Best Joint Personal Loans in July 2025

Applying with a co-borrower can help you unlock lower rates and more money

Headshot of Lauren Nicholson
Written by
Lauren Clifford
Updated on: July 10, 2025

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best for:
Short-term joint loans
First Tech logo
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Best for:
Small, fast joint loans
PenFed logo
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Best for:
Peer-to-peer joint loans
Prosper logo
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Best for:
Large, fast joint loans
SoFi logo
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Best for:
Multiple discounts
Upgrade logo
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More Options

First Tech Federal Credit Union: Best for saving money on interest with a short-term joint loan

7.89% - 18.00%

6 to 84 months

$500 - $50,000

Not specified

Pros
  • Save with one of the shortest starting loan terms on the market (lenders typically start loans at 24 months or more)
  • Low rates
  • Good for small or mid-sized loans
Cons
  • Must become a member to get a loan
  • May need good or excellent credit to qualify

What to know

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First Tech Federal Credit Union’s low rates, short loan terms and low starting amounts can help you save money on your loan. Choosing short loan terms, like First Tech’s six-month starting term, can help you save money on interest for your joint personal loan.

Plus, First Tech lets you borrow as little as $500 (compared to the standard $1,000 or higher), so you probably won’t have to borrow (and pay interest on) more than you need.

But you need to become a member to access affordable loans with rates under 18% from federal credit unions like First Tech. Fortunately, First Tech makes joining easy: You can apply for a loan and for membership at the same time.

How to qualify

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You must meet at least one of the following criteria to join First Tech:

  • Work for a partnering employer
  • Be related to a current First Tech member
  • Live in Lane County, Ore.
  • Become a member of the Computer History Museum or Financial Fitness Association (First Tech may pay for your first year of membership, and you won’t have to maintain membership to keep your First Tech account)
See Personalized Results Read Our Expert Review

PenFed Credit Union: Best for small, fast joint loans

8.99% - 17.99%

12 to 60 months

$600 - $50,000

Not specified

Pros
  • Get money as soon as next day
  • Borrow as little as $600 (typical starting point is $1,000 or higher)
  • Low rates
Cons
  • Need to join credit union to get your money
  • May need good to excellent credit to qualify

What to know

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Like First Tech, PenFed offers loans with affordable rates, low starting amounts and short starting loan terms — all things that help you save on your loan. However, PenFed also has a short funding timeline, so you can get your money as soon as the next day.

You’ll need to join PenFed in order to get a loan, but it’s easy — you can apply for your loan and PenFed membership at the same time.

How to qualify

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To qualify for a PenFed loan, you must meet the following requirements:

  • Membership: PenFed membership (anyone can join)
  • Administrative: Open a PenFed savings account with a $5 deposit; may need to submit documents to verify your identity and income
See Personalized Results Read Our Expert Review

Prosper: Best for better approval odds with peer-to-peer joint loans

8.99% - 35.99%

24 to 60 months

$2,000 - $50,000

600

Pros
  • Lets you combine two strategies to boost your approval odds
  • Fair credit OK
  • Get money as soon as one business day
Cons
  • Charges fees on every loan
  • Borrowers with fair credit will likely pay high rates

What to know

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You may already know that it’s easier to qualify for a loan with a co-borrower who has excellent credit, but did you know that peer-to-peer loans are also typically easier to get? Prosper allows you to use both strategies to boost your odds of getting a loan (and getting lower rates).

But unlike PenFed and First Tech, Prosper charges a one-time origination fee of 1.00% - 9.99% on every loan. Prosper will take this fee out of your loan money before sending it to you.

How to qualify

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To get a loan with Prosper, you must meet the following requirements:

  • Age: Be 18 or older
  • Administrative: Have a U.S. bank account and Social Security number
  • Residency: Not live in Iowa or West Virginia
  • Credit score: 600+
See Personalized Results Read Our Expert Review

SoFi: Best for large, fast joint loans

8.99% - 35.49% (with discounts)

SoFi Pricing Disclosure

Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. 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. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Autopay: 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. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

24 to 84 months

$5,000 - $100,000

680

Pros
  • Borrow up to $100,000 (other lenders offer $50,000 or less)
  • Get your money as soon as the same day
  • No required fees
Cons
  • Not good for small loans (need to borrow at least $5,000)
  • Need good credit to qualify

What to know

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Consider SoFi if you need to borrow a lot of money fast. While lenders typically cap their loans at $50,000, SoFi offers up to double that amount. And with money available as soon as the same day, SoFi offers some of the quickest loans on the market.

Still, keep in mind that SoFi will have to check your credit and your co-borrower’s, which could take more time than an individual loan application. Further, SoFi loans start at $5,000, so consider the other lenders on this list if you need to borrow less.

How to qualify

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You must meet the requirements below to get a loan from SoFi:

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, eligible permanent resident or nonpermanent resident (a DACA recipient or asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or regular income from another source
  • Credit score: 680+
See Personalized Results Read Our Expert Review

Upgrade: Best for getting multiple discounts

7.99% - 35.99% (with discounts)

24 to 84 months

$1,000 - $50,000

580

Pros
  • Three discount opportunities
  • Fair credit OK
  • Get money as soon as one business day
Cons
  • Charges fees on every loan
  • Borrowers with fair credit will likely pay high rates

What to know

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Many lenders only offer discounts for autopay, but Upgrade offers three ways to get discounted rates: signing up for automatic payments, using your car as collateral and using the loan money to consolidate debt. If you’re applying with a co-borrower to get lower rates, you can lower your rate even more with one or more of these discounts.

If you decide to go with Upgrade, make sure your discounts and lower joint loan rates more than make up for the one-time origination fee that Upgrade charges (1.85% - 9.99%). Upgrade will take this fee from your loan before sending you the loan money.

How to qualify

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To qualify for a loan through Upgrade, you must meet the requirements below:

  • Age: Be at least 18 years old (19 in some states)
  • Citizenship: Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa
  • Administrative: Have a valid bank account and email address
  • Credit score: 580+
See Personalized Results Read Our Expert Review

What LendingTree users are saying

What is a joint loan?

A joint personal loan is a loan you apply for together with someone else, known as a co-borrower. Both you and your co-borrower have equal right to the loan money and equal responsibility for repaying the loan.

A co-borrower with excellent credit can improve your chances of getting a loan. It can also help you get lower rates — lower rates mean cheaper loans.

On this page

Pros and cons of joint loans

 Potentially lower rates. If your co-borrower has a higher credit score than you do, you could get lower rates (and a cheaper loan) by applying jointly.

 Better approval odds. Applying with another person is an easy way to boost your approval odds if you have fair or bad credit.

 More money. If you need to borrow a lot of money but you have poor credit, adding a co-borrower can help you qualify for the amount you need.

 Both people are responsible. You and your co-borrower are equally responsible for paying back the loan. If you or your co-borrower stop making payments as agreed, both of your scores will drop.

 Borrowers have equal access to the money. If you’re looking to boost your approval odds without allowing the other person to have access to the funds, consider getting a personal loan with a cosigner.

 Hard credit checks on both applicants. When the lender checks your credit, they’ll also run your co-borrower’s credit. This can cause your scores to drop by a small amount temporarily.

 Can take longer to get. Since the lender will check the credit of two borrowers instead of one, it may take longer for them to approve you and send you the money when you apply for a joint loan.

How to apply for a joint personal loan

Applying for a joint personal loan is similar to applying for a regular loan. Here’s how it works.

  1. Complete a form (or several). This is the prequalification stage, where you can check your rates without affecting your credit. Lenders may ask for co-borrower info upfront. With LendingTree, you’ll enter only your details to start.
  2. Review and compare your offers. The lender(s) will send you offers with potential interest rates and loan terms. Comparing several offers can help you save thousands on your loan, so apply directly with several lenders or use the LendingTree marketplace for convenience.
  3. Submit an application. Choose an offer and submit a formal application with your co-borrower. The lender will do a hard credit pull on both of you. If approved, the lender will send you your money, typically via direct deposit and within one to five business days.
Talk money now

Don’t wait to discuss repaying your loan until your first payment is due (typically 30 days after signing your paperwork) with your co-borrower. Get ahead of any potential disagreements by talking about how you plan to split payments before you sign the loan agreement.

When banks compete, you win

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Tell us what you need

Take two minutes to tell us who you are and how much money you’ll need — we’ll take care of the rest. It’s free, simple and secure.

Shop your offers

Receive offers from up to five trusted lenders. Our users get 18 personal loan offers on average. Compare your offers side by side to see which is the best deal.

Get your money

Pick a lender and sign your loan paperwork quickly. You could see money in your account in as soon as 24 hours, depending on the lender you choose.

We funded $2.8 billion in personal loans in 2024 alone. Shopping for a personal loan on LendingTree can save you an average of $1,659 over the life of your loan.

See Personalized Results

Co-borrowers vs. cosigners

Co-borrowers and cosigners sound the same, but the terms mean different things. A co-borrower has equal access to the money and shares responsibility for paying back the loan.

A cosigner doesn’t have equal right to the money and is only responsible for paying back the loan if you, the primary borrower, stop making payments.

  Which should you choose?

Read more about cosigners vs. co-borrowers to decide which option is best for you.

How we chose the best joint personal loans

We reviewed more than 30 lenders to determine the overall best five joint personal loans. To make our list, lenders must offer joint loans with competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

According to our standardized rating and review process, the best joint personal loans come from First Tech Federal Credit Union, PenFed Credit Union, Prosper, SoFi and Upgrade.

Frequently asked questions

Yes. Many reputable personal loan lenders — including the lenders on this page — allow you to apply for a joint loan with another person.

Yes. There are two ways to apply for a loan with another person. You can apply for a joint loan with a co-borrower who is equally responsible for paying back the loan, or you can apply with a cosigner who’s only responsible for paying back the loan if you stop making payments.

Joint personal loans come with pros and cons. Applying for a joint loan with someone who has excellent credit can help you get lower rates — or qualify for a loan in the first place. But the other person will be responsible for repaying the loan, so have a frank conversation about money before mixing finances with family or friends.