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Personal Loans Reviews

The Best Personal Loans with a Co-Signer

These lenders make it easy to apply for the personal loan with a co-signer

By Lindsay Frankel

Updated November 29, 2022

The factual information was verified by Matthew M. Klammer

The Process We Follow Advertiser Disclosure Disclosure We help readers across the world find the best personal loans through an independent review process and advertisers are not a factor in our selections. We may receive 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, applying for an individual loan with a co-signer can aid you in obtaining cash that you might not be able to get by yourself. A co-signer typically is an honest person from the family or friend group who agrees to be responsible for your debt in the event you don’t repay the loan.1 Co-signing isn’t without risk however, if you’ve decided it’s your best option take note that there are some lenders that do not accept 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 have low APRs, few fees as well as flexible terms for repayment to ensure you are able to repay the loan by yourself. Before you choose a lender, you should compare the rates as well as the terms and benefits of several lenders with the co-signer.

Best Personal Loans With a Co-Signer of February 2023

Credit Score

The 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

The lender has not disclosed its minimum credit score specifications.

$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 Disclosing

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

$2,500 – $35,000

Read More

Check Rates

Best for Quick Financing

Santander Bank

4.1

APR Range

6.99% – 24.99%

Unknown

This lender does not disclose their minimum credit requirements.

$5,000 – $50,000

Read More

Check Rates

Ideal for Veterans

Navy Federal Credit Union

4

APR Range

7.49% – 18.00%

600

This lender doesn’t disclose their minimum credit specifications.

$250 – $50,000

See Details

Check Rates

The Best Personal Loans with Co-Signers

Our Top Picks

Upgrade

Old National Bank

Santander Bank

Navy Federal Credit Union

Find 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 a Co-signer

What if I’m unable to pay my loan?

What is a Co-signer’s Need?

Methodology

The Best Overall Upgrade

The Rating of Investopedia

4.3

Upgrade

APR Band: 7.96% – 35.97%

Time to Receive Loan The Loan is due in 1 day

Amount of Loan $ $1,000 – $50,000

Check Rates

The Reasons We Choose It

Upgrade has a lower minimum credit score, provides an easy and quick online application procedure and offers loans for almost any purpose with competitive rates at the beginning and no penalties for prepayment. If you’re using the loan to pay off your debts, Upgrade can conveniently pay your creditors directly.

Pros and Pros and

Pros

Fast and quick funding in one business day

Flexible loan amounts and repayment conditions

Option for pre-qualification

Cons

Relatively high origination fee

Higher maximum APR than some competitors

Overview

Upgrade is our top overall choice because it It not only offers an easy and fast application, but loans can be used for almost everything from debt consolidation to medical expenses. You can also apply to see if you need a co-signer, and Upgrade allows you to borrow anything between $1,000 and $50,000.2

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

The Upgrade loan comes with an initial fee between 2.9 percentage to 8%. This is deducted from the loan proceeds, meaning the actual loan amount is less than the amount you requested. There is also the late fee of $10, but there’s no prepayment penalty and you can pay extra installments on your Upgrade loan at any point. To make things even better, Upgrade offers a variety of discounts, including one that allows payment to creditors directly.4

To be qualified to receive a loan from Upgrade the applicant must be at least 18 years old and a U.S. citizen or permanent resident of the United States with an account at a bank and an email address.5 You or your co-signer should have an overall rating of credit at minimum 560. Be aware that Upgrade loans are not available 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 of between 24-84 month, and you’ll receive your money in the shortest time possible on 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

Loan Amount: $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 as well as late fees or prepayment penalties on personal loans. What’s more, it allows the possibility of up to 7 years for repayment, and its APR range is relatively low.

Pros and Pros and

Pros

Rapid financing in just one business day

There are no fees

Flexible terms for repayment

Cons

No discounts

Available only in the 24 US states.

Stricter limits on borrowing amounts

Overview

Since First Midwest doesn’t charge any charges, including late fees, it’s our pick for the best low-fee personal loan with co-signers. The history of First Midwest started when a bank was founded by a man named Joliet, Illinois in 1940. By 1983, twenty banks were merged under name First Midwest Bancorp, and by 2016, the institution exceeded $10 billion in assets. First Midwest merged with Old National in 2021.6

With the individual loan from First Midwest, you can borrow between $5k and $35,000 and pick a repayment term up to 84 months.7 This lender doesn’t charge charges for origination as well as late fees or prepayment penalties. It’s simple to apply for personal loan by a co-signer on the internet, by phone, or at a branch. you can receive your money within the same day if an existing checking customer. If not, you’ll get your cash in the next business day.

First Midwest doesn’t specify a minimum credit score. However, take note that the best rates are only available to those with good credit. You’ll need to be at least 18 years old 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 few. There isn’t a lot of information on the bank’s reputation The reviews we reviewed did not include any complaints about First Midwest’s private 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 a personal 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 your application. There’s also an easy online application for pre-qualification and a few charges.

Pros and Pros and

Pros

Rapid funding on the same day

Flexible repayment terms

No origination fee or prepayment penalty

Cons

Only available in 12 states

The APR is higher than competitors

Minimum loan amount of $5,000 loan amount

Overview

Santander gets the top spot in terms of speedy funding since it can pay out funds on the next day. Santander’s loans are also free of charge, and this lender is a reputable bank with many years of experience.

Bancorp Santander was incorporated in Spain in 1857 in order to facilitate trade with Latin America. After several 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 all over the world.9

Santander offers personal loans ranging from $5,000 to $50,000, with repayment terms that are flexible between 36 and 84 months. The APR ranges between 6.99% to 24.99%, with the benefit of a 0.25 percent autopay discount.10 The lender doesn’t charge any origination fees which means you can obtain the entire amount as early as that day and there are no penalty for prepayment, meaning you can pay off the loan in advance if you have the money. But, Santander charges a late fee of either $20 or 10% (whichever is greater) of the overdue balance. We encourage borrowers to make automatic payments to avoid these fees.

It’s simple to apply for a Santander personal loan on the internet with co-signers or visit the branch. You can check the rate of your loan without affecting your credit. To be qualified for a loan, you must be over 18 years old 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 and Florida.10 Santander will also review your credit score and information about your income 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 like Trustpilot.11 There are numerous complaints of long wait times for customer support. It is something to think about in the event that you find yourself needing assistance with your personal loan.

Read our complete Santander Bank personal loans review.

Review 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%

The Loan Receiver’s Time Date To Receive Loan: 0 days

Loan Amount: $250 – $50,000

Check Rates

Why We Chose Them?

Navy Federal is our top option for veterans since this credit union offers the lowest interest rate and has no charges.

Pros and Cons

Pros

No origination fee or prepayment penalty

Fast funding as soon as the same day

Low maximum APR and no minimum credit score requirement.

Cons

Higher rates and lower amounts of borrowing for more lengthy terms.

There is no pre-qualification requirement.

Only for 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 union established by a group of Navy Department employees at the close of the Great Depression.12 The credit union currently has 11 million members.13 Membership is open to active duty militarypersonnel, veteran, Department of Defense employees and eligible family members.

Navy Federal’s personal loans don’t include charges for origination late fees, origination fees, or penalties for early payment. You can pay back your loan in your choice of the terms, but keep in mind that rates are higher for terms longer than 36 months. Likewise, terms greater than 60 months are only available for home renovation loans. Apply online to get a personal expense loan between $250 and $50,000. However, if you’re using the loan for debt consolidation or home improvements, you’ll need to contact the company through phone or at an branch.14 Navy Federal also offers savings secured as well as a CD secure personal loan however online applications aren’t accepted.

There is no pre-qualification for Navy Federal loans, so expect a small drop in your credit score as a result of the hard credit check before you submit your application. Navy Federal will review your credit score, bank history including employment and income data when making a decision. The eligibility criteria is open to all members who are over 18 within all U.S. state.

Navy Federal has been recognized as the best by Forrester for customer satisfaction and provides 24/7 support.15 The credit union has excellent reviews on Trustpilot, with a 4.7 out of five-star average rating by thousands of customers.16 However, the majority of users say that the credit union offers a quick and easy process, low rates, and a friendly customer service in their testimonials.

Read the entire Navy Federal Credit Union Personal Loans Review

Find the Best Personal Loans With a Co-Signer of February 2023.

Overall Rating

Best For

APR Range

Average Origination Fee

Late Fee

When 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

Best for Fees at Low Costs

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 Fast Financing

6.99% – 24.99%

None

Not Particular

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 rates for certain companies include discounts for automatic payments or existing bank customers.

Final Verdict

Some lenders don’t permit co-signers to personal loans, so that’s important to consider when you’re looking at loans. There are however a number of reputable lenders you can choose from. Some, such as Santander offers quick loan approval, while others, like First Midwest and Navy Federal do not charge fees. But our top pick for an individual loan with a co-signer the upgrade.

Upgrade provides loans for nearly everything, including debt consolidation, and pays your creditors directly. It also checks the boxes for fast funding, no prepayment penalties Competitive rates for starting with discounts, and flexible repayment conditions.

How to Choose the Best Personal Loans that Have Co-Signers

Determining Your Need for a Personal Loan Using an Co-signer

If you’ve made a few mistakes in your credit history or are just beginning building credit score, then you may not be able to get a personal loan on your own. Co-signing with a co-signer signifies that someone who is creditworthy is willing to repay the loan in the event of a fall behind. In this way, you are more likely to be accepted for an loan by co-signers.

However, keep in mind that if anything changes in your situation, and you’re not able to pay back the loan, your co-signer will be held accountable for the remaining balance. If they don’t have the money, the loan could destroy their credit. If you aren’t willing to end up damaging your relationship with the person, make sure you go over your plan for repayment with them, and keep them updated on any financial difficulties you may confront.

Comparison of Personal Loan Lenders that Allow co-signers

Before you apply for a personal loan with your co-signer, it’s a good idea to apply for pre-qualification with a handful of lenders and look into their options. While looking at your options, pay attention to:

APR: Choose 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 what you need. Select a lender who will give the correct loan amount.

Terms: Make sure that the lender offers a long enough term that you’ll be able pay the monthly installments.

Time to fund: If you need cash quickly, narrow down your choices to lenders offering same or next-day funding.

Ease of application: Estimate the ease for you and your co-signer complete the application online.

Customer service: Search for an institution with a good history of providing excellent customer service, and make sure their customer service team is available at a time that is suitable 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 lender of your choice. You’ll need to share your contact info and SSN, along with the co-signer.

Compare loan offers You can find lenders you are able to pre-qualify, compare the rates and terms offered and pick the best choice for your needs.

Formally apply: Send your income and employment details for you and your partner to your lender for review.

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

Receive the funds When you receive the funds in your account at the bank.

Repay: Manage your loan from your account on the lender’s website portal. When your monthly installments are built into your budget, set up automatic payments so you don’t forget one.

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

A co-signer accepts responsibility for the loan but does not be able to access the funds. For instance, your parent may agree to co-sign your loan to help you get an APR that is low, however the loan proceeds will go to you, the borrower. A co-borrower, on other hand, gets the same rights to loan profits. For instance, a married couple could apply for the loan together and then split the funds and the obligation to repay. In both cases the lender will look at the credit score of both applicants as well as income data before making a decision.

Do you require a co-signer to get an Personal Loan?

Not necessarily. If you’re eligible to apply for the criteria on your own you don’t need to ask someone to co-sign. On the other hand If your credit score prohibits you from getting an loan, or you need assistance in obtaining a lower interest rate or a loan with a good credit score, asking a trusted friend or family member sign might be the best choice.

Can I get an online Loan With a Co-signer?

Yes. Not all lenders allow co-signers, but there are many alternatives that allow online co-signing loans such as the option to upgrade.

What happens if I’m unable to Pay Back My Co-Signed Loan?

If you fail to pay back co-signed loan there are two possibilities can be triggered:

The co-signer of the loan can pay monthly installments on the loan until the loan is fully paid

If no one can afford 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 department or agency. The debt collector may bring you to court to try to garnish your wages.

What Do Co-signers Need for a Loan?

Typically lenders must meet the same requirements for co-signers and borrowers. A co-signer will need to meet the credit requirements for the loan and supply details about their income or employment.

How to Choose the Best Personal Loans with Co-signers

Our team evaluated 38 lenders and collected 1,220 data points prior to deciding on our top choices. We considered more than 20 factors and assigned a greater importance to those that have the most significant impact on potential borrowers.

The top selections were made according to factors such as the requirements for membership (weighted 15 percent) as well as an average fixed rate (weighted 15 percent) and the average origination fees (weighted 10 percent).

We also considered the possibility of flexible repayment terms, helpful 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 details on our selection criteria and process, our complete methodology is available.

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

Getty Images / Luckystep

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