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Personal Loans Review
The Best Personal Loans with a Co-Signer
They make it easy to get a personal loan with co-signers
By Lindsay Frankel
Updated November 29 2022
Truth checked by Matthew M Klammer
The Process We Follow Advertiser Disclosure Disclosure We help millions of readers find the most beneficial personal loans through an impartial review process. The process is independent and the advertisers are not a factor in our selections. We may earn compensation if you visit partners we recommend.
38 Lenders reviewed
40 Loan features considered
4 Best of Awards
If you have bad credit or a poor credit history, obtaining an individual loan with a co-signer may aid you in obtaining cash that you may not qualify for on your own. A co-signer usually is an honest friend or family member who is willing to take responsibility for your debts in the event that you fail to repay the loan.1 Co-signing isn’t without risk, but if you’ve decided that it’s the best choice take note that not all personal lenders allow co-signed applications.
The most effective personal loans with a co-signer have an online application process that makes co-signing a loan simple. They also have low APRs, few fees, and flexible repayment terms so that you are able to repay the loan by yourself. Before you decide on one, make sure you compare the rates, terms, and features of different lenders along with your co-signer.
The Best Personal Loans with Co-Signers of February 2023
Credit Score
Loan Amount
Company
APR
Credit Score est.
The Loan Amount
More Information
Best Overall
Upgrade
4.3
APR With Autopay Discount
7.96% – 35.97%
560
This lender does not disclose its minimum credit score criteria.
$1,000 – $50,000
Read More
Check Rates
The best for low fees
Old National Bank
4.2
APR Range
6.26% – 25.00%
Not Disclosed
This lender does not disclose its minimum credit score criteria.
$2,500 – $35,000
See Details
Check Rates
Best for Quick funding
Santander Bank
4.1
APR Range
6.99% – 24.99%
Not Disclosing
The lender has not disclosed their minimum credit specifications.
$5,000 – $50,000
Check out the Details
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 criteria.
$250 – $50,000
See Details
Check Rates
Best Personal Loans For Co-Signers
Our Top Picks
Upgrade
Old National Bank
Santander Bank
Navy Federal Credit Union
Find More (1)
Compare Providers
Final Verdict
How to Choose
Co-signer Vs. Co-borrower
Do you require a co-signer to obtain a loan?
Online Loans With a Co-signer
What if I’m unable to pay Back My Loan?
What Does a Co-signer need?
Methodology
Best Overall Upgrade
the Rating of Investopedia
4.3
Upgrade
APR Variation: 7.96% – 35.97%
Time to Receive Loan The Loan is due in 1 day
The Loan Amount: $1,000 – $50,000
Check Rates
The Reasons We Choose It
Upgrade has a minimal credit score requirement. It also offers the fastest and most simple online application and offers loans to suit almost any need with competitive interest rates and no prepayment penalty. And if you’re using your loan to pay off your debts, Upgrade can conveniently pay your creditors directly.
Pros and Pros and
Pros
Fast funding within one business day
Flexible borrowing amounts and repayment terms
Option to pre-qualify
Cons
The origination fees are relatively high.
APRs higher than others competitors
Overview
Upgrade is our top overall pick because It not only offers a quick and easy application process however, the loans are able to be utilized for almost everything, including debt consolidation and medical expenses. It is also possible to pre-qualify to see if you need a co-signer, and Upgrade lets you borrow anywhere from $1,000 to $50,000.2
Upgrade was established in the year the year 2017 and has created $10 billion of credit accessible to customers. Alongside offering personal loans and credit cards, they also offer an account for rewards that offers loan discounts for account holders as well as an Upgrade card.3
It charges an origination charge between 2.9 percentage to 8%. The fee is taken out of the loan proceeds, which means your actual loan amount is less than the amount that you requested. It also charges the late fee of $10, but there’s no prepayment penalty and you can make extra payments to your Upgrade loan at any time. In addition, Upgrade offers a variety of discounts, including one that allows payment to creditors directly.4
To be qualified to receive an loan from Upgrade You must 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 will need an overall minimum credit score of least 500. Also note that Upgrade loans are not offered in Washington D.C.2 It’s easy to apply for a loan with a co-signer on the internet or over the phone. You’ll have the option of choosing an interest rate that ranges from 24 to 84 months, and your funds will be available within the next business day.
Best for Low Fees Old National Bank
Investopedia’s Rating
4.2
First Midwest Bank
APR Variation: 6.26% – 25.00%
Time to Receive Loan One Day
The loan amount is $2,500. $35,000
Check Rates
Why We Decided to Choose This?
First Midwest is our top pick for low fees because the bank doesn’t charge early fees, late fees, or prepayment penalties on personal loans. Additionally, it offers an up-to seven year period for repayment and the APR is comparatively low.
Pros and Cons
Pros
Rapid funding in as little as one business day
No cost
Flexible repayment terms
Cons
No discounts
Available only in the 24 US states.
Stricter limits on borrowing amounts
Overview
Because First Midwest doesn’t charge any costs, not even late fees, it’s our pick for the most affordable personal loan with co-signers. The history of First Midwest started when a bank was founded in Joliet, Illinois in 1940. By 1983, 20 banks were merged under name First Midwest Bancorp, and by 2016, the institution surpassed the mark of $10 billion in assets. First Midwest merged with Old National in 2021.6
With a individual loan through First Midwest, you can take out between $5k and $35,000 and pick the repayment period of up to 84 months.7 The lender doesn’t charge origination fees, late fees, or prepayment penalties. It’s easy to apply for personal loan with a co-signer through the phone, at a branch. you can get your funds within the same day if already a checking account customer. If not, you can be able to receive your funds as soon as the next day of business.
First Midwest doesn’t specify a minimum credit score. However, take note that the best rates will only be available to borrowers with excellent credit. You’ll need to be at minimum 18 years old and be a U.S. citizen or permanent resident of one of the states listed below to qualify:
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
Online reviews of First Midwest bank are few and few. There isn’t a lot of information available, the reviews we researched didn’t mention any issues with the private loan product.
Review this review Full First Midwest Bank Personal Loans Review
Best for Fast Funding Santander Bank
the Rating of Investopedia
4.1
Santander Bank
APR Variation: 6.99% – 24.99 percent
The loan amount is $5,000 to $50,000
Check Rates
Why We Chose It
If you’re granted the personal loan through Santander by a cosigner you could get your money in as little as one day, contingent on the date of the application. Additionally, you can avail an online application for pre-qualification and a few fees.
Pros and Cons
Pros
Quick funding as soon as the same day
Flexible terms for repayment
No origination fee or prepayment penalty
Cons
Available only in the 12 US states.
More APR than competitors
$5,000 minimum loan amount
Overview
Santander is ranked first in terms of speedy funding since it is able to make payments as early as the next day. Santander’s loans also come with a low cost of fees and the lender is a reliable bank with an extensive history.
Bancorp Santander was incorporated in Spain in 1857 in order to facilitate commerce with Latin America. After several years expanding across Latin America, Santander acquired Sovereign Bancorp in the United States in 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 terms for repayment between 36 and 84 months. APRs range between 6.99 per cent to 24.99%, with a 0.25 autopay discount.10 The lender doesn’t charge any origination charges and you can receive the entire amount as fast as that day and there are no prepayment penalties, so you can repay the loan early if you have the cash. The downside is that Santander charges a late fee of 20% or $20 (whichever is greater) of the past due amount. We encourage borrowers to make automatic payments to avoid these fees.
It’s simple to apply for a Santander personal loan online with a co-signer, or go to the branch. You can check the rate of your loan without affecting your credit. To be qualified to receive 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 when you apply. The loan proceeds cannot be used to fund college tuition.
Santander has received poor reviews from customers on third-party websites like Trustpilot.11 There are many complaints regarding the long wait time for customer service. It’s something to take into consideration in the event that you find yourself needing assistance with you personal loan.
Read our complete Santander Bank personal loans review.
Check out this review 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 Variation: 7.49% – 18.00%
Time To Receive Loan: 0 days
Loan Amount: $250 – $50,000
Check Rates
Why We Decided to Choose Them?
Navy Federal is our top choice for veterans as this credit union provides an interest rate that is low and there are no fees.
Pros and Cons
Pros
There is no origination fee, or prepayment penalty
Fast funding as soon as the same day
Low APR maximum and no minimum credit score requirement
Cons
Higher rates and lower amount of borrowing for loans with longer terms.
There is no pre-qualification requirement.
Only available to members
Overview
Navy Federal offers a low maximum APR and no fees for co-signed loans This makes this credit union the top choice for veterans. Navy Federal is a member-owned, not-for-profit credit union founded by a group of Navy Department employees at the closing of the Great Depression.12 The credit union today has over 11 million members.13 Membership is available to active-duty military, veterans, Department of Defense employees, and eligible family members.
Personal loans do not include any costs for origination, late fees, or prepayment penalties. You can pay back your loan in your choice of the terms, but keep in mind that rates are higher for terms that exceed 36 months. Terms longer than 60 months are only available for home improvements loans. Apply online to get a personal expense loan between $250 and $50,000, but when you’re applying for the loan to consolidate debt or for home improvements, you’ll have to make an application through phone or at a branch.14 Navy Federal also offers savings secured as well as a CD Secured personal loan but online applications are not available.
There is no pre-qualification for Navy Federal loans, so expect a small drop in your credit score from the credit report before you submit your application. Navy Federal will review your credit score, banking history, employment, and income details before deciding. Eligibility is open to members of 18 or older from all U.S. state.
Navy Federal has been recognized as the best by Forrester in terms of customer service and offers 24/7 support.15 This credit union has excellent ratings on Trustpilot with the credit union receiving a 4.7 out of five stars average rating among thousands of customers.16 However, the majority of customers say the credit union offers an easy and quick process with low rates and helpful customer service in their reviews.
Read the Full Navy Federal Credit Union Personal Loans Review
Find the Top Personal Loans for Co-Signers of February 2023.
Overall Rating
Best For
APR Range
Average Origination Fee
Late Fee
When To Receive The A Loan
Amount of Loan
Latest 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
The best for low fees
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
Ideal 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 certain businesses include a discount for automatic payments or existing bank customers.
Final Verdict
There are a few lenders that permit co-signers to personal loans It’s important to remember as you’re making comparisons between loans. However, there are a few reputable lenders you can choose from–some, like Santander offers quick loan approval and others, such as First Midwest and Navy Federal, don’t charge any charges. Our top choice for personal loan with a co-signer Upgrade.
Upgrade offers loans to almost everything including debt consolidation and pays your creditors directly. Upgrade also meets the requirements for quick cash with no penalties for prepayment competitive rates, starting fees with discounts, and flexible repayment terms.
Guide to Choosing the Right Personal Loans With Co-Signer
Determining Your Need for a Personal Loan Using a Co-signer
If you’ve committed a mistake in your past payment records or are just starting your journey to improve credit scores, you may not be eligible for an individual loan by yourself. By putting a co-signer on the loan, a creditworthy person agrees to pay back the loan when you fail to pay it back. For this reason, you may be more likely to be accepted for an loan by a co-signer.
Keep in mind that if anything changes in your financial situation that makes you unable to pay back the loan the co-signer will be responsible for the remaining balance. If they’re not able to pay enough funds, the loan could ruin their credit. If you don’t want to end up damaging your relationship with the person, be sure to discuss your plan for payment together and keep them informed of any financial challenges you could encounter.
The comparison of personal loan lenders Allowing a Co-signer
Before you can officially apply for personal loan with a co-signer it’s recommended to pre-qualify with a few lenders and look into their options. As you are making comparisons take note of:
APR: Choose the lender with the lowest rate of interest you could be eligible for.
Fees: Take note of whether lenders charge origination, late payment and prepayment fees.
Amounts of loan: Only borrow what you need. Find a lender who offers the right loan amount.
Terms: Ensure that the lender offers a long enough period of time that you’ll be able manage the monthly payments.
Time to fund: If you require cash urgently, narrow down your choices to lenders offering same or next-day funding.
Ease of application: Estimate how easy it will be both you and the cosigner to complete your application on the internet.
Customer service: Choose an organization that has a solid track record of customer service. Also, make sure their customer service team operates at a time and location that is suitable for you.
How do I apply for a personal Loan With a Co-signer
Pre-qualification: The first step in applying begins by obtaining a rate from the lender of your choice. You’ll have to provide your contact information and SSN as well as your co-signer.
Compare loan offers for lenders that you can pre-qualify with, compare the rates and terms offered, and select the best choice for your needs.
In order to apply, you must submit income and employment information for both you and the co-signer to the lender for review.
Accept and sign the loan documents: Once the lender has given you an approval, you must read the fine print before signing the loan documents.
Pay the money: Wait to receive the funds from your bank account.
Repay: Manage your loan through your account on the lender’s website portal. Once your monthly payments are built into your budget, set up automatic payments so you don’t have to miss a payment.
What is the difference between a Co-signer and a Co-borrower?
A co-signer accepts responsibility for the loan however, they don’t be able to access the funds. For instance, your parents could agree to sign the loan to ensure you receive an APR that is low, however the loan proceeds will go to you as the borrower. A co-borrower on the other hand, has an equal right to loan funds. For example an engaged couple can apply for the loan jointly and share the loan proceeds and repayment responsibility. In both cases the lender will look at both applicants’ credit and income data before making an assessment.
Do You Need a Co-Signer to get an Personal Loan?
Not necessarily. If you meet the eligibility criteria by yourself, there’s no requirement to have someone else co-sign. However, if your credit score prohibits you from getting a loan, or you need help getting a lower rate or a loan with a good credit score, asking a trusted friend or family member co-sign may be the right choice.
Can I Get an Online loan with a co-signer?
Yes. There are some lenders that do not permit co-signers, however there are plenty of alternatives that allow online co-signing loans such as the option to upgrade.
What happens if I’m unable to Repay My Co-Signed Loan?
If you are in default on co-signed loan One of two possibilities can be triggered:
The co-signer is able to pay monthly installments to the loan until the loan is fully paid
If nobody is able to repay the loan in default, it will damage both your co-signer’s credit and your own. The loan may also be sent to a collection agency or an agency. The debt collector can take you to court to try to garnish your wages.
What Do Co-signers require for a loan?
Typically lenders will have the same eligibility requirements for co-signers and borrowers. A co-signer will need to satisfy the requirements of credit for the loan and provide details about their income or employment.
How we Choose the Most Effective Personal Loans with Co-signers
Our team evaluated 38 lenders and collected 1,520 data points before selecting our top choices. We considered more than 20 factors and assigned more importance to those that have an impact that was more important to the potential borrower.
The top choices were chosen by analyzing factors such as the requirements for membership (weighted 15 percent) as well as average fixed APR (weighted 15 percent), and average origination charges (weighted 10%).
We also took into account the flexibleness of the terms for repayment, useful features like pre-qualification, and whether a co-signer or joint applications are permitted to ensure borrowers get the most efficient experience. For further information about our selection criteria and the process our entire methodology is available.
Best-personal-loans-with-a-cosigner-4797191
Getty Images / Luckystep
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