Best Joint Personal Loans in December 2024

You may qualify for more money and lower rates by applying with a creditworthy co-borrower

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Written by
Carol Pope
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Written by
Lauren Nicholson
Updated November 27, 2024
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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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LendingClub: Best for small joint personal loans

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8.98% - 35.99%

$1,000 - $40,000

24 to 60 months

3.00% - 8.00%

600

Pros
  • Borrow as little as $1,000 (typical starting amounts are $2,500-$5,000)
  • Check rates without affecting credit
  • Get approved in as little as a few hours
Cons
  • One-time loan setup fee
  • Fair-credit borrowers will likely pay a high APR

What to know

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If you and a loved one need a small personal loan, you can see your rates with LendingClub by prequalifying, which won’t impact your credit. LendingClub’s loans are best for those with good or excellent credit scores who are more likely to qualify for competitive starting interest rates.

If you have fair credit, look elsewhere for a more affordable loan. LendingClub is likely to charge an annual percentage rate (APR) of nearly 36% to fair-credit borrowers.

Read our full LendingClub personal loan review.

How to qualify

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To be eligible for a LendingClub personal loan, both applicants must meet the following requirements:

  • Age: Be at least 18 years old
  • Citizenship: Be a U.S. citizen or permanent resident
  • Administrative: Have a verifiable bank account
  • Credit score: 600
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LightStream: Best for long-term joint personal loans

(360)
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7.49% - 25.29% (with autopay)

$5,000 - $100,000

24 to 84 months

Loan Term Disclosure

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 $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

No origination fee

Not specified

Pros
  • Offers one of the longest repayment terms on the market
  • May find a discounted APR with Rate Beat program
  • Same-day funding is possible
Cons
  • Company does not disclose minimum credit score requirements
  • No prequalification

What to know

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LightStream offers some of the longest repayment periods on the market, giving you several years to pay off your joint loan. Even if you’re not looking for a long-term personal loan, you can still take advantage of benefits like LightStream’s Rate Beat program. If you get an offer for an identical unsecured personal loan from another lender, LightStream may lower your APR by 0.10 percentage points.

Keep in mind, though, that with no prequalification process, LightStream requires a hard credit pull to apply. This may temporarily shave a few points off your credit score.

Read our full LightStream personal loan review.

How to qualify

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LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and can handle paying their current debt obligations
  • Savings, whether in a bank account, investment account or retirement account
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Prosper: Best joint personal loans for bad-credit borrowers

(3,651)
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(3,651)
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8.99% - 35.99%

$2,000 - $50,000

24 to 60 months

1.00% - 9.99%

560

Pros
  • Fair- or bad-credit borrowers may qualify
  • Competitive rates for borrowers with excellent credit
  • Can borrow as little as $2,000
Cons
  • Bad- or fair-credit borrowers will likely get high rates
  • Long approval timeline
  • Late payment fee is a bit steep: 5% of the payment owed or $15 (whichever is greater)

What to know

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Prosper’s minimum credit score requirement is the lowest on this list at 560, making it a solid option for borrowers with bad credit. If you do have bad credit, though, you’ll likely be hit with an APR close to 36%, which many experts consider to be the highest affordable rate for personal loans.

You’ll pay an upfront loan processing fee with Prosper, and you’ll need to stay on top of payments unless you want to be stuck with late payment charges. And take note — Prosper’s loan review process can take up to five days, so check out other lenders if you’re in a hurry.

Read our full Prosper personal loan review.

How to qualify

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

  • Age: Be 18 or older
  • Citizenship: Be a U.S. citizen
  • Administrative: Have a U.S. bank account and Social Security number
  • Residency: Not live in Iowa or West Virginia
  • Credit score: 560

For joint personal loans, the secondary borrower may have slightly different requirements to meet. At the very least, they must also meet a minimum credit requirement, have a satisfactory debt-to-income (DTI) ratio, no bankruptcies in 12 months and have had at least one transaction on their credit report.

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SoFi: Best for large joint personal loans

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(97)
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8.99% - 29.99% (with discounts)

Pricing Disclosure

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which 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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros
  • Offers up to $100,000 – the highest amount on this list
  • 0.25% interest rate discount for autopay and paying creditors directly
  • No late fees
Cons
  • Limited to borrowers with good to excellent credit
  • Must borrow a minimum of $5,000
  • Upfront fee may be required for lower rates

What to know

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If you need to cover a big expense, you can take out as much as $100,000 with a joint loan with SoFi. Plus, SoFi may deposit your loan funds into your account the same day you officially accept your personal loan.

You may need to pay a one-time loan processing fee called an origination fee in order to qualify for SoFi’s lowest rates. And borrowers looking for bad credit loans will need to consider other lenders, since SoFi requires a minimum credit score of 680.

Read our full SoFi personal loan review.

How to qualify

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

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
  • Credit score: 680
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Upgrade: Best joint personal loans for fair-credit borrowers

(2,270)
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(2,270)
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9.99% - 35.99% (with discounts)

$1,000 - $50,000

24 to 84 months

1.85% - 9.99%

580

Pros
  • Offers loans to borrowers with fair credit
  • Borrow as little as $1,000
  • Long repayment terms
Cons
  • Potential for high upfront loan processing fee
  • Fair-credit borrowers may get high APRs
  • Email and phone support is available, but no live chat

What to know

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While many lenders require good credit scores to qualify for a loan, Upgrade offers loans to borrowers with scores as low as 580. This could be important when considering a joint personal loan, since there’s a chance that your co-borrower has a lower (or higher) score than you do.

Upgrade’s fees and APRs can be steep, but they could still be worthwhile for borrowers who don’t qualify for a loan elsewhere. Upgrade’s lowest APRs require autopay and paying off existing debt with the funds.

Read our full Upgrade personal loan review.

How to qualify

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To qualify for an Upgrade loan, 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
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What is a joint loan?

A joint application loan (or joint personal loan) is similar to a traditional personal loan, but a joint loan has two borrowers instead of one. Here’s what you need to know about joint loans:

  • Equal responsibility. With a joint loan, both borrowers are equally responsible for payment, and each borrower has equal right to the loan money.
  • (Potentially) better approval odds. During the application process, the lender will assess both the borrower’s and co-borrower’s creditworthiness. If you have little credit history or a bad credit score, a lender might be more likely to approve you for a personal loan if your co-borrower has excellent credit.
  • (Potentially) more money. Your chances of qualifying for more funding may be higher with a joint loan, because a lender will be considering both incomes.
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How to compare joint personal loans

To compare joint personal loans, first you’ll need to make sure that the lenders you’re considering offer joint personal loans, as not all do. Then, pay special attention to:

 Credit and eligibility requirements: When applying for a joint personal loan, it’s important to make sure that both you and your co-borrower meet the lender’s credit requirements.

 APRs: Keep in mind that your APR — the cost of taking out the loan — will depend on not only your credit profile but also your co-borrower’s.

 Fees: Always read your offer carefully to learn about possible origination fees, late fees and prepayment penalties.

 Loan amounts: Figure out how much money you need before applying. For instance, if you’re looking for a wedding loan, get a few vendor estimates first to make sure you’re borrowing enough to cover your expenses.

 Use our personal loan calculator to understand the true cost of your loan.

 Loan terms: How long will you need to pay back your loan? Some lenders offer longer terms than others, but remember — although a longer repayment term will decrease your monthly payments, you’ll pay more interest over the life of the loan.

 Funding timeline: If you need a quick loan, look for lenders that offer same-day — or close to same-day — approval. Lenders may need extra time to make an approval decision on a joint loan, since they’re reviewing two borrowers’ credit profiles instead of one.

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How to apply for a joint personal loan

  1. Check your credit score

    Knowing your credit score will help you determine which loans you’re likely to qualify for. You and your co-applicant can see your credit scores for free with LendingTree Spring. Checking won’t impact your scores.
  2. Prequalify

    Many lenders allow you to check your rates without impacting your credit through a process called prequalification, which usually involves answering a few questions about your identity and income. Look for buttons on lender websites that say “Check rates” or “Prequalify.”
  3. Fill out the application and supply necessary documents

    After prequalifying with multiple lenders, compare the loan offers. You can formally apply for the loan by filling out an application online once you’ve chosen a lender.

    Joint personal loan applications require both applicants to provide information about their identity and income. You may need to submit copies of documents like your driver’s licenses, passports, bank statements, W-2s or offers of employment.
  4. Get your money

    If the lender approves your loan application, you and your co-borrower will need to sign a contract before you can receive your loan proceeds (typically by direct deposit). Your lender’s funding timeline will determine how long it takes to get your money.
  5. Begin repayment

    Your first loan payment will typically be due 30 days after you get your money. Even if you have a co-borrower, you will only receive one monthly bill.
Key Tip Repayment and shared finances: Avoid conflict by discussing repayment with your co-borrower before you apply for a loan. This may be easier if you share finances. Many borrowers sign up for automatic payments in order to get an APR discount, and this can be tricky for borrowers who don’t share a bank account.

Joint personal loans vs. individual personal loans

Joint and individual personal loans are similar. The main difference is that with joint loans, lenders consider the credit profiles of both applicants instead of only evaluating one person’s creditworthiness.

Choose your co-borrower carefully. If you have a falling out, you’ll have to decide amongst yourselves how to divide your debt over your remaining loan term.

Co-borrowers vs. cosigners

Co-borrowers and cosigners are not the same.

A co-borrower is equally responsible for a joint loan and has equal ownership of the loan funds. When we recommend the best joint personal loans, we’re referring to lenders that allow co-borrowers.

A cosigner, on the other hand, is only responsible for paying a shared loan if the primary borrower fails to pay back the loan.

Unlike co-borrowers, cosigners do not have rights to the loan funds. Think of cosigners as reassurance for the lender — if the borrower doesn’t repay a personal loan with a cosigner, the lender knows that the cosigner must pay instead.

Unsure which is for you? Compare co-borrowers versus cosigners.

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 LendingClub, LightStream, Prosper, SoFi and Upgrade.

Frequently asked questions

Not necessarily. Yes, applying with a co-borrower who has excellent credit could boost your odds of loan approval. But if your co-borrower has bad credit, no credit, excessive debt or is unemployed, your terms will likely be unfavorable (if the lender doesn’t decline your personal loan altogether).

Yes. As long as both you and your co-borrower meet the lender’s credit and eligibility requirements, you can get a personal loan together even if you aren’t married.

Co-applicant, co-borrower, joint borrower and joint applicant all mean the same thing: an additional person listed on a joint loan alongside the primary borrower.