Best personal loans with joint applicants of August 2023

Kiah Treece

BLUEPRINT

Updated 6:25 a.m. ET Aug. 2, 2023

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Joint personal loans can help less-qualified borrowers access financing that might not otherwise be available to someone with their credit profile. Likewise, applying with a joint applicant (also called a co-borrower) could help you get approved for a more competitive interest rate, higher loan amount or longer repayment term.

The best joint personal loans offer competitive annual percentage rates (APRs), reasonably high loan amounts and a variety of repayment terms. Several also provide rate discounts as well as few to no fees.

To determine the best joint personal loans, we compared 10 personal loan lenders that offer joint loans by these metrics, along with other factors like state availability, funding times and customer service experience.

Best joint personal loans

SoFi
: Best overall
LightStream
: Best for fast funding
Prosper
: Best for competitive rates
U.S. Bank
: Best for existing customers
LendingClub
: Best for bad credit
Compare the best joint personal loans
Why some lenders didn’t make the cut
Methodology
Frequently asked questions (FAQs)

Why trust our personal loan experts

Our team of experts evaluated hundreds of personal loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

10 personal loan lenders reviewed.
160 data points analyzed.
6-stage fact-checking process.

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What you should know

In addition to offering large personal loans ranging from $5,000 to $100,000, SoFi makes it easy for prospective borrowers to see what rate they’re likely to qualify for without a hard credit inquiry. Repayment terms range from two to seven years.

SoFi borrowers can also take advantage of several rate discounts. These include discounts for autopay (0.25%), for existing customers (0.125%), and for borrowers who use their loan to consolidate debt and allow SoFi to pay their creditors directly (0.25%). A variety of member benefits are available, too, such as unemployment protection, career advice and financial planning.

Pros and cons

Pros

$100,000 loan maximum.
Multiple rate discounts.
Fast funding.

Cons

Doesn’t accept co-signers.
Could be hard to qualify if you don’t have good credit.
Not available in Mississippi.

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What you should know

LightStream personal loans range from $5,000 to $100,000 and come with terms from two to seven years — though you could have up to 12 years to repay for some types of loans. Plus, you could get your funds as soon as the same day as approval.

Additionally, if you’ve been approved by another lender for an unsecured personal loan, you could get another 0.1% off your rate through LightStream’s Rate Beat Program.

Pros and cons

Pros

Fast funding.
Loan amounts up to $100,000.
No fees.

Cons

Must borrow at least $5,000.
Doesn’t allow borrowers to prequalify.
Could be hard to qualify if you don’t have good credit.

More details

Interest rates: 7.99% to 25.99%.
Loan amounts: $5,000 and $100,000.
Loan terms: 2 to 7 years (up to 12 for some loan types).
Min. credit score: Does not disclose.
Accepts joint applicants: Yes.
Fees: None.

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Prosper — a peer-to-peer lender — offers some of the lowest annual percentage rates (APRs) on this list, which could make it a good option if you want to keep your borrowing costs as low as possible.

With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years, and you could get your funds within one business day of approval.

Pros and cons

Pros

Competitive rates.
Accepts fair credit scores.
Fast funding.

Cons

Charges an origination fee (1% to 5%).
Charges fees for check payments, late payments, and insufficient funds.
No advertised rate discounts.

More details

Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Loan terms: 2 to 5 years.
Min. credit score: 600.
Fees: Check payment fee (5% of your payment amount or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater), and insufficient funds fee ($15).

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While U.S. Bank offers personal loans starting at $1,000 to all eligible consumers, only current bank customers can borrow up to $50,000. If you don’t have an existing account with the bank, you can only borrow up to $25,000. Repayment terms range from one to seven years (one to five years if you don’t have an existing U.S. Bank account).

Pros and cons

Pros

Higher loan maximum and longer terms available to existing customers.
0.50% autopay discount.
No origination fee or prepayment penalty.

Cons

Could be hard to qualify if you aren’t a current U.S. Bank customer.
Lower loan limits and shorter terms for non-U.S. Bank customers.
Poor Trustpilot reviews.

More details

Interest rates: 8.74% to 21.24%.
Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers).
Loan terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers).
Min. credit score: 660.
Fees: No origination fee or prepayment penalty.

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In addition to accepting joint applicants, LendingClub also doesn’t have a minimum credit score requirement. This means you could have an easier time qualifying if you have bad credit.

With LendingClub, you can borrow $1,000 and $40,000 with terms from three to five years.

Pros and cons

Pros

No credit score minimum.
Can borrow as little as $1,000.
Fast funding.

Cons

Charges an origination fee.
Charges late fees.
Limited repayment terms.

More details

Interest rates: 9.57% to 35.99%.
Loan amounts: $1,000 and $40,000.
Loan terms: 3 to 5 years.
Min. credit score: No minimum.
Fees: Origination fee (2% to 6%), late fee (5% of outstanding amount or $15, whichever is greater), and insufficient funds fee ($15).

Compare the best joint personal loans

	Interest rates	Loan amounts	Repayment terms (years)	Min. credit score
SoFi	8.99% to 25.81%	$5,000 to $100,000	2 to 7	680
LightStream	7.99% to 24.99%	$5,000 to $100,000	2 to 7 (up to 12 for some loan types)	Does not disclose
Prosper	6.99% to 35.99%	$2,000 to $50,000	2 to 5	640
U.S. Bank	8.74% to 21.24%	$1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers)	1 to 7 (5-year maximum for non-U.S. Bank customers)	660
LendingClub	9.57% to 35.99%	$1,000 to $40,000	3 to 5	No minimum
All interest rates are current and include discounts as applicable as of August 1, 2023.

Why some lenders didn’t make the cut

Of the 10 personal loan lenders that we reviewed, only half made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having stricter credit score requirements or higher APRs, while others had limited customer service options or a higher amount of fees.

Methodology

Our expert writers and editors have reviewed and researched 10 popular lenders to help you find the best joint personal loan to get. Out of all the lenders considered, the five that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including loan amounts and terms, APR ranges, late payment fees, discounts, minimum credit score requirements and funding speed. We also evaluated each provider’s customer support options and customer reviews.

Frequently asked questions (FAQs)

The decision of whether to get an individual or joint loan largely depends on your financial situation and goals. An individual loan is a great option if you’re looking to build credit on your own since only your credit score will be taken into consideration for approval.

On the other hand, a joint loan can benefit borrowers who won’t qualify on their own. Applying with a co-borrower could also help you get approved for a more competitive rate or higher loan amount than you’d get as an individual applicant.

Keep in mind that unlike a co-signer—who is liable for the loan if the primary borrower fails to make payments—a joint applicant will share ownership of the loan and be equally responsible for its payments from the start.

To get a joint personal loan, you’ll first need to find a lender that allows co-borrowers. Be sure to shop around and compare your options from as many of these lenders as possible to find the right loan for your needs.

After you’ve found a lender, you’ll then need to ensure that both you and the other applicant meet that lender’s eligibility requirements. This generally includes having good credit, sufficient income and a positive repayment history. If you decide to apply, you’ll have to fill out a full application and submit any required documentation, such as tax returns or bank statements.

If you’re approved, remember that you and your co-borrower will be equally responsible for repaying the loan according to its terms and conditions. So make sure that you’re comfortable with all aspects of the loan before agreeing to it.

If you apply for a personal loan with a joint applicant, the lender will perform a hard credit check as part of the approval process. This could cause a slight drop in both your and your co-applicant’s credit score. A hard inquiry will typically remain on your credit report for two years but will only impact your score for one year.

Keep in mind that a joint personal loan can also positively impact your credit score, such as if you consistently make on-time payments or are able to diversify your credit mix. However, missing payments or defaulting on the loan can lead to negative marks and a dip in the credit scores of both you and your co-applicant.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Kiah Treece

BLUEPRINT

Kiah Treece is a small business owner and former attorney with extensive experience in business and consumer finance. She focuses on demystifying debt so individuals and business owners can take control of their finances. Her work has been published on Forbes Advisor, Investopedia, The Spruce, Rolling Stone, Treehugger and more.

Ashley Harrison

BLUEPRINT

Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games and chasing her black cat Salem.