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Best Personal Loans That Allow for a Cosigner

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If your credit score is too low, many lenders will hesitate to approve you for a personal loan. Fortunately, there may be a workaround: applying for a loan with a cosigner or co-borrower.

Having a cosigner with a strong credit score makes lenders less nervous about giving you a personal loan if your own credit isn’t great. If you don’t make your payments, they can request them from your cosigner.

Still, getting a cosigner might not be easy, as cosigners take on significant risk. If you defaulted on your loan payments, not only will your cosigner be responsible for making them, but this person could see their credit score fall, too.

However, if you are able to keep up with payments, adding a cosigner or co-borrower to your loan could help you get approved and even qualify you for a better rate.

To help you find the right personal loan for you, we’ve gathered a list of lenders that accept cosigners or co-borrowers.

LenderAPRLoan amountLoan term
LightStream2.49% to 19.99%*$5,000 to $100,00024 to 144 monthsSee Offers
LendingClub7.04% to 35.89%$1,000 to $40,000Not specifiedSee Offers
OneMain Financial18.00% to 35.99%$1,500 to $20,00024 to 60 monthsSee Offers
Santander Bank, N.A6.99% to 16.99%$5,000 to $50,00024 to 60 monthsSee Offers
First Midwest Bank8.12% to 17.51%$5,000 to $25,000Not specifiedSee Offers

LendingTree

If you want to conduct a wider search, LendingTree can help you compare up to five personal loan offers from lenders across the country. You’ll find many that will work with borrowers with bad credit if these consumers can find a cosigner.


By clicking “See Personal Loan Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

LightStream

LightStream, a division of Truist Bank, offers personal loans with APRs ranging from 2.49% to 19.99%* if you sign up for the lender’s autopay feature. You can use a joint application and sign up with a co-borrower for a loan of $5,000 to $100,000 with terms ranging from 24 to 144 months. LightStream doesn’t charge any origination fees for its loans.

The fine print

  • LightStream’s flexible term lengths give you the opportunity to determine how big your monthly payment will be. If you choose a longer term, your monthly bill will be smaller, as you’ll be stretching out your repayment over a longer period of time.
  • Depending on the strength of your credit, it is possible to qualify for a LightStream loan with a solid interest rate — that low-end APR of 2.49%* is attractive.
  • LightStream doesn’t charge an origination fee, meaning you won’t have to spend any money upfront to access your cash. LightStream also doesn’t charge prepayment fees for paying off your loan early.
  • LightStream states that it looks at your credit and payment history when originating personal loans. If your credit is low enough that you’re considering a cosigner, you might not qualify for the lower end of interest rates that LightStream offers.
  • If you take out a LightStream loan with a longer term — say 80 months or more — you’ll pay more interest over time. The longer your loan term, the more you’ll spend on interest when repaying.

Pros

  • You might qualify for a low interest rate
  • No origination fees
  • No prepayment fees

Cons

  • You might have a higher APR closer to 19.99%* depending on your creditworthiness
  • You can take out a longer-term loan, but you’ll pay more interest

See Personal Loan Offers

By clicking “See Personal Loan Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

LendingClub

LendingClub is another online source for personal loans with co-borrowers. You can apply for loans up to $40,000 with APRs ranging from 7.04% to 35.89%, depending on the strength of your credit.

The fine print

  • If you need money quickly, LendingClub is a good option. According to the company, it can close your loan and deposit your money in your bank account in as little as a few days.
  • If you pay off your LendingClub loan before its term ends, you won’t be hit with any prepayment fees.
  • Checking your interest rate won’t hurt your credit score. When you first apply, LendingClub will do what’s known as a soft inquiry to check your credit. This inquiry won’t negatively affect your score. If you decide to close the loan after LendingClub tells you what your loan’s interest rate will be, that hard inquiry will affect your credit.
  • LendingClub charges a one-time origination fee of 3.00% - 6.00% of your loan amount, which will be deducted from your loan amount.
  • You can make payments on your LendingClub loan online, by phone or by check.
  • If you make your payment more than 15 days late, LendingClub might charge a late payment fee of 5% of the unpaid amount or $15, whichever is greater.

Pros

  • Fast approvals
  • No prepayment fees
  • Checking interest rate doesn’t hurt credit

Cons

  • Origination fee
  • Late fees

See Personal Loan Offers

By clicking “See Personal Loan Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

OneMain Financial

You can apply for personal loans with a co-borrower at OneMain Financial for between $1,500 and $20,000, with APRs ranging from 18.00% to 35.99%. You can apply for a loan term of 24 to 60 months.

The fine print

  • On its site, OneMain Financial states that you could receive your funds within a day of applying for your personal loan.
  • OneMain Financial doesn’t charge a prepayment fee.
  • To apply for an OneMain Financial personal loan, you’ll first need to complete an online application. If you’re approved, you’ll then have to visit a OneMain branch in person to verify your income, identity, expenses and employment.
  • The interest rates that OneMain Financial offers are fairly high, with the lowest possible APR being 18.00%¹.
  • OneMain Financial does charge origination fees for its personal loans. These loans vary by state, so you’ll have to check with the bank when you’re applying.

Pros

  • Fast approvals
  • No prepayment penalties

Cons

  • Requires an in-person visit
  • Higher interest rates
  • Origination fee

See Personal Loan Offers

By clicking “See Personal Loan Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Santander Bank, N.A

You can take out a personal loan with a cosigner between $5,000 and $50,000 from Santander Bank, with a term ranging from 24 to 60 months. Santander Bank will review your credit score, debts and income to determine if you qualify. APRs on Santander personal loans range from 6.99% to 16.99%.

The fine print

  • Santander Bank doesn’t charge application or origination fees on its cosigner loans.
  • You can pay off your Santander Bank personal loan early without worry — the bank doesn’t charge prepayment penalties or fees.
  • You can borrow a small amount or a large sum through Santander Bank. If you need just a small amount of cash, you can apply for a loan as small as $5,000; if you need more, you can apply for as much as $50,000.
  • To qualify for Santander Bank’s lowest APR of 6.99%, you’ll need to have strong credit and pay through automatic payments from your bank account. If your credit is weaker, you might face a far higher APR, up to 16.99%.
  • Because Santander Bank only offers personal loans up to $50,000, this bank might not be an option if you need to borrow particularly large sums of money.

Pros

  • No origination fees
  • No prepayment fees
  • Flexible loan amounts

Cons

  • Possibility for higher interest rates
  • Not a good option for larger loan amounts

First Midwest Bank

You can borrow up to $25,000 with a personal loan from First Midwest Bank, but there isn’t as much flexibility in loan amounts as with other lenders. You can take out loans in amounts between $5,000 and $25,000, with an APR that varies according to your credit, loan term and other factors.

The fine print

  • The personal loans with a cosigner offered by First Midwest Bank come with lower interest rates.
  • It doesn’t take long to apply for loans here — you can apply online and receive a decision in 24 hours, according to First Midwest Bank’s homepage.
  • First Midwest doesn’t charge an origination fee, though it does charge a closing cost of $150 for new personal loans.
  • You must live in the following states to apply for a personal loan with First Midwest Bank: Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Maine, Maryland, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont or Wisconsin.

Pros

  • Fast decisions
  • Low possible interest rates

Cons

  • Closing cost fee
  • Doesn’t loan in all states

Rates and fees mentioned in this piece are accurate as of the date of publishing. Institutions had to be in DepositAccounts’ list of largest banks and credit unions by assets to be considered. (Disclosure: DepositAccounts is owned by LendingTree.) APR, terms, origination fee and other factors were considered.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

¹Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

By clicking “Get Started”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

 

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