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Personal Loans

Best Joint Personal Loans

Personal loans are fixed-interest loans that offer consistent monthly payments and flexible spending. You can use the funds for almost any expense. When you have a joint personal loan, you share the repayment responsibility with another person, your co-borrower. 

Both borrowers are equally responsible for repaying the loan payments, even if you intend for one person to be the primary borrower.

Here’s how to get the best terms for a joint personal loan and find a top lender. 

The best joint personal loans

If you apply with a qualified co-borrower, it can be easier to get approved for a personal loan. Your borrowing history, credit score, income, and debt affect your application and approval odds. When making decisions about joint loans, lenders consider both borrowers’ finances and credit scores.

Not all personal loan lenders allow co-borrowers, so working with a lender specializing in joint personal loans is essential. The following online lenders and banks offer joint personal loans for co-borrowers with different credit scores, ranging from excellent to fair. 

LenderRates (APR)
LightStream7.49% – 25.49%
SoFi8.99% – 29.49
Upgrade8.49% – 35.99%

LightStream – Best for excellent credit

Editorial rating: 4.8 out of 5

  • Competitive interest rates
  • No fees or prepayment penalties
  • Offers rate-beat program

LightStream could be an ideal choice for joint personal loans when both parties have strong credit profiles—ideally, FICO scores at or above 740. LightStream offers competitive interest rates and no fees, enhancing affordability for couples or partners. 

The rate-beat program is beneficial for joint applicants, ensuring they receive the best possible rate. LightStream’s policies cater to those looking for a seamless and cost-effective joint loan experience, emphasizing its appeal to those with excellent credit seeking joint financing solutions.

LightStream doesn’t allow borrowers to prequalify with a soft credit check, which doesn’t affect their credit score, so we think this lender is best for borrowers who are confident they’ll be approved.

SoFi – Best for good credit

LendEDU rating: 5.0 out of 5

  • No required origination fees
  • Offers free financial counseling

SoFi is a standout for joint borrowers with credit scores of at least 670. The absence of origination fees and prepayment penalties makes SoFi a more affordable option for joint loans. 

The benefit of free financial counseling can help both borrowers manage their finances better together. SoFi’s comprehensive support and customer service make it a top choice for those seeking joint personal loans with a safety net.

Upgrade – Best for fair credit

LendEDU rating: 4.9 out of 5

  • Accepts cosigners
  • Quick funding time
  • Offers hardship plans

Upgrade is accommodating for joint personal loans, especially when one or both applicants have FICO credit scores in the 580 to 669 range. The ability to apply with a cosigner increases the chances of approval and could help you secure a lower interest rate. 

Upgrade’s quick funding time benefits joint borrowers needing prompt financial assistance. Its hardship plans also provide a layer of security, acknowledging the complexities of shared financial responsibilities in times of need.

Credible – Best marketplace

LendEDU rating: 5.0 out of 5

  • Get quotes from a variety of lenders
  • Easy to compare loan rates and terms
  • No impact on credit score to check rates

Credible is an excellent marketplace for joint borrowers to explore their options without affecting their credit scores. It allows partners to compare rates and terms from several lenders, facilitating the search for the best joint personal loan tailored to their combined financial situation. 

The ease of comparison and the number of choices make Credible a top pick for those seeking to apply for joint personal loans, providing a clear overview of what’s available in the market for their specific needs.

What is a joint personal loan?

Joint personal loans have the same features as other personal loans: fixed interest rates, flexible fund usage, and consistent monthly payments for 24 to 72 months. The only difference is that joint personal loans have two borrowers, whereas most loans only have one

Because joint personal loans have two borrowers, both can access the funds. They are also equally responsible for the monthly payments and the overall balance. If one borrower misses a payment, it can hurt both borrowers’ credit scores. Because it’s such a significant financial commitment, co-borrowers are often spouses or other close family members who plan to use the money for a joint expense. 

Some personal loans allow cosigners, who are different from co-borrowers. If you apply with a cosigner with good credit, your chances of getting the loan can improve. The cosigner signs the loan documents, too, but their responsibility is different. The cosigner can’t access the funds and is only responsible for repayment if the primary borrower defaults on the loan.

How to apply for a joint personal loan

When you apply with a co-borrower, the lender reviews information from both borrowers, including credit scores and incomes. So, the application can take a little longer to complete, and it’s helpful if you’re both ready to apply at the same time. 

Here are the steps you need to take to apply for a joint personal loan.

  1. Compare lenders: It’s essential to compare lenders before you apply for a loan. Research the top lenders for joint personal loans and determine two or three companies that seem like a good fit. Learning about rates, terms, and fees before you apply makes it easier to review the offer later in the process. 
  2. Check your rate: Most lenders allow potential borrowers to view rates and terms with a soft credit pull, which doesn’t lower your credit score. Check your rate for two or three lenders—or one marketplace—before selecting the best fit. 
  3. Provide documentation: Most lenders require proof of income and identification before finalizing an application. You and your co-borrower must provide the required documentation, usually government-issued identification and access to a bank account or pay stub. 
  4. Submit the application: After finalizing, you can submit it to the lender. Most lenders respond with a final loan offer in one or two business days. 
  5. Review the terms: Review the loan offer terms, including interest rate, origination fees, and repayment length. If you have any questions, ask before finalizing the loan. 
  6. Receive the funds: Funds usually arrive in the designated bank account within a day or two. You can start using the money as soon as you get it. 

How to choose the best joint personal loan

Here are some of the most critical factors to consider as you search for the best joint personal loan. 

  • Lender: The lender you work with has a massive impact on the loan you get. Some lenders offer loans that allow co-borrowers, but others don’t. Before you apply, confirm that you can do so with a co-borrower. Some lenders specialize in working with borrowers with specific credit scores. You want to make sure you can qualify for the loan, and focusing on the minimum credit score requirement is one of the best ways. 
  • Interest rate: The interest rate determines the cost of the loan. As a borrower, your goal is usually to secure the lowest rate. Lower rates help you save money as you repay the loan. For example, imagine you have a $5,000 loan with a 13% interest rate and a 36-month repayment term. Your total interest costs are $1,064.91. But the same loan with a 10% interest rate has a lower total cost of $808.09. 
  • Origination fees: Some lenders charge origination fees, which are an additional cost. The fees are a percentage of the loan, and the lender deducts it from the initial payout. For example, let’s say you have a $10,000 loan with an origination fee of 2%. The lender subtracts $200 from the loan, and you receive $9,800. If possible, try to avoid origination fees. If you can’t do that, find a loan with manageable charges, ideally under 3%. 
  • Repayment length: The repayment length is how long you’ll spend making monthly payments on the loan. Longer repayment terms have higher interest charges because the interest accrues more over time. Short term lengths can help you save money on interest. Consider your budget and finances to decide which term makes the most sense. 

Joint personal loans can be a helpful way to borrow money for shared expenses or goals. But these loans are not always the right option. Here’s how to decide whether a joint personal loan is right for you. 

👫Consider a joint personal loan if🧑‍Consider an individual personal loan if
You need help qualifyingYou can qualify on your own
You want better terms or ratesYou have good or excellent credit
You want to repay the loan together You do not have a trustworthy co-borrower
You have a shared expenseYou have a solo expense

When joint personal loans make sense

Joint personal loans are helpful because you share the burden of the loan—applying, qualifying, and repaying—with another person. It’s a solid option if you have a qualified co-borrower and need help getting a loan or want better terms. 

It also makes sense if you plan to use the funds for a shared expense or endeavor. Both borrowers’ access to the money makes it easier to spend and manage the loan. 

When joint personal loans don’t make sense

Joint personal loans are often unnecessary if you can qualify for a competitive rate and terms on your own. Even if you and your spouse plan to use the money for joint expenses, you might not need to be co-borrowers if you can qualify independently. 

Borrowing money with another person is a huge commitment. If you don’t have a trustworthy co-borrower, it’s not worth the risk. If your co-borrower misses a payment or pays late, it can harm your credit score and finances. 

Recap of the best joint personal loan lenders

LenderRates (APR)
LightStream7.49% – 25.49%
SoFi8.99% – 29.49
Upgrade8.49% – 35.99%