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Personal Loans Reviews
Best Personal Loans With a Co-Signer
They make it easy to obtain a personal loan with co-signers
By Lindsay Frankel
Updated November 29, 2022
The factual information was verified by Matthew M. Klammer
Our Process Advertiser Disclosure Disclosure We help millions of readers find the most beneficial personal loans through an independent review process. Advertisers don’t influence our choices. We may receive compensation if you visit partners 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, applying for the personal loan with a co-signer may help you access cash you’re not eligible for on your own. A co-signer is typically an honest family member or friend who accepts responsibility for the loan in the event that you fail to repay the loan.1 Co-signing comes with risks, but if you’ve decided it’s your best option but be aware that some personal lenders don’t allow co-signed loans.
The best personal loans with co-signers have an online application procedure which makes co-signing simple. They also have low APRs, minimal charges and flexible repayment terms that ensure you can repay the loan on your own. Before you decide on a lender, you should compare the rates, terms, and features of different lenders along with your co-signer.
Best Personal Loans With Co-Signers of February 2023
Credit Score
The Amount of the Loan
Company
APR
Credit Score est.
Loan Amount
More Information
Best Overall
Upgrade
4.3
APR Discount With Autopay
7.96% — 35.97%
560
This lender does not disclose the minimum credit score criteria.
$1,000 — $50,000
See Details
Check Rates
The Best Deal for Low Fees
Old National Bank
4.2
APR Range
6.26% — 25.00%
Not Disclosed
The lender has not disclosed its minimum credit score criteria.
$2,500 — $35,000
See Details
Check Rates
Best to get Fast Financing
Santander Bank
4.1
APR Range
6.99% — 24.99%
Not Disclosing
The lender doesn’t disclose its minimum credit score criteria.
$5,000 — $50,000
Read More
Check Rates
Best for Veterans
Navy Federal Credit Union
4
APR Range
7.49% — 18.00%
600
The lender has not disclosed the minimum credit score criteria.
$250 — $50,000
Read More
Check Rates
Best Personal Loans For a Co-Signer
Our Top Picks
Upgrade
Old National Bank
Santander Bank
Navy Federal Credit Union
Learn More (1)
Compare Providers
Final Verdict
How to Select
Co-signer Vs. Co-borrower
Do You Need a Co-signer to get a loan?
Online Loans With a Co-signer
What If I Can’t Pay my loan?
What is a Co-signer’s Need?
Methodology
Best Overall Upgrade
the Rating of Investopedia
4.3
Upgrade
APR Range: 7.96% — 35.97%
Time to Receive Loan The Loan is due in 1 day
The Loan Amount The loan amount is $1,000 to $50,000.
Check Rates
The reason we choose it
Upgrade has a minimal credit score, provides a fast and easy online application process, and provides loans for nearly any purpose with competitive starting rates and no prepayment penalty. And if you’re using your loan to pay off debt, Upgrade can conveniently pay your creditors directly.
Pros and Pros and
Pros
Fast funding within one business day
Flexible borrowing amounts and repayment terms
Pre-qualification option
Cons
Relatively high origination fee
Higher maximum APR than some competitors
Overview
Upgrade is our best overall option because Upgrade not only provides a quick and easy application procedure, but loans are able to be utilized to pay for nearly anything including debt consolidation and medical expenses. You can also pre-qualify to see if you actually require a co-signer. Upgrade allows you to borrow anything from $1,000 to $50,000.2
Upgrade was established in the year 2017 and since then has made $10 billion in credit available to customers. In addition to offering personal loans and credit cards, they also offer an account for rewards that offers loan discounts for customers of the account and an Upgrade card.3
It charges an origination charge between 2.9% to 8%. This is deducted from loan funds, which means that the actual loan amount is likely to be a bit lower than the amount you’ve applied for. Upgrade also charges an additional $10 for late fees, but there’s no penalty for prepayment which means you’re able to make additional payments on your Upgrade loan anytime. In addition, Upgrade offers a variety of discounts, including one for payment to creditors directly.4
To be eligible to receive a loan from Upgrade, you’ll need to be at least 18 years old and a U.S. citizen or permanent resident with a bank account and email address.5 You or your co-signer will need an overall minimum credit score of least 560. It is important to note that Upgrade loans aren’t offered in Washington D.C.2 You can apply with a co-signer online or by phone. You’ll be able to choose a repayment term of between 24-84 months and you’ll receive your money within the next business day.
Best for Low Fees Old National Bank
the Rating of Investopedia
4.2
First Midwest Bank
APR Range: 6.26% — 25.00 percent
The Loan Receiver’s Time One Day
The loan amount is $2,500. $35,000
Check Rates
Why We Decided to Choose It
First Midwest is our top pick for low fees since the bank does not charge early fees or late fees or prepayment penalties on personal loans. Additionally, it offers the possibility of up to 7 years for repayment, and its APR range is quite low.
Pros and Cons
Pros
Rapid financing in just one business day
No cost
Flexible terms for repayment
Cons
No discounts
It is only available to 24 states.
The strictest limits on borrowing
Overview
Because First Midwest doesn’t charge any fees, even late fees, it’s our pick for the lowest-cost personal loan with a co-signer. The history of First Midwest started when a bank was founded within Joliet, Illinois in 1940. By 1983, 20 banks had been merged under the name First Midwest Bancorp, and by 2016, the institution had surpassed the mark of $10 billion in assets. First Midwest merged with Old National in 2021.6
With a private loan with First Midwest, you can borrow between $5,000 and $35,000 , and select the repayment period of up to 84 months.7 The lender doesn’t charge origination fees as well as late fees or prepayment penalties. It’s simple to apply for a personal loan with a co-signer online via phone or at a branch, and you can get your funds the same day if you’re an existing checking customer. If not, you’ll still receive your money as soon as the next business day.
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 have to be at 18 and an 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
Reviews online about First Midwest bank are few and far and between. While there isn’t much information on the bank’s reputation The reviews we reviewed didn’t mention any issues with First Midwest’s private loan product.
Read 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: $5,000 $50,000
Check Rates
The reason we choose it
If you’re accepted for a personal loan from Santander by a cosigner you could get your money in as little as one day, contingent on the time of the application. There’s also an easy online application for pre-qualification and a few charges.
Pros and Pros and
Pros
Fast funding the same day
Flexible repayment terms
There is no origination fee, or prepayment penalty
Cons
Available only in the 12 US states.
More APR than competitors
A minimum of $5,000 is required loan amount
Overview
Santander is ranked first in terms of speedy funding since the bank is able to make payments as early as the same day. Santander’s loans are also free of charge and is a reputable bank with an extensive history.
Bancorp Santander was incorporated in Spain in 1857, to ease trade with Latin America. After years of expansion 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 has 190,000 employees and branches across the world.9
Santander provides personal loans between $5,000 and $50,000 with flexible repayment terms that range from 36 to 84 months. APRs range from 6.99% to 24.99%, with a 0.25 percent autopay discount.10 The bank doesn’t charge any origination charges which means you can obtain the entire amount as fast as the same day, and there are no prepayment penalties, so you can pay off the loan early if you have the cash. However, Santander will charge late payments of 20 percent or 10% (whichever is higher) of the overdue balance. We encourage borrowers to make automatic payments to avoid these fees.
It’s simple to apply for an Santander personal loan online with co-signers or go to any branch. You can review your rate without hurting your credit. To be qualified to receive a loan you must be 18 years young and a resident of one of the following states: Massachusetts, Maryland, Rhode Island, Connecticut, New Hampshire, New Jersey, Pennsylvania, New York, Delaware, Maine, Vermont, and Florida.10 Santander will also review your credit score and income information in the event of a loan application. The proceeds of loans cannot be used to finance college.
Santander has received poor reviews from customers on third-party websites like Trustpilot.11 There are numerous complaints about long wait times for customer service. It’s something to take into consideration in the event that you find yourself needing assistance with your personal loan.
Read our full Santander Bank personal loans review.
Check out this review Full Santander Bank Personal Loans Review
Best for Veterans Navy Federal Credit Union
Investopedia’s Rating
4.0
Navy Federal Credit Union logo
APR Variation: 7.49% — 18.00%
Time to Receive Loan Date To Receive Loan: 0 days
The loan amount is $250 to $50,000
Check Rates
Why We Decided to Choose Them?
Navy Federal is our top pick for veterans because this credit union offers a low maximum interest rate and has no fees.
Pros and Cons
Pros
There is no origination fee, or prepayment penalty
Quick funding on the same day
Low APR maximum and no minimum credit score requirements.
Cons
Higher rates and minimum amounts of borrowing for more lengthy terms.
There is no pre-qualification requirement.
Only available to members
Overview
Navy Federal offers a low maximum APR , and there are no charges for co-signed loans which makes this credit union our top pick for veterans. Navy Federal is a member-owned not-for-profit credit institution created by a group comprised of Navy Department employees at the close of the Great Depression.12 The credit union now has over 11 million members.13 The membership is open to active-duty military, veterans, Department of Defense employees and family members who are eligible.
The personal loans don’t include costs for origination late fees, origination fees, or penalty for prepayment. The loan can be repaid loan at your own terms, but note that rates are higher for terms that exceed 36 months, and terms longer than 60 months are only available for home renovation loans. You can apply online for a personal expense loan between $250 to $50,000, however if you’re using the loan to pay off debts or home improvements, you’ll need to make an application by phone or visit a branch.14 Navy Federal also offers a savings secured and CD secure personal loan however online applications aren’t available.
There is no pre-qualification for Navy Federal loans, so expect a small decrease 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 data before deciding. Membership is available to anyone over 18 years old within every U.S. state.
Navy Federal has been recognized as the top choice by Forrester for customer satisfaction and provides 24/7 support.15 The credit union also has excellent ratings on Trustpilot, with a 4.7 out of five-star average rating among thousands of customers.16 However, most customers say the credit union provides simple and fast service as well as low fees and a friendly customer service in their reviews.
Check out the full Navy Federal Credit Union Personal Loans Review
Find the Top Personal Loans with a Co-Signer of February 2023
Overall Rating
Best For
APR Range
Average Origination Fee
Late Fee
When To Receive The the 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 Low Fees
6.26% — 25.00%
0.00% — 0.00%
$0.00 — $0.00
1 Day
$2,500 — $35,000
84 Months
Check Rates
Hide, not for me
Santander Bank
4.1
Best for Quick Financing
6.99% — 24.99%
None
Not Particular
N/A
$5,000 — $50,000
N/A
Check Rates
Hide, not me!
Navy Federal Credit Union
4.0
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 certain businesses include discounts for automatic payments or existing bank customers.
Final Verdict
There are a few lenders that accept co-signers on personal loans It’s important to consider when you’re making comparisons between loans. However, there are a few trustworthy lenders to pick from—some, like Santander offers quick loan approval while others, such as First Midwest and Navy Federal do not charge fees. 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 fast funding with no penalties for prepayment, competitive starting rates with discounts, and flexible repayment conditions.
Guide for Choosing the Best Personal Loans with Co-Signers
How to Determine if You Need an Individual Loan with a Co-signer
If you’ve committed a mistake in your payment history or are just beginning building credit score, then you may not be able to get a personal loan by yourself. By putting a co-signer on the loan, someone who is creditworthy is willing to repay the loan in the event of a default. For this reason, you may be more likely to get approved for an loan by co-signers.
Keep in mind that if something changes with your situation, and you’re not able to pay back the loan, your co-signer will be responsible for the remainder. If they don’t have the funds, the outstanding loan could ruin their credit. If you do not want to end up damaging your relationship with the person, make sure you go over your plan for repayment together, and keep them updated on any financial challenges you could confront.
Comparing Personal Loan Lenders and allowing co-signers
Before formally applying for an individual loan with a co-signer, it is advisable to pre-qualify with a few lenders and study their offerings. As you are comparing your options, pay attention to:
APR: Choose the lender with the lowest interest rate you are able to be eligible for.
Fees: Think about whether lenders charge origination, late payment as well as prepayment charges.
Loan amounts: Only borrow only what you need. Find a lender who offers the right loan amount.
Terms: Make sure the lender offers a long enough time frame so that you can afford the monthly payments.
Funding time: If you require cash fast limit your options to lenders offering same or next-day financing.
Ease of application: Estimate how simple it will be to you as well as your co-signer to fill out your application on the internet.
Customer service: Look for an institution with a good reputation for customer service, and make sure their customer support team operates at a time that is most convenient for you.
How do I apply for a personal loan with a co-signer
Pre-qualify: The first step in applying begins with a rate check with the lender of your choice. You’ll need to give your contact info and SSN, along with your co-signer.
Compare loan offers: For lenders you can pre-qualify with look at the rates and terms and choose the most suitable choice for your needs.
Formally apply: Send income and employment information for you and your partner to your lender to review.
Accept and sign the loan documents: Once the lender gives you an answer, go through the fine print before signing the loan documents.
Receive the funds You should wait for the funds in your account at the bank.
Repay Your loan from your account on the lender’s online portal. Once your monthly payments are included in your budget, you can set up automatic payments to ensure that you don’t miss one.
What is the difference between a Co-signer and a Co-borrower?
A co-signer is someone who accepts responsibility for the loan but doesn’t possess access to money. For example, your parent may agree to co-sign the loan to help you get a low APR, but the loan proceeds will go to you and the borrower. A co-borrower on the other hand, gets the same rights to loan proceeds. For example couples who are married could apply for an loan together and split the loan proceeds and payment responsibility. In both instances, the lender will review the credit score of both applicants as well as income details before making an assessment.
Do you require a co-signer to get an Personal Loan?
Not necessarily. If you meet the eligibility criteria on your own then there’s no requirement to have someone else co-sign. On the other hand when your credit score prohibits you from receiving the loan, or you need help getting a lower rate and creditworthy friends or family member to sign may be the right choice.
Do I qualify for an online Loan With a Co-signer?
Yes. There are some lenders that do not permit co-signers, but there are many choices to cosign online loans which include upgrading.
What Happens If I Can’t Pay Back My Co-Signed Loan?
If you default on a co-signed loan, one of two possibilities can be triggered:
The co-signer is able to pay monthly installments for the loan until the loan is fully paid
If there is no way for anyone to afford to pay back 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 agency. The debt collector can go to court and attempt to garnish your wages.
What Does a Co-signer need to do for a loan?
Typically, lenders have the same eligibility requirements for cosigners and the borrowers. Co-signers must meet the credit requirements for the loan and also provide details about their income or employment.
How we Choose the Most Effective Personal Loans With a Co-signer
Our team evaluated 38 lenders and collected 1,520 information points before deciding our top choices. We considered more than 20 criteria and assigned a greater weight to the criteria that had a more significant impact on the potential borrower.
The top selections were made by analyzing factors such as membership requirements (weighted 15 percent) and the average APR fixed (weighted 15 percent), and average origination fees (weighted 10 percent).
We also took into account the flexibility of repayment terms, helpful features like pre-qualification and whether a co-signer or joint application is allowed to ensure borrowers get the most efficient experience. For more information on the criteria we used to select applicants and our process, our complete methodology is available.
Best-personal-loans-with-a-cosigner-4797191
Getty Images / Luckystep
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