 700.

• Must provide name, address, date of birth, Social Security number and employer information.

• Must show at least two years of credit history, two accounts and no bankruptcies.

• Average borrower annual income: $55,000.

• Average borrower debt-to-income ratio: 40%.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: None.

• Late fee: $29.

• Non-sufficient funds fee: $35.

Disclaimer

Personal Loan rates range from 7.74% to 17.99% APR.Rates and offers current as of October 2022 and are subject to change.* Your actual APR will be determined at the time of disbursement and will be based on your creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply. All loans are subject to a minimum monthly payment of $50.Insured by NCUA. To receive any advertised product, you must become a member of PenFed. Equal Housing Lender.

Key facts

Pros

• No origination fee.

• Fast funding.

• Direct payment to creditors with debt consolidation loans.

• Option to add a co-signer.

Cons

• No option to pre-qualify with a soft credit check.

• Available in a limited number of states.

• No rate discount.

• Does not clearly display loan amounts on website.

Qualifications

• Must provide personal and contact information, including a U.S.-based cell phone number.

• Must provide two years of address and employment history.

• Must provide financial information including income, debts and other personal obligations, like rent or mortgage.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: None.

• Late fee: Not disclosed.