Best Joint Personal Loans in August 2024

Personal loan lenders that offer joint loans

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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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Written by Carol Pope | Edited by Jessica Sain-Baird | Updated July 26, 2024

LendingClub: Best for small joint personal loans

8.98% - 35.99%

$1,000 - $40,000

24 to 60 months

3.00% - 8.00%

600

Pros

  • Lower minimum loan amount than some lenders
  • Will pay creditors on your behalf on debt consolidation loans
  • Could be approved in just a few hours

Cons

  • Low maximum loan amount may not meet everyone’s needs
  • Origination fee of 3.00% - 8.00%
  • Depending on credit, could pay relatively high APR

What to know

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LendingClub is an online bank founded in 2007. It offers joint personal loans for credit card refinancing, debt consolidation, home improvement and balance transfers. Those looking to co-borrow a small loan for as little as $1,000 may want to check out LendingClub — but only if they have strong credit. Borrowers with less-than-stellar credit may find themselves paying an APR of nearly 35.99%.

Read our full LendingClub personal loan review.

Eligibility requirements

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To be eligible for a LendingClub personal loan, both applicants must be U.S. citizens, be at least 18 years old and have a verifiable bank account. To calculate your eligibility and APR, LendingClub will review your credit score, debt-to-income ratio and your credit history, among other factors.

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SoFi: Best for large joint personal loans

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

  • Loans up to $100,000 available
  • Offers 0.25% interest rate discount
  • No late fees

Cons

  • Not everyone will qualify, based on minimum credit requirements
  • High minimum loan amount
  • Origination fee may be required for lower rates

What to know

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SoFi, another digital lender, offers unique benefits such as loan amounts as large as $100,000. If SoFi approves your loan application, it may deposit your loan funds into your account the same day you officially accept your personal loan.

The lender also offers a few ways to discount your APR. For instance, select borrowers can opt in to pay an origination fee in exchange for a lower APR. However, borrowers looking for bad credit loans will need to look elsewhere, due to SoFi’s relatively high minimum credit requirement.

Read our full SoFi personal loan review.

Eligibility requirements

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In addition to meeting SoFi’s credit score requirements, applicants must be the age of majority in their state, be a U.S. citizen, eligible permanent resident or nonpermanent resident. You’ll need to provide a government-issued ID, birth certificate, green card or immigration forms. Applicants must be employed or have proof they’re starting a job within 90 days.

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LightStream: Best for long-term personal joint loans

6.99% - 25.49% (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
  • Mobile app is poorly rated by both Apple and Android users
  • No prequalification

What to know

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If you need a long-term personal loan, LightStream could help. Depending on the type of loan you need, you could find a repayment term ranging from 24 to 84 months with LightStream. This subsidiary of Truist Bank also may lower your APR with its Rate Beat program. If you get an offer for an identical unsecured personal loan from another lender, LightStream could 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.

Read our full LightStream personal loan review.

Eligibility requirements

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LightStream doesn’t disclose their minimum credit score requirements, but it states that it only considers borrowers with good-to-excellent credit. The lender will also review your credit history, assets, income, debt and payment history.

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Upgrade: Best joint personal loans for fair-credit borrowers

8.49% - 35.99%

$1,000 - $50,000

24 to 84 months

1.85% - 9.99%

580

Pros

  • Low minimum loan amount
  • Low minimum credit score requirement
  • Repayment term of up to seven years

Cons

  • Potential for high origination fee
  • Fair-credit borrowers that qualify will see high APRs
  • Email support is available, but no live chat

What to know

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The credit score needed for a personal loan varies across lenders. With Upgrade, a personal loan lending platform, you’ll only need 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. Upgrade’s origination fees and APRs can be steep, however, but it could still be worth it for those that don’t qualify for a loan elsewhere.

Read our full Upgrade personal loan review.

Eligibility requirements

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You can check if you’re eligible for a personal loan through lenders on Upgrade by prequalifying. Other than meeting its underwriting requirements, you’ll need to be the age of majority for your state, be a U.S. citizen or permanent resident (with a valid visa) and be able to verify your email address and bank account.

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Prosper: Best joint personal loan for excellent-credit borrowers

8.99% - 35.99%

$2,000 - $50,000

24 to 60 months

1.00% - 9.99%

560

Pros

  • Some of the lowest APRs around for excellent-credit borrowers
  • Those with less-than-perfect credit may still qualify

Cons

  • Maximum APR is high
  • Long approval timeline
  • Late payment fee is a bit steep: 5% of the unpaid amount, or $15, whichever is greater.

What to know

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Founded in 2005, Prosper is a peer-to-peer lender, meaning the company links borrowers with individual investors. Prosper’s minimum credit score requirement is low, but excellent-credit borrowers could find APRs as low as 8.99% (some of the lowest around). You’ll pay an origination fee with Prosper, but compared to some, it’s small. But take note — if you’re in a hurry, Prosper’s loan review process can take up to five days.

Read our full Prosper personal loan review.

Eligibility requirements

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If you meet Prosper’s underwriting requirements, you must be 18 or older, a U.S. citizen, have a bank account and Social Security number. 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. Prosper personal loans aren’t available in Iowa or West Virginia.

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What is a joint application loan?

A joint application loan (or joint personal loan) is similar to a traditional personal loan, but instead of only having one borrower, the loan has two. Both borrowers are equally responsible for the loan.

During the application process, the lender will assess both the borrower and co-borrower’s creditworthiness. If you have a less-than-perfect credit profile, a lender might be more likely to approve you for a personal loan if your co-borrower has excellent credit.

In the same way, your chances of qualifying for a larger loan amount may be higher if you apply for a joint personal loan, because a lender will be considering both you and your co-borrower’s 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 targeting write joint personal loans, as not all do. You’ll also have to keep your co-borrower’s credit profile in mind as well as your own. When shopping for a joint personal loan, pay special attention to:

Credit and underwriting 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 annual percentage rate (APR) will depend on not only your credit profile, but also your co-borrower’s.

Fees: Always research the lender to learn about possible origination fees, late fees and prepayment penalties.

Loan amounts: Figure out how much money you’d like to borrow before applying. For instance, if you’re looking for a wedding loan, you may want to get a few estimates first. Taking out a personal loan can negatively impact your credit (temporarily, as long as you repay on time), so you want to be sure to borrow enough to cover what you need.

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

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 your money fast, look for lenders that offer same-day — or close to same-day — approval. Also, know that with two borrowers on the loan, the lender may need extra time to complete their underwriting process.

How to apply for a joint personal loan

Check your credit scores

Lenders take a holistic approach by evaluating borrowers on a range of metrics, but knowing your credit scores is a good first step. Signing up for a credit monitoring service can help you keep your pulse on your scores and overall credit health.

Prequalify with more than one lender

Prequalification will give you an idea if you and your co-borrower meet a lender’s underwriting guidelines before actually applying for the loan. Prequalification doesn’t affect your credit score, and it’s worth prequalifying with several lenders so you can compare offers and choose the one with the most favorable terms.

Fill out the application and supply necessary documents

Applying for a personal loan is fairly straightforward. Usually, you’ll fill out an application online. For a joint personal loan, you’ll provide your co-borrower’s information as well as your own.

You’ll both also need to provide proof of identity and income by providing copies of certain documents. These could include your driver’s licenses, passports, bank statements, W-2s or offers of employment.

Sign your promissory note and receive your funds

If the lender approves your loan application, you and your co-borrower will sign your promissory note. Think of the promissory note as the contract between you and your lender — it spells out the terms of your loan and is a written promise that you and your co-borrower will repay your loan on time.

Once the lender receives your promissory note, you’ll receive your funds (typically by direct deposit). The time between loan approval and when your loan is released depends on your lender’s funding timeline.

Begin repayment

Repayment typically begins 30 days after your loan is disbursed with payments due monthly. Even if you have a co-borrower, you will only receive one monthly bill.

Before applying for the loan, you should discuss with your co-borrower how you’d like to handle repayment. This may be easier for co-borrowers that share finances — many borrowers opt for automatic payments for an APR discount, and this can be tricky for borrowers who don’t have the same bank account.

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Joint personal loans vs. individual personal loans

Joint personal loans and individual personal loans are similar. However, rather than only evaluating your creditworthiness, the lender considers your co-borrower’s creditworthiness, too. This could either help or hinder your ability to get a personal loan at an APR you can afford. Everything hinges on both you and your co-borrower’s credit profile.

If you’re considering a joint personal loan, choose your co-borrower carefully. If you have a falling out with your co-borrower, you’ll have to figure out amongst yourselves how to divide up 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. A cosigner, on the other hand, is only responsible for paying a shared loan if the primary borrower defaults on the loan.

Unlike co-borrowers, cosigners do not have rights to the loan funds. Instead, you can 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. Outside of that, cosigners have nothing else to do with the loan. Getting a personal loan with a cosigner could make more sense if you need help being approved, but don’t want to share the funds.

How we chose the best joint personal loans

We reviewed more than 28 lenders to determine the overall best five joint personal loans. To make our list, lenders must offer joint loans with competitive annual percentage rates (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.

Frequently asked questions

Not necessarily. Yes, adding a creditworthy co-borrower could boost your odds of loan approval (depending on your own credit profile). 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 meets the lender’s credit requirements and underwriting guidelines, you can get a personal loan together even if you aren’t married.

Yes. A co-borrower, joint borrower or joint applicant all mean the same thing: An additional person listed on a joint loan alongside the primary borrower.