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Personal Loans Reviews

Best Personal Loans With Co-Signers

These lenders 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 help readers across the world find the best personal loans through an independent review process. 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 in a bad financial position or limited credit, applying for an individual loan with a co-signer can help you access cash you’re not eligible for on your own. A co-signer usually is a trustworthy family member or friend who agrees to be responsible for the loan in the event that you fail to repay the loan.1 Co-signing can be risky however, if you’ve determined it’s the best option for you but be aware that some personal lenders don’t allow co-signed loans.

The most effective personal loans that require a co-signer feature an online application procedure which makes co-signing simple. They also come with low APRs, few charges and flexible repayment terms to ensure you can pay back the loan by yourself. Before you decide on one, make sure you compare the rates as well as the terms and benefits of various lenders with your co-signer.

The Best Personal Loans with Co-Signers of February 2023

Credit Score

The Amount of the Loan

Company

APR

Credit Score est.

The Loan Amount

More Details

Best Overall

Upgrade

4.3

APR With Autopay Discount

7.96% — 35.97%

560

The lender has not disclosed their minimum credit specifications.

$1,000 — $50,000

Check out the Details

Check Rates

The best for low fees

Old National Bank

4.2

APR Range

6.26% — 25.00%

Not Disclosing

This lender doesn’t disclose the minimum credit score requirements.

$2,500 — $35,000

See Details

Check Rates

Best for Quick Financing

Santander Bank

4.1

APR Range

6.99% — 24.99%

Unknown

The lender has not disclosed its minimum credit score requirements.

$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

The lender has not disclosed their minimum credit 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 require a co-signer to obtain a loan?

Online Loans With Co-signer

What if I’m Not Able to Pay Back My Loan?

What Do Co-signers need?

Methodology

The Best Overall Upgrade

the Rating of Investopedia

4.3

Upgrade

APR Range: 7.96% — 35.97%

The Loan Receiver’s Time One day

The Loan Amount: $1,000 — $50,000

Check Rates

The Reasons We Choose It

Upgrade has a lower minimum credit score requirement, offers the fastest and most simple online application, and provides loans to suit almost any need with competitive interest rates and no prepayment penalty. If you’re using the loan to pay off your debts, Upgrade can conveniently pay your creditors directly.

Pros and Cons

Pros

Fast and quick funding in one business day

Flexible loan 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 It not only offers an easy and fast application however, the loans can be used for almost everything, including debt consolidation and medical expenses. You can also apply to determine if you need a co-signer, and Upgrade allows you to borrow anything between $1,000 and $50,000.2

Upgrade was established in the year the year 2017 and has created $10 billion of credit accessible to the borrowers. In addition to providing personal loans as well, they offer the rewards checking account that comes that offers loan discounts for account holders as well as an Upgrade card.3

Upgrade charges an origination cost between 2.9 percent and 8%, which is deducted from loan proceeds, which means your actual loan amount is likely to be a bit lower than the amount you requested. It also charges an additional $10 for late fees, but there’s no prepayment penalty, so it’s okay to make extra payments on your Upgrade loan at any point. As an added perk, Upgrade offers a variety of discounts, including one that allows payment to creditors directly.4

To be qualified for a loan from Upgrade, you’ll need to be at minimum 18 years old, and a U.S. citizen or permanent resident of the United States with a bank account and email address.5 You or your co-signer will need to have a minimum credit score of the minimum of 560. It is important to note that Upgrade loans aren’t available in Washington, D.C.2 It’s easy to apply online with a co-signer or over the phone. You’ll be able to choose the repayment period between 24 and 84 months, and your funds will be available within 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 percent

The Loan Receiver’s Time One Day

Loan Amount: $2,500 — $35,000

Check Rates

The Reasons We Choose This?

First Midwest is our top choice for fees that are low since the bank doesn’t charge any origination fees or late fees or prepayment penalties on its personal loans. What’s more, it allows up to seven years of repayment and the APR range is quite low.

Pros and Pros and

Pros

Rapid approval in one business day

No fees

Flexible terms for repayment

Cons

No discounts

Available only in the 24 US states.

Limits on borrowing amount are stricter

Overview

Since First Midwest doesn’t charge any charges, including late fees, it’s our choice for the best low-fee personal loan with a co-signer. First Midwest’s history began when a bank was founded in Joliet, Illinois in 1940. By 1983, 20 banks were merged under name of First Midwest Bancorp, and by the year 2016, the company exceeded 10 billion dollars in assets. First Midwest merged with Old National in 2021.6

With a private loan from First Midwest, you can take out between $5,000 and $35,000 and choose terms for repayment that range from 84 months.7 This lender does not charge charges for origination, late fees, or penalties for early payment. It’s easy to apply for personal loan with a co-signer online, by phone, or at a branch, and you can receive your money 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 note that the lowest rates will only be available to those with good credit. You must be at 18 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. There isn’t a lot of information available however, the reviews we looked through didn’t mention any issues with the private loan product.

Check out through the Full First Midwest Bank Personal Loans Review

Best for Fast Funding Santander Bank

Investopedia’s Rating

4.1

Santander Bank

APR Band: 6.99% — 24.99 Percent

The loan amount is $5,000 to $50,000

Check Rates

The reason we choose it

If you’re accepted for an individual loan through Santander and a person who is a co-signer, you can get your funds within the same day, based on the date of the application. There’s also an easy online application for pre-qualification and a few charges.

Pros and Cons

Pros

Quick funding as soon as the next day

Flexible repayment terms

No origination fees or prepayment penalty

Cons

Available only in the 12 US states.

More APR than some competitors

Minimum loan amount of $5,000 loan amount

Overview

Santander gets the top spot in terms of speedy funding since it is able to make payments as early as the next day. Santander’s loans also have few fees and is a trusted bank with a many years of experience.

Bancorp Santander was incorporated in Spain in 1857, to ease trade and commerce with Latin America. After many 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 employs 190,000 people and has branches across the world.9

Santander offers personal loans that range from $5,000 to $50,000 with flexible terms for repayment between 36 and 84 months. APRs vary from 6.99 per cent to 24.99%, with a 0.25% autopay discount.10 Santander doesn’t charge any origination fees and you can receive the full amount as soon as that day and there are no charges for early repayment, which means you can pay off the loan in advance if you have the money. However, Santander will charge late payments, which is either $20 or 10% (whichever is higher) of the overdue balance. We recommend that borrowers set up automatic payments to avoid the fees.

It’s easy to apply for an Santander personal loan on the internet with a co-signer, or visit a branch. You can review the interest rate without damaging your credit. To be qualified to receive a loan, you must be 18 years old 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, and Florida.10 Santander will also review your credit score and income information when you apply. The proceeds of loans cannot be used to finance college.

Santander is a victim of poor reviews by customers on third-party sites such as Trustpilot.11 There are many complaints about long wait times for customer service. It is something to think about in case you end up needing assistance for your personal loan.

Check out our complete Santander Bank personal loans review.

Read through 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 Band: 7.49% — 18.00%

Time to Receive Loan Date To Receive Loan: 0 days

Loan Amount: $250 — $50,000

Check Rates

The Reasons We Choose This?

Navy Federal is our top pick for veterans because this credit union provides a low maximum interest rate and has no charges.

Pros and Cons

Pros

No origination fees or prepayment penalty

Fast and quick funding the same day

Low maximum APR and no minimum credit score requirement

Cons

Higher rates and lower borrowing amounts for longer terms

No pre-qualification is available.

Only open to members

Overview

Navy Federal offers a low maximum APR , and there are no charges for co-signed loans This makes this credit union our top pick for veterans. Navy Federal is a member-owned non-profit credit union that was founded by a group composed of Navy Department employees at the closing of the Great Depression.12 The credit union today has more than 11 million members.13 The membership is open to active-duty military, veterans, Department of Defense employees and family members who are eligible.

Personal loans don’t include origination fees late fees, origination fees, or penalties for early payment. You can pay back your loan according to your preferred time, however be aware that rates will be higher for terms longer than 36 months, and terms that exceed 60 months are available only for home renovation loans. It is possible to apply online for a personal expenses loan between $250 to $50,000, however when you’re applying for the loan to pay off debts or home improvement, you’ll need to make an application by phone or visit a branch.14 Navy Federal also offers savings secured as well as a CD secured personal loan, but online applications aren’t available.

There’s no pre-qualification option with Navy Federal loans, so be prepared for a slight dip in your credit score from the hard credit check when you apply. 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 in any U.S. state.

Navy Federal has been recognized as #1 by Forrester in terms of customer service and provides 24 hour support.15 It also has excellent ratings on Trustpilot, with an average of 4.7 out of five-star ratings by hundreds of customers.16 However, most users say that the credit union offers a quick and easy process, low rates, and helpful customer service.

Read the Full Naval Federal Credit Union Review of Personal Loans

Find the Top Personal Loans for Co-Signers of February 2023.

Overall Rating

Best For

APR Range

Average Origination Fee

Late Fee

Time to Receive the Loan

Loan Amount

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 for me!

Old National Bank

4.2

The 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 me!

Santander Bank

4.1

Best for Quick Financing

6.99% — 24.99%

None

Not Specific

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 me!

*APR ranges for some companies include discounts for automatic payments or customers of existing banks.

Final Verdict

There are a few lenders that permit co-signers to personal loans, so that’s important to consider when you’re looking at loans. But there are still several trustworthy lenders to pick from—some, like Santander provide quick cash and others, such as First Midwest and Navy Federal, don’t charge any fees. However, our top pick for an individual loan that requires a co-signer is the upgrade.

Upgrade provides loans to almost everything including debt consolidation and will pay your creditors directly. It also fulfills the criteria for quick funding with no penalties for prepayment, competitive starting rates with discounts, and flexible repayment terms.

Guide to Choosing the Right Personal Loans With Co-Signer

How to determine if you need a Personal Loan With the help of a co-signer

If you’ve committed a mistake in your past payment records or are just beginning your journey to improve credit scores, you might not be able to get a personal loan on your own. Co-signing with a co-signer signifies that someone who is creditworthy agrees to pay back the loan if you default. In this way, you are more likely to get accepted for an loan with a co-signer.

But, remember that if anything changes in your financial situation that makes you unable to repay the loan co-signer would be on the hook for the balance. If they don’t have the money, the loan could destroy their credit. If you do not want to risk damaging your relationship with that person, be sure to go over your plan for repayment with them, and keep them informed of any financial hardship you might encounter.

Comparison of Personal Loan Lenders and allowing co-signers

Before formally applying for a 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: Select the lender that has the lowest rate of interest you could qualify for.

Fees: Take note of whether lenders charge origination, late payment, and prepayment fees.

Loan amounts: Only borrow the amount you require. Select a lender who will give the correct loan amount.

Terms: Ensure that the lender has a long enough time frame that you’ll be able to pay the monthly installments.

Funding time: If you require cash fast limit your options to lenders with same or next-day funding.

Ease of application: Estimate the ease to you as well as your co-signer submit the application online.

Customer service: Look for an organization that has a solid track record of customer service. Make sure their customer service team operates at a time and location that is convenient for you.

How to Apply for a Personal Loan With a Co-signer

Pre-qualify: The first step to apply begins with a rate check with the lenders you want to work with. You’ll have to provide your contact information and SSN, along with your co-signer.

Compare loan offers: For lenders you are able to pre-qualify look at the rates and terms they offer and pick the best solution for your requirements.

Formally apply: Submit income and employment information for you and your co-signer to the lender to review.

Accept and sign: Once the lender makes an approval, you must read the fine print and then sign the loan documents.

Redeem the funds: Wait to receive the funds from your bank account.

Repay Your loan by accessing your account through the lender’s online portal. Once your monthly payments are integrated into your budget, set up automatic payments so you don’t forget one.

What Is the Difference Between a Co-signer and a Co-borrower?

A co-signer is someone who is willing to take responsibility for the loan but doesn’t be able to access the funds. For instance, your parents may agree to co-sign the loan to ensure you receive an APR that is low, however the loan proceeds will go to you and the borrower. A co-borrower, on other hand, gets equal access to the loan funds. For instance an engaged couple can apply for the loan jointly and share the funds and the obligation to repay. In both cases the lender will scrutinize both applicants’ credit and income information when making a decision.

Do You Need a Co-Signer to get a Personal Loan?

Not necessarily. If you meet the eligibility criteria by yourself you don’t need to ask someone to co-sign. In contrast, if your credit score precludes you from getting a loan or you require help getting a lower rate, asking a creditworthy 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 for online co-signed loans which include the option to upgrade.

What Happens If I Can’t Repay My Co-Signed Loan?

If you fail to pay back a co-signed loan there are two scenarios can occur:

Your co-signer can pay monthly installments to the loan until the loan is paid

If no one can afford to repay the loan in default, it will damage the credit of your co-signer as well as your own. The loan could also be turned over to a collections department or an agency. The debt collector may take you to court and try to seize your wages.

What Does a Co-signer require for a loan?

Typically lenders will have the same eligibility requirements for cosigners and the borrowers. Co-signers must meet the requirements for credit for the loan and provide income or employment information.

How to Choose the Best Personal Loans with a Co-signer

Our team evaluated 38 lenders and collected 1,220 data points before selecting our top picks. We considered more than 20 factors and assigned a greater weight to those with the most significant impact on potential borrowers.

The top picks were selected based on factors like membership requirements (weighted 15%) and average fixed APR (weighted 15%), and average origination charges (weighted 10%).

We also considered the possibility of flexible terms for repayment, useful features like pre-qualification, and whether co-signers or joint application is allowed to ensure that the borrowers have the most satisfying experience. For more information on how we select our criteria for selection and process, our complete procedure is available.

Best-personal-loans-with-a-cosigner-4797191

Getty Images / Luckystep

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