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Personal Loans Reviews

Best Personal Loans for a Co-Signer

These lenders make it simple to apply for a personal loan with a co-signer

By Lindsay Frankel

Updated November 29 2022

Truth checked by Matthew M Klammer

Our Process Advertiser Disclosure help millions of readers find the best personal loans through an independent review process. The process is independent and the advertisers are not a factor in our selections. 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 history, obtaining the personal loan by a co-signer could allow you to access funds you may not qualify for by yourself. A co-signer typically is an honest person from the family or friend group who is willing to take responsibility for your debt in the event that you fail to repay the loan.1 Co-signing comes with risks 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 with a co-signer have an online application procedure which makes co-signing simple. They also come with low APRs, minimal fees, and flexible repayment terms to ensure you can repay the loan on your own. Before you decide on a lender, you should compare the rates, terms, and features of different lenders with your co-signer.

The Best Personal Loans with a Co-Signer of February 2023

Credit Score

The Loan Amount

Company

APR

Credit Score est.

Amount of Loan

More Details

Best Overall

Upgrade

4.3

APR with Autopay Discount

7.96% – 35.97%

560

The lender has not disclosed their minimum credit requirements.

$1,000 – $50,000

See Details

Check Rates

The Best Deal for Low Fees

Old National Bank

4.2

APR Range

6.26% – 25.00%

Unknown

This lender doesn’t disclose its minimum credit score specifications.

$2,500 – $35,000

Check out the Details

Check Rates

Best to get Fast funding

Santander Bank

4.1

APR Range

6.99% – 24.99%

Not Disclosing

The lender doesn’t 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

This lender doesn’t disclose their minimum credit criteria.

$250 – $50,000

Read More

Check Rates

Best Personal Loans With the Co-Signer

Our Top Picks

Upgrade

Old National Bank

Santander Bank

Navy Federal Credit Union

Find More (1)

Compare Providers

Final Verdict

How to Choose

Co-signer Vs. Co-borrower

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

Online Loans With Co-signer

What If I Can’t Pay my loan?

What Does a Co-signer need?

Methodology

Best Overall Upgrade

the Rating of Investopedia

4.3

Upgrade

APR Range: 7.96% – 35.97 percent

Time To Receive Loan: 1 day

The Loan Amount: $1,000 – $50,000

Check Rates

The reason we choose it

Upgrade has a minimal credit score requirement, offers a fast and easy online application process, and provides loans to suit almost any need with competitive rates at the beginning and no penalties for prepayment. If you’re taking advantage of your loan to pay off your debts, Upgrade can conveniently pay your creditors directly.

Pros and Cons

Pros

Fast and quick funding in one business day

Flexible borrowing amounts and repayment terms

Pre-qualification option

Cons

The origination fees are relatively high.

Higher maximum APR than some competitors

Overview

Upgrade is our best overall pick because Upgrade not only provides a quick and easy application procedure, but loans can be used for almost everything, including debt consolidation and medical expenses. You can also apply to see if you need a co-signer, and Upgrade lets you borrow between $1,000 and $50,000.2

Upgrade was established in the year the year 2017 and has provided $10 billion in credit available to customers. In addition to offering personal loans and credit cards, they also offer the rewards checking account that comes that offers loan discounts for customers of the account as well as an Upgrade card.3

Upgrade charges an origination fee between 2.9 percentage to 8%. This is deducted from the loan funds, which means that the actual loan amount is less than the amount that you requested. It also charges the late fee of $10 and there’s no penalty for early payment, so it’s okay to make extra payments to your Upgrade loan at any time. To make things even better, Upgrade offers a variety of discounts, including one that allows payment to creditors directly.4

To be eligible to receive to be eligible for a loan from Upgrade You must be at minimum 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 The co-signer should have a rating of credit at least 550. It is important to note that Upgrade loans aren’t offered in Washington D.C.2 It’s easy to apply with a co-signer online or over the phone. You’ll be able to choose a repayment term between 24 and 84 months and you’ll receive your money within the next working day.

Best for Low Fees Old National Bank

The Rating of Investopedia

4.2

First Midwest Bank

APR Range: 6.26% – 25.00 percent

The Loan Receiver’s Time One Day

Loan Amount: $2,500 – $35,000

Check Rates

Why We Chose This?

First Midwest is our top pick for low fees since the bank does not charge any charges for origination or late fees or penalties for prepayment on its personal loans. What’s more, it allows an up-to seven year period of repayment and its APR range is quite low.

Pros and Pros and

Pros

Quick financing in just one business day

No cost

Flexible repayment terms

Cons

No discounts

It is only available to 24 states.

Limits on borrowing amount are stricter

Overview

Since First Midwest doesn’t charge any fees, even late fees, it’s our choice for the most affordable personal loan with co-signers. First Midwest’s history began with the establishment of a bank in Joliet, Illinois in 1940. By 1983, twenty banks were merged under name First Midwest Bancorp, and in 2016, the bank surpassed 10 billion dollars in assets. First Midwest merged with Old National in 2021.6

With the personal loan through First Midwest, you can get a loan of between $5,000 and $35,000 and choose terms for repayment that range from 84 months.7 This lender does not charge the origination fee, late fees, or penalties for early payment. It’s easy to apply for a personal loan with a co-signer, by phone, or in a branch. And you can receive your money on the same day if you’re already a current checking customer. If not, you can still receive your money 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 borrowers with excellent credit. You must be at least 18 years old and be 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

Reviews online about First Midwest bank are few and far between. While there isn’t much feedback available overall however, the reviews we looked through did not include any complaints about the private loan product.

Check out 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

Why We Chose It

If you’re accepted for an individual loan through Santander and a person who is a co-signer, you can get your funds in as little as one day, depending on the time of your application. Plus, there’s an easy online pre-qualification process and only a couple of charges.

Pros and Cons

Pros

Rapid funding on the same day

Flexible terms for repayment

No origination fee or prepayment penalty

Cons

It is only available to 12 states.

Higher APR range than other competitors

$5,000 minimum loan amount

Overview

Santander gets the top spot for fast funding because it can disburse funds as soon as the same day. Santander’s loans are also free of charge and the lender is a trusted bank with a a long history.

Bancorp Santander was incorporated in Spain in 1857 in order to facilitate trade and commerce with Latin America. After several years in expansion throughout 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 all over the world.9

Santander offers personal loans that range from $5,000 to $50,000, with repayment terms that are flexible ranging from 36 to 84 months. The APR ranges from 6.99 percent to 24.99 percent, which includes the benefit of a 0.25 percent autopay discount.10 The lender doesn’t charge any origination fees, so you can get 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 earlier if you’ve got the funds. But, Santander will charge late payments of 20% or $20 (whichever is greater) of the past due balance. We encourage borrowers to create automatic payments in order to avoid these fees.

It’s simple to apply for an Santander personal loan online with a co-signer, or you can visit the branch. You can review the interest rate without damaging your credit. To be eligible for a loan you must be over 18 years old old and a resident of 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 income details when you apply. The proceeds of loans cannot be used to fund college tuition.

Santander receives poor customer reviews on third-party websites like Trustpilot.11 There are many complaints about long wait times for customer support. It’s something to take into consideration in the event that you find yourself needing help with the personal loan.

Read our complete Santander Bank personal loans review.

Check out 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 Variation: 7.49% – 18.00%

Time to Receive Loan: 0 days

Loan Amount: $250 – $50,000

Check Rates

Why We Chose Them?

Navy Federal is our top choice for veterans as this credit union offers the lowest interest rate and has no charges.

Pros and Cons

Pros

No origination fees or prepayment penalty

Fast funding as soon as the same day

Low APR maximum and no minimum credit score requirement

Cons

Higher rates and minimum amounts of borrowing for more lengthy terms.

No pre-qualification is available.

Only open to members

Overview

Navy Federal offers a low maximum APR , and there are no charges for co-signed loans, making this credit union our top pick for veterans. Navy Federal is a member-owned, not-for-profit credit union created by a group comprised composed of Navy Department employees at the closing of the Great Depression.12 The credit union today has over 11 million members.13 Membership is available to active duty militarypersonnel, members of the veterans’ community, Department of Defense employees and family members who are eligible.

Personal loans do not include any origination fees as well as late fees or penalty for prepayment. The loan can be repaid loan according to your preferred the terms, but keep in mind that rates will be higher for terms longer than 36 months. Likewise, terms greater than 60 months are only offered for home improvements loans. You can apply online for a personal expense loan between $250 and $50,000, but when you’re applying for the loan for debt consolidation or home improvements, you’ll need to make an application through phone or at the branch.14 Navy Federal also offers savings secured as well as a CD secure personal loan however online applications are not available.

There’s no pre-qualification option with Navy Federal loans, so expect a small dip in your credit score due to the credit report upon submitting your application. Navy Federal will review your credit score, your banking history including employment and income details before deciding. The eligibility criteria is open to all members of 18 or older from any U.S. state.

Navy Federal has been recognized as the top choice by Forrester for customer experience and provides 24/7 support.15 It also has excellent reviews on Trustpilot, with a 4.7 out of five-star ratings among many thousands of customers.16 However, most users say that they receive simple and fast service as well as low fees and friendly customer service.

Read the Full review of the Navy Federal Credit Union personal loans

Compare the Best Personal Loans for Co-Signers in February 2023.

Overall Rating

Best For

APR Range

Average Origination Fee

Late Fee

When To Receive The A Loan

Amount of Loan

Last 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 me!

Santander Bank

4.1

Best to get Fast Financing

6.99% – 24.99%

None

Not specific

N/A

$5,000 – $50,000

N/A

Check Rates

Hide, not for 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 some companies include discounts for automatic payments or current bank customers.

Final Verdict

Not all lenders permit co-signers to personal loans, so that’s important to consider when you’re making comparisons between loans. But there are still several reputable lenders you can choose from. Some, like Santander, offer quick funding while others, such as First Midwest and Navy Federal do not charge costs. Our top choice for a personal loan with a co-signer the upgrade.

Upgrade offers loans for nearly everything, including debt consolidation, and it will pay your debtors directly. It also checks the boxes for fast funding, no prepayment penalties Competitive rates for starting with discounts and flexible repayment conditions.

Guide to Choosing the Right Personal Loans that Have Co-Signers

Determining Your Need for a Personal Loan Using the help of a co-signer

If you’ve made a few mistakes in your past payment records or are just starting your journey to improve credit scores, you might not be eligible for a personal loan on your own. Adding a co-signer means that someone who is creditworthy is willing to repay the loan in the event of a fail to pay it back. This is why you’re more likely to get approved for an loan by a co-signer.

However, keep in mind that in the event that something changes your financial situation and you’re unable to pay the loan, your co-signer will be on the hook for the remaining balance. If they do not have enough funds, the loan could sever their credit. If you do not want to ruin your relationship with the person, be sure to discuss your plan for repayment together, and keep them informed of any financial challenges you could confront.

Comparing Personal Loan Lenders and allowing co-signers

Before you can officially apply for personal loan with your co-signer, it is advisable to check your eligibility with a couple of lenders and study their offerings. As you are looking at your options take note of:

APR: Pick the lender with the lowest APR you can be eligible for.

Fees: Think about whether lenders charge origination, late payment, and prepayment fees.

The amount of loans: Only take the amount you require. Find a lender who offers the correct loan amount.

Terms: Make sure that the lender provides a lengthy enough time frame that you’ll be able pay the monthly installments.

Funding time: If you need cash quickly choose to narrow your search to lenders that offer same-day or next-day funding.

Easy to apply: Consider the ease for you and your co-signer complete your application on the internet.

Customer service: Choose an organization that has a solid track record of customer service. Make sure that their customer service department is available at a time that is suitable for you.

How do I apply for a personal Loan With a Co-signer

Pre-qualification: The first step to apply begins with a rate check with the lender of your choice. You’ll need to share your contact information and SSN, along with your co-signer.

Compare loan offers You can find lenders you are able to pre-qualify look at the rates and terms offered and choose the most suitable choice for your needs.

Formally apply: Submit income and employment information for yourself and your partner to your lender for review.

Accept and sign: When the lender has given you a decision, read the fine print and sign the loan documents.

Pay the money When you receive the funds from your bank account.

Repay: Manage your loan by accessing your account through the lender’s portal online. Once your monthly payments are included in your budget, make automatic payments to ensure that you don’t miss one.

What is the difference between a Co-signer and a Co-borrower?

A co-signer agrees to be responsible for the loan however, they don’t possess access to funds. For example, your parent might agree to co-sign your loan to ensure you receive the lowest APR, however the funds will be transferred to you as the borrower. A co-borrower on the other hand, gets the same rights to loan profits. For example couples who are married could apply for the loan together and then split the funds and the payment responsibility. In both instances, the lender will review the credit score of both applicants as well as income information when making a decision.

Do You Need a Co-Signer to get an Personal Loan?

Not necessarily. If you meet the eligibility requirements by yourself then there’s no need to ask someone to co-sign. On the other hand, if your credit score prohibits you from getting an loan, or you need help getting a lower rate, asking a creditworthy friend or family member to co-sign may be the right choice.

Do I qualify for an online Loan with a Co-signer?

Yes. Not all lenders allow co-signers. However, there are many alternatives that allow online co-signing loans which include upgrading.

What happens if I’m unable to Repay My Co-Signed Loan?

If you fail to pay back co-signed loan there are two scenarios can occur:

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

If no one can afford to repay the loan the default will ruin the credit of your co-signer as well as your own. The loan may also be sent to a collections department or agency. The debt collector can go to court and attempt to seize your wages.

What Does a Co-signer need to do for a loan?

Typically, lenders have the same eligibility requirements for co-signers and the borrowers. Co-signers need to meet the credit requirements for the loan and provide the information regarding their income and employment.

How we Choose the Most Effective Personal Loans with Co-signers

Our team evaluated 38 lenders and gathered 1,520 data points prior to deciding on the top three. We evaluated more than 20 criteria and assigned more weight to those with a more significant impact on the potential borrower.

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

We also considered the possibility of flexible repayment terms, helpful features like pre-qualification, and whether a co-signer or joint application is permitted to ensure that borrowers receive the best possible experience. For more information on the criteria we used to select applicants and our the process, our complete methodology is available.

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

Getty Images / Luckystep

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