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Personal Loans Reviews
Best Personal Loans With a Co-Signer
These lenders make it simple to obtain a personal loan with co-signers
By Lindsay Frankel
Updated November 29, 2022
The factual information was verified by Matthew M. Klammer
The Process We Follow Advertiser Disclosure We help readers across the world find the most beneficial personal loans through an impartial review process. The process is independent and the advertisers do not influence our picks. We may receive compensation when you make a purchase from a partner we recommend.
38 Lenders reviewed
40 Loan features considered
4 Best of awards
If you’re a person with bad credit or a poor credit history, obtaining the personal loan with a co-signer can aid you in obtaining cash that you may not qualify for by yourself. A co-signer typically is an honest friend or family member who accepts responsibility for the loan in the event you don’t repay the loan.1 Co-signing can be risky, but if you’ve decided that it’s the best choice but be aware that there are some lenders that do not accept co-signed loans.
The best personal loans with co-signers have an online application process that makes co-signing a loan simple. They also have low APRs, few charges and flexible repayment terms so that you can pay back the loan on your own. Before you decide on one, make sure you compare the rates, terms, and features of various lenders along with your co-signer.
Best Personal Loans With the Co-Signer in February 2023
Credit Score
The Amount of the Loan
Company
APR
Credit Score est.
Loan Amount
More Information
Best Overall
Upgrade
4.3
APR With Autopay Discount
7.96% – 35.97%
560
This lender doesn’t disclose their minimum credit criteria.
$1,000 – $50,000
Check out the Details
Check Rates
Best for Low Fees
Old National Bank
4.2
APR Range
6.26% – 25.00%
Unknown
This lender doesn’t disclose the minimum credit score requirements.
$2,500 – $35,000
Read More
Check Rates
Best for Fast Financing
Santander Bank
4.1
APR Range
6.99% – 24.99%
Not Disclosing
The lender doesn’t disclose the minimum credit score criteria.
$5,000 – $50,000
Read More
Check Rates
The best for Veterans
Navy Federal Credit Union
4
APR Range
7.49% – 18.00%
600
This lender does not disclose their minimum credit requirements.
$250 – $50,000
Read More
Check Rates
The Best Personal Loans with the Co-Signer
Our Top Picks
Upgrade
Old National Bank
Santander Bank
Navy Federal Credit Union
See More (1)
Compare Providers
Final Verdict
How to Decide
Co-signer Vs. Co-borrower
Do You Need a Co-signer to obtain a loan?
Online Loans With a Co-signer
What if I’m unable to pay Back My Loan?
What is a Co-signer’s Need?
Methodology
The Best Overall Upgrade
The Rating of Investopedia
4.3
Upgrade
APR Range: 7.96% – 35.97 percent
Time to Receive Loan: 1 day
Loan Amount: $1,000 – $50,000
Check Rates
The reason we choose it
Upgrade has a lower minimum credit score requirement. It also offers the fastest and most simple online application procedure, and provides loans for nearly any purpose with competitive interest rates and no penalties for prepayment. If you’re taking advantage of your loan to consolidate your debts, Upgrade can conveniently pay your creditors directly.
Pros and Cons
Pros
Fast cash in just one business day
Flexible borrowing and repayment conditions
Option for pre-qualification
Cons
The origination fees are relatively high.
APR with a higher maximum than other competitors
Overview
Upgrade is our top overall pick because not only does it offer an easy and quick application process however, the loans could be utilized to pay for nearly anything including debt consolidation and medical expenses. You can also apply to see if you need a co-signer, and Upgrade allows you to borrow anything from $1,000 to $50,000.2
The company was established in the year 2017 and has provided $10 billion in credit available to customers. In addition to offering personal loans and credit cards, they also offer a rewards checking account that offers loan discounts for account holders and an Upgrade card.3
The Upgrade loan comes with an initial cost between 2.9 percent to 8%. This is taken out of the loan funds, which means that your actual loan amount will be slightly lower than the amount that you applied for. It also charges the late fee of $10, but there’s no penalty for prepayment which means you’re able to make additional payments to your Upgrade loan at any point. As an added perk, Upgrade offers a variety of discounts, such as one for making payments to your creditor directly.4
To be eligible to receive an loan from Upgrade, you’ll need to be at minimum 18 years old, and a U.S. citizen or permanent resident who has an account at a bank and an email address.5 The co-signer must have to have a minimum credit score of least 500. Also note that Upgrade loans are not accessible in the Washington area of D.C.2 You can apply online with a co-signer or over the phone. You can choose the repayment period of between 24-84 months and you’ll receive your money as soon as the next working day.
The best for low-cost loans Old National Bank
the Rating of Investopedia
4.2
First Midwest Bank
APR Band: 6.26% – 25.00%
Time To Receive Loan: 1 Days
Amount of Loan: $2,500 – $35,000
Check Rates
The Reasons We Choose This?
First Midwest is our top option for low-cost loans since the bank doesn’t charge any early fees or late fees or prepayment penalties on personal loans. What’s more, it allows an up-to seven year period of repayment, and its APR range is quite low.
Pros and Pros and
Pros
Quick financing in just one business day
No fees
Flexible terms for repayment
Cons
No discounts
It is only available to 24 states.
Stricter limits on borrowing amounts
Overview
Because First Midwest doesn’t charge any charges, including late fees, it’s our pick for the best low-fee personal loan with a co-signer. The history of First Midwest started when a bank was founded by a man named Joliet, Illinois in 1940. By 1983, 20 banks were merged under name of First Midwest Bancorp, and by 2016, the institution exceeded the mark of $10 billion in assets. First Midwest merged with Old National in 2021.6
With the personal loan through First Midwest, you can borrow between $5,000 and $35,000 and choose a repayment term up to 84 months.7 This lender does not charge origination fees and late fees as well as prepayment penalties. It’s simple to apply for personal loan with a co-signer, by phone, or at a branch, and you can receive your money on the same day if you’re already a current checking customer. If you’re not, you’ll be able to receive your funds as soon as the next day of business.
First Midwest doesn’t specify a minimum credit score, but be aware that the lowest rates will only be available to those with good credit. You’ll need to be at minimum 18 years old and a U.S. citizen or permanent resident of one of the following states to be eligible:
Illinois
Indiana
Wisconsin
Iowa
Main
New Hampshire
Vermont
Massachusetts
Connecticut
Pennsylvania
Rhode Island
Delaware
Virginia
North Carolina
South Carolina
Georgia
Ohio,
Kentucky
Kansas
Missouri
Arkansas
Nebraska
Minnesota
Colorado8
Reviews online about First Midwest bank are few and far and between. Although there’s not much feedback available overall however, the reviews we looked through did not mention problems with the individual loan product.
Check out this review Full First Midwest Bank Personal Loans Review
Best for Fast Funding Santander Bank
the Rating of Investopedia
4.1
Santander Bank
APR Band: 6.99% – 24.99 percent
The Loan Amount: $5,000 $50,000
Check Rates
Why We Chose It
If you’re approved for an individual loan by Santander by a cosigner, you can get your funds within the same day, based on the date of your application. There’s also an easy online pre-qualification process and only a couple of charges.
Pros and Pros and
Pros
Rapid funding on the next day
Flexible repayment terms
No origination fees or prepayment penalty
Cons
It is only available to 12 states.
More APR than other competitors
Minimum loan amount of $5,000 loan amount
Overview
Santander is ranked first in terms of speedy funding since it can make payments as early as the next day. Santander’s loans are also free of charge and the lender is a reputable bank with a long history.
Bancorp Santander was incorporated in Spain in 1857 in order to facilitate trade between Latin America. After several years of expansion across Latin America, Santander acquired Sovereign Bancorp in the United States in the year 2010. Sovereign Bancorp, the 18th largest bank in the U.S., changed its name to Santander. Santander employs 190,000 workers and branches all over the world.9
Santander provides personal loans that range from $5,000 to $50,000 with flexible repayment terms that range from 36 to 84 months. APRs vary between 6.99 percent to 24.99%, with the benefit of a 0.25 percent autopay discount.10 The lender does not charge origination fees, so you can get the entire amount as early as the same day, and there aren’t any penalty for prepayment, meaning you can pay off the loan in advance if you have the cash. But, Santander charges a late fee of $20 or 10% (whichever is greater) of the overdue amount. We recommend that borrowers set up automatic payments to avoid these fees.
It’s easy to get an Santander personal loan online with a co-signer, or visit the branch. You can review your rate without hurting your credit. To be qualified for a loan, you must be at least 18 years young and a resident of any of the states listed below: Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont or Florida.10 Santander will also review your credit score and information about your income in the event of a loan application. Loan proceeds can’t be used to finance college.
Santander has received poor reviews from customers on third-party sites such as Trustpilot.11 There are many complaints regarding the long wait time for customer support. It’s something to take into consideration should you ever needing help with you personal loan.
Check out our complete Santander Bank personal loans review.
Read the Full Santander Bank Personal Loans Review
Best for Veterans Navy Federal Credit Union
the Rating of Investopedia
4.0
Navy Federal Credit Union logo
APR Range: 7.49% – 18.00%
Time To Receive Loan The Loan will be available for a period of 0 days.
The loan amount is $250 to $50,000
Check Rates
The Reasons We Choose This?
Navy Federal is our top pick for veterans because this credit union provides the lowest interest rate and has no fees.
Pros and Pros and
Pros
No origination fees or prepayment penalty
Fast funding as soon as the next day
Low maximum APR and no minimum credit score requirement.
Cons
Higher rates and minimum amounts of borrowing for more lengthy terms.
No pre-qualification option
Only available to members
Overview
Navy Federal offers a low maximum APR , and there are no charges for co-signed loans, making this credit union the top choice for veterans. Navy Federal is a member-owned non-profit credit union that was established by a group of Navy Department employees at the end of the Great Depression.12 The credit union currently has over 11 million members.13 Membership is available to active duty military, veteran, Department of Defense employees, and eligible family members.
Personal loans do not include any charges for origination as well as late fees or penalties for early payment. The loan can be repaid loan according to your preferred the terms, but keep in mind that rates are higher for terms that exceed 36 months. Terms longer than 60 months are only offered for home renovation loans. It is possible to apply online for a personal expenses loan between $250 and $50,000, but if you’re using the loan for debt consolidation or home improvements, you’ll have to apply via phone or in an branch.14 Navy Federal also offers savings secured as well as a CD secure personal loan however online applications aren’t accepted.
There’s no pre-qualification with Navy Federal loans, so be prepared for a slight drop of your credit rating from the credit report upon submitting your application. Navy Federal will review your credit score, bank history, employment, and income information when making a decision. The eligibility criteria is open to all members who are over 18 from all U.S. state.
Navy Federal has been recognized as #1 by Forrester for customer experience and provides 24/7 support.15 It also has excellent reviews on Trustpilot with the credit union receiving a 4.7 out of five-star ratings from hundreds of customers.16 However, the majority of customers say the credit union offers a quick and easy process with low rates and helpful customer service in their testimonials.
Check out the full review of the Navy Federal Credit Union personal loans
Find the Top Personal Loans for Co-Signers in February 2023.
Overall Rating
Best For
APR Range
Average Origination Fee
Late Fee
Time To Receive A Loan
Loan Amount
Last Repayment
Reset All
Upgrade
4.3
Best Overall
7.96% – 35.97%
1.85%-8.99%
$10.00
1 day
$1,000 – $50,000
84 months
Check Rates
Hide, not me!
Old National Bank
4.2
Best for Fees at Low Costs
6.26% – 25.00%
0.00% – 0.00%
$0.00 – $0.00
1 Days
$2,500 – $35,000
84 Months
Check Rates
Hide, not for me
Santander Bank
4.1
Best to get Fast Funding
6.99% – 24.99%
None
Not Specific
N/A
$5,000 – $50,000
N/A
Check Rates
Hide, not for me
Navy Federal Credit Union
4.0
The best for Veterans
7.49% – 18.00%
0.00%
$29.00
0 days
$250 – $50,000
180 months
Check Rates
Hide, not for me!
*APR ranges for some companies include discounts for automatic payment or current bank customers.
Final Verdict
Some lenders don’t allow co-signers for personal loans This is something you need to consider when you’re comparing loans. However, there are a few reputable lenders you can choose from. Some, like Santander offers quick loan approval while others, such as First Midwest and Navy Federal, don’t charge any charges. But our top pick for a personal loan that requires a co-signer is Upgrade.
Upgrade provides loans to almost everything including debt consolidation and it will pay your debtors directly. It also fulfills the criteria for quick cash with no penalties for prepayment competitive rates, starting fees with discounts, and flexible repayment conditions.
How to Choose the Best Personal Loans that Have Co-Signers
How to Determine if You Need an Individual Loan with a Co-signer
If you’ve made some mistakes in your past payment records or are just beginning to build credit, you may not be able to get an individual loan by yourself. By putting a co-signer on the loan, a creditworthy person agrees to pay back the loan in the event of a default. For this reason, you are more likely to get approved for an loan with co-signers.
Keep in mind that in the event that something changes your financial situation and you’re unable to repay the loan the co-signer will be responsible for the remaining balance. If they’re not able to pay enough funds, the loan could destroy their credit. If you aren’t willing to ruin your relationship with that person, ensure that you review your plan of repayment with them, and keep them updated on any financial hardship you might face.
Comparing Personal Loan Lenders Allowing the Co-signer
Before you apply for an individual loan with a co-signer it’s a good idea to apply for pre-qualification with a handful of lenders and research their offerings. When making comparisons be sure to consider:
APR: Pick the lender with the lowest rate of interest you could qualify for.
Fees: Consider if lenders charge origination, late payment, and prepayment fees.
Amounts of loan: Only borrow the amount you require. Find a lender who offers the correct loan amount.
Terms: Make sure the lender provides a lengthy enough term that you’ll be able to manage the monthly payments.
The time to fund: If require cash urgently, narrow down your choices to lenders that offer same-day or next-day funding.
Easy to apply: Consider how simple it will be for you and your co-signer complete an application in the online format.
Customer service: Search for an institution with a good reputation for customer service, and make sure that their customer service department operates at a time that is convenient for you.
How to Apply for a Personal Loan With a Co-signer
Pre-qualification: The first step to apply begins with a rate review with the lender of your choice. You’ll need to share your contact info and SSN, as will your co-signer.
Compare loan offers You can find lenders you are able to pre-qualify look at the rates and terms and choose the most suitable choice for your needs.
Formally apply: Send your income and employment details for both you and the co-signer to the lender to review.
Accept and sign the loan documents: Once the lender gives you an answer, go through the fine print and sign your loan documents.
Receive the funds When you receive the funds from your account at the bank.
Repay: Manage your loan by accessing your account through the lender’s portal online. When your monthly installments are integrated into your budget, you can set up automatic payments to ensure that you don’t have to miss a payment.
What Is the Difference Between a Co-signer and a Co-borrower?
A co-signer is willing to take responsibility for the loan but does not be able to access the loan funds. For instance, your parents may agree to co-sign your loan to ensure you receive the lowest APR, however the funds will be transferred to you, the borrower. A co-borrower, on the other hand, gets equal access to the loan profits. For instance an engaged couple can apply for the loan together and split the funds and the repayment responsibility. In both scenarios the lender will scrutinize the credit score of both applicants as well as income details before making the decision.
Do you require a co-signer for a Personal Loan?
Not necessarily. If you’re able to meet the eligibility requirements on your own you don’t requirement to have someone else co-sign. In contrast If your credit score prohibits you from obtaining an loan, or you need help getting a lower rate, asking a creditworthy friend or family member to sign might be the best choice.
Can I get an online Loan With a Co-signer?
Yes. There are some lenders that do not permit co-signers, but there are plenty of alternatives to cosign online loans which include upgrading.
What Happens If I Can’t pay back my co-signed loan?
If you fail to pay back a co-signed loan, one of two things can happen:
The co-signer of the loan can make monthly payments for the loan until it is paid
If no one can afford to pay back the loan the default will ruin both the credit of the co-signer and your own. The loan could also be turned over to a collections department or an agency. The debt collector may bring you to court and attempt to seize your wages.
What Do Co-signers Need for a Loan?
Typically, lenders have the same eligibility requirements for co-signers and borrowers. Co-signers need to satisfy the requirements of credit for the loan and supply the information regarding their income and employment.
How to Choose the Best Personal Loans with Co-signers
Our team assessed 38 lenders and gathered 1,520 data points prior to deciding on our top picks. We weighed more than 20 criteria and assigned a greater importance to those that have a more significant impact on the potential borrower.
The top selections were made by analyzing factors such as requirements for membership (weighted 15%) and average fixed APR (weighted 15%), and average origination fees (weighted 10 percent).
We also took into account the possibility of flexible repayment terms, helpful features like pre-qualification, and whether co-signers or joint applications are permitted to ensure that the borrowers have the best possible experience. For further information about our selection criteria and the process the complete procedure is available.
Best-personal-loans-with-a-cosigner-4797191
Getty Images / Luckystep
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