Lender | User ratings | Best for… | APR range | Loan terms | Loan amounts | Credit score required | Origination fee |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Small joint personal loans | 9.57% - 35.99% | 36 to 60 months | $1,000 - $40,000 | 600 | 3.00% - 8.00% | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Large joint personal loans | 8.99% - 25.81% (with autopay) | 24 to 84 months | $5,000 - $100,000 | 680 | No origination fee required | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Long-term joint personal loans | 7.99% - 25.49% (with autopay) | 24 to 144 months | $5,000 - $100,000 | Not specified | No origination fee | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Fair-credit borrowers personal loans | 8.49% - 35.99% (with autopay) | 24 to 84 months | $1,000 - $50,000 | 580 | 1.85% - 9.99% | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Excellent-credit borrowers | 6.99% - 35.99% | 24 to 60 months | $2,000 - $50,000 | 640 | 1.00% - 5.00% |
Read more about how we chose our picks for the best joint personal loans.
APR range | 9.57% - 35.99% |
Loan amounts | $1,000 - $40,000 |
Term (months) | 36 to 60 months |
Origination fee | 3.00% - 8.00% |
Minimum credit score | 600 |
Pros | Cons |
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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 | Low maximum loan amount may not meet everyone’s needs Origination fee of 3.00% - 8.00% Lackluster Google Play reviews for mobile app Depending on credit, could pay relatively high APR |
LendingClub is an online bank founded in 2007. It offers joint personal loans for credit card consolidation, 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.
APR range | 8.99% - 25.81% |
Loan amounts | $5,000 - $100,000 |
Term (months) | 24 to 84 months |
Origination fee | No origination fee required |
Minimum credit score | 680 |
Pros | Cons |
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Loans of up to $100,000 are available Unemployment protection offered during economic hardship 0.25% interest rate discount available if you allow SoFi to pay your credit cards directly on a credit card consolidation loan No origination or late fees | Not everyone will qualify, based on minimum credit requirements High minimum loan amount |
SoFi, another digital lender, offers unique benefits such as unemployment protection. If you lose your job, SoFi may work with you on personal loan payments and even has a Career Team to help you land your next role.
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.
APR range | 7.99% - 25.49% |
Loan amounts | $5,000 - $100,000 |
Term (months) | 24 to 144 months |
Origination fee | No origination fee |
Minimum credit score | Not specified |
Pros | Cons |
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Offers one of the longest repayment terms on the market May find a discounted APR with Rate Beat program Same day funding is possible | Company does not disclose minimum credit score requirements Mobile app is poorly rated by both Apple and Android users No prequalification |
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 of up to 12 years 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.
APR range | 8.49% - 35.99% |
Loan amounts | $1,000 - $50,000 |
Term (months) | 24 to 84 months |
Origination fee | 1.85% - 9.99% |
Minimum credit score | 580 |
Pros | Cons |
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Low minimum loan amount Low minimum credit score requirement Repayment term of up to seven years | Potential for high origination fee Fair-credit borrowers that qualify will see high APRs Email support is available, but no live chat |
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 high, 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.
APR range | 6.99% - 35.99% |
Loan amounts | $2,000 - $50,000 |
Term (months) | 24 to 60 months |
Origination fee | 1.00% - 5.00% |
Minimum credit score | 640 |
Pros | Cons |
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Some of the lowest APRs around for excellent-credit borrowers Those with less-than-perfect credit may still qualify | Maximum APR is high Long funding timeline Late payment fee is a bit steep: 5% of the unpaid amount, or $15, whichever is greater. |
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 6.99% (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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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 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 fails to pay back 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.
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:
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.