We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.
SoFi provides the best personal loans for joint borrowers thanks to its competitive rates, large loan amounts, and fast funding, according to our analysis of dozens of lenders. Our other top picks include Upgrade, Patelco, and Lightstream. If you’re looking for the best joint personal loan, check out all our recommendations for the best joint personal loans, based on factors like interest rates, loan amounts, repayment terms, credit requirements, and more.
Best Joint Personal Loans of 2023
Show Full List View
Hide Full List View
Compare Personal Loan Rates with Our Partners at Fiona.com
Best Overall : SoFi
- APR Range: 8.99% - 25.81%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
Online lending platform SoFi tops our list of the best joint personal loan companies because it offers fast funding, high loan amounts, and several borrower benefits. SoFi offers personal loans up to $100,000 with terms spanning two to seven years. It has a fairly high credit score requirement of 680 or higher, but creditworthy borrowers could access competitive rates starting at 8.99%.
While it accepts co-borrowers on personal loans, SoFi requires that you and your co-borrower share the same address. It doesn’t allow co-signers on personal loans.?
SoFi may charge an optional origination fee of between 0% and 6% of your loan amount, but it doesn’t charge late fees or prepayment penalties. It can fund your loan in as little as one or two days. Large loan amounts, however, may take a few days to process.?
SoFi borrowers also get access to a slew of member benefits, including unemployment protection, career coaching, and estate planning. One downside of this lender, however, is that it doesn’t pay off your creditors directly for debt consolidation.
High loan amounts?
Various benefits, including unemployment protection?
High credit score requirement?
Doesn’t pay off creditors directly for debt consolidation?
Doesn’t accept co-signers (only co-borrowers)
To qualify for a SoFi joint personal loan, you’ll have to meet the following criteria:?
- Have a minimum FICO credit score of 680?
- Live at the same address as your co-borrower?
SoFi personal loans are available in every state except for Mississippi. You can use them for almost any lawful purpose, except for higher education expenses.?
Best for Bad Credit : Upgrade
- APR Range: 8.49% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 24 months - 84 months
If you and your joint applicant don’t have very good credit, Upgrade could be a good choice. For unsecured personal loans, it accepts credit scores starting at 620 (and as low as 560 for secured loans), but doesn’t rely on your credit score alone. The lender also reviews your income and cash when evaluating your loan application.?
You can borrow up to $50,000 and choose loan terms of two to seven years. Upgrade charges an origination fee on its personal loans, which amounts to 1.85% to 9.99% of your loan amount. It also charges a fee of $10 for late payments and insufficient funds.
If you want to borrow from Upgrade, you can kick off the process by checking your rates with a soft credit check. Setting up autopay on your loan will also get you an interest rate discount.?
You’ll be able to manage your loan online or through Upgrade’s mobile app. You can also access Upgrade’s Credit Health tool if you want to monitor your credit.
Accepts credit scores starting at 560
Will pay creditors directly for debt consolidation
Offers loan terms as long as seven years?
Charges origination fees, late fees, and insufficient funds fees
Highest APR is nearly 36%?
Upgrade reviews various aspects of your finances when considering you for a loan, including your credit history, income, and cash flow. It requires a credit score of 560 to qualify for a loan.?
Upgrade’s joint personal loans are available in all 50 states and Washington, D.C. You can use an Upgrade loan for almost any purpose except for gambling, investing, or college expenses, including tuition and room and board.
Best for Debt Consolidation : First Tech Federal Credit Union
- APR Range: 8.99% - 18.00%
- Loan Amount: $500 - $50,000
- Loan Terms: 24 months - 84 months
First Tech Federal Credit Union offers unsecured loans up to $50,000, with loan terms between 24 and 84 months, which should give you and a co-borrower plenty of options for consolidating debt. You can even offer up your First Tech savings accounts, CDs, and stocks as collateral for better rates and potentially much larger amounts. The APRs are competitive and the credit union will pay your creditors directly, which is convenient for you and a bit of a risk reduction for it.
Long loan terms
Pays creditors directly
No rate discounts
Loans from First Tech Credit Union are available in all 50 U.S. States and Washington, D.C.
You must apply and be approved for membership before you can borrow from First Tech. If you don’t meet the eligibility requirements, the company encourages you to call for support.
Best for No Fees : LightStream
- APR Range: 7.49% - 25.49%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 144 months
LightStream offers competitive interest rates for general personal loans (rates for vehicle-related loans may be even lower). As part of its rate-beat program, LightStream will beat a competing offer’s rate by 0.1%. And it doesn't charge origination or late payment fees.?
LightStream offers fast funding, sometimes disbursing funds the same day you apply. It also offers high loan amounts, up to $100,000, with terms that can span as long as 10 years.
Unlike many other lenders, LightStream doesn’t let you pre-qualify for a loan with a soft credit check. You and your co-borrower will need to submit a full application to see your loan offers.
Competitive interest rates
Large loan amounts
Long repayment terms
Can’t pre-qualify for a loan
Can’t use loan to refinance an existing LightStream loan
LightStream personal loans are available in all 50 states and Washington, D.C. You must use the loan for the purpose you indicated when you submitted your application. Other than that, LightStream says you can use the funds for any purpose you want, except for investments, education, and refinancing an existing LightStream loan.
Best for Current Customers : U.S. Bank
- APR Range: 8.24% - 24.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 12 months - 84 months
U.S. Bank provides some of the best personal loans for joint applicants—if you’re already a U.S. Bank customer, that is. That’s because the bank offers personal loans up to $50,000 to existing customers, but it limits the maximum loan amount to $25,000 for non-customers.
Either way, you can choose loan terms between one and seven years and get a discount on your interest rate if you set up autopay.
U.S. Bank doesn’t charge origination fees, but it may levy a fee for late payments. You can check your rates online through pre-qualification with no impact on your credit score.
No origination fees?
Interest rate discounts
Loan terms of up to 7 years?
Lower loan limits if you’re not a U.S. Bank customer?
Limitations on larger loan amounts
Only operates in 27 states?
You’ll need a credit score of 660 to qualify for a U.S. Bank joint personal loan. The bank has branches in 26 states.?
Larger U.S. Bank personal loans of up to $50,000 can only be used for debt consolidation, a major purchase, or home improvement. The bank’s personal loans can’t be used for education expenses.
Best Credit Union : Patelco Credit Union
- APR Range: 8.95% - 17.90%
- Loan Amount: $300 - $100,000
- Loan Terms: 6 months - 84 months
Patelco is a credit union that funds joint personal loans from just $300 to $100,000. You can choose a variety of loan terms starting at six months and maxing out at seven years.
You can check your rates online through pre-qualification. If you decide to apply, Patelco can disburse your funds the same day it approves your application.?
Patelco Credit Union also offers opportunities for interest rate discounts, particularly if you meet certain banking requirements or are part of its LevelUp program. If you need support throughout the loan process, you can visit a Patelco branch or speak with a Patelco team member online at the credit union’s “virtual branch.”
Offers both small and large loan amounts
Can choose repayment terms from 6 months to 7 years
No origination fees
Opportunities for interest rate discounts
Must become a Patelco Credit Union member to borrow a loan
Not a lot of customer reviews online
Patelco Credit Union requires you to meet underwriting requirements such as having sufficient credit, although it does not disclose its minimum credit score. You also must become a? member to borrow a loan. Becoming a member is easy, though—you simply have to meet one of the following requirements:?
- Live, attend, or worship in an eligible county or city, such as San Francisco, Sacramento, or Santa Cruz, California?
- Be enrolled in or an alumnus of the University of California, Berkeley; San Francisco State University; or California State University, East Bay
- Be employed by a Patelco sponsor company?
- Be related to or living with a current Patelco member?
- Be the surviving spouse or child of an employee-eligible member who has passed away?
- Become a member of the Financial Fitness Association (Patelco will pay for your membership for the first year)
Best for Military Members : Navy Federal Credit Union
- APR Range: 8.99% - 18.00%
- Loan Amount: $250 - $50,000
- Loan Terms: 6 months - 180 months
Navy Federal Credit Union offers personal loans as small as $250 to its members. To join this credit union, you’ll need to have a military affiliation or be a Department of Defense civilian employee.
This credit union offers flexible terms of six months to 15 years, which is a wider range than most lenders. Loan terms, however, will vary by loan purpose. The terms you can get on a debt consolidation loan, for instance, may be different from those on a home improvement loan.
Navy Federal Credit Union doesn’t give you the option of pre-qualifying online, so you’ll need to submit a full application to see your loan offers. You won’t have to pay any origination fees on your loan, but late payments are subject to a fee of $29.
Offers small loan amounts
Flexible repayment terms
No origination fees
Must be a member to borrow
Pre-qualification not available?
Charges late fees of $29
Navy Federal Credit Union offers joint personal loans in all 50 states and Washington, D.C.—but you must be a credit union member to borrow. To qualify for membership, you must be one of the following:
- Active duty military, retired, a veteran, or their family member?
- Department of Defense civilian?employee
- Child or grandchild of a Navy Federal Credit Union member?
While Navy Federal Credit Union doesn’t disclose its credit or income requirements for personal loans, it will review your credit and finances to determine whether you qualify.?
Compare the Best Joint Personal Loans of 2023*APR ranges for some companies include a discount for automatic payments or existing bank customers.
The Bottom Line
SoFi tops our list of the best joint personal loans, thanks to its high loan amounts, fast funding, and competitive rates. However, it has a fairly high credit requirement, making its loans out of reach for some borrowers. If you’re looking for more flexible borrowing criteria, consider an alternative lender like Upgrade or a credit union like Patelco.
Whether you’re applying with a co-borrower or not, consider pre-qualifying with multiple lenders whenever possible. You can review more lenders offering personal loans with our picks for the best overall personal loans. Some of these lenders allow co-borrowers, while others only allow co-signers or individual borrowers.
Guide to Choosing the Best Joint Personal Loan
What Is a Joint Personal Loan?
A joint personal loan is similar to an individual personal loan except that the joint loan has two borrowers instead of one. When you borrow a joint loan, both you and your co-borrower are responsible for paying back the loan. Plus, the loan will show up on the credit reports of each borrower.?
When you submit a joint application, the lender reviews your financial information and your co-applicant’s information. It reviews both of your credit histories, incomes, debt-to-income ratios, and other financial factors. That’s why adding a co-borrower to your application can boost your creditworthiness if you’re having trouble qualifying on your own.?
A co-borrower is somewhat different than a co-signer, though both can help you get approved or access better interest rates if your credit is subpar. A co-borrower is equally responsible for the loan, whereas a co-signer is generally only expected to make payments if the primary borrower falls behind.
|Joint Loan vs. Individual Loan|
|Joint Loan||Individual Loan|
|Both applicants are responsible for loan||Only individual applicant is responsible for loan?|
|Both credit profiles taken into account||Loan approval is determined based on your credit profile alone?|
|Co-borrower may help you qualify or access better rates if your credit isn’t up to scratch||Co-borrower may not be necessary if you have good or excellent credit?|
Should You Apply for a Joint Personal Loan?
Applying for a joint personal loan could make sense if:?
- You need a loan for debt consolidation, medical bills, or another essential expense
- Adding a co-borrower could help you get approved or get better rates
- You and your co-borrower are on the same page about sharing debt and your plans for repaying the loan?
On the other hand, applying for a joint personal loan might not be the right move if you’re using the loan to fund non-essential expenses, such as a vacation. It also might not be right if you don’t have an open and trusting relationship with your co-borrower, as both your credit profiles could be damaged by late or missed payments.?
Debt Consolidation a Popular Reason for a Loan
According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.
Where to Get a Joint Personal Loan
A variety of financial institutions offer joint personal loans, including:?
- Traditional banks
- Credit unions
- Online lenders
- Loan marketplaces that let you compare offers from multiple lenders at once?
Many lenders let you pre-qualify for a loan online, so it’s worth checking your rates with different types of lenders to see which can offer you the most affordable loan.?
Comparing Joint Personal Loans
As you compare joint personal loans, consider the following factors:?
- Interest rates: Compare multiple loan offers to find the lowest rate and reduce the amount you’ll need to pay in interest over time.
- Fees: Keep an eye out for fees that could add to your costs of borrowing, such as origination fees, late fees, or prepayment penalties. Most reputable lenders don’t charge you for paying off your loan early.
- Repayment terms: A shorter term will help you get out of debt faster, but it will come with higher monthly payments. A longer term will have more affordable monthly payments, but it will mean you pay more in interest over time. Try to strike a balance between monthly payments you can afford and keeping your interest costs down when choosing your loan terms.
- Monthly payments: Your monthly payments will be directly impacted by the amount you borrow, your interest rate, and your repayment term. Make sure the loan has monthly payments you can afford each month so you don’t risk falling behind.
- Credit requirements: Although not every lender discloses this information, it’s worth doing some research to find out what a lender’s minimum credit score is to qualify for a loan. Having this information might also help you decide whether to apply individually or with a co-borrower.
- Loan use restrictions: Find out if the lender has any rules around how you can use the loan.
- State availability: Some lenders only operate in certain states, so check a lender’s availability to ensure it provides loans where you live.
- Reliability of your co-borrower: Before taking on debt with someone, have a clear and honest conversation about your expectations for paying back the loan. Otherwise, if you miss payments, you could harm your credit and strain your relationship.
How to Qualify For and Apply For a Joint Personal Loan
The process to apply for a joint personal loan will vary by lender, but here are some steps you’ll likely need to take:?
- Check qualification requirements: While specific criteria will vary by lender, most want to see a minimum credit score, income, and debt-to-income ratio. Applying jointly means the lender will take both your and your co-borrower’s financial profiles into account.
- Check your and your co-borrower’s credit scores: Most personal loans are unsecured, so lenders rely on your credit profile to determine whether you qualify for a loan. Review your credit reports and scores so you know what you’re working with.
- Determine your loan amount: Before you apply, use a personal loan calculator to determine how much loan you can afford at different terms and rates.
- Shop around for loan offers: Take advantage of pre-qualification to check your rates with no impact on your credit score. Compare loan features like APR, repayment terms, fees, and monthly payments to determine the best offer for you.
- Submit a full application: If you see a loan offer you like, your next step will be to submit a full application. Both you and your co-borrower will share your personal details and upload any required documentation, such as pay stubs. At this point, the lender will run a hard credit inquiry on both your credit reports.
- Receive your loan funds: The final step is receiving your loan funds. The lender might send them directly to you, or to your creditors if you’re consolidating debt. Read over the details of your loan agreement to make sure you know when your first payment is due. Consider setting up autopay so you don’t miss a payment.
Alternatives to a Joint Personal Loan
Before applying for a joint personal loan, it may be worth exploring other financing options. Here are some alternatives to consider:?
- Individual personal loan: If you can meet a lender’s requirements on your own, you could consider taking out the loan in your own name so you don’t have to share the debt with anyone else.?
- Secured personal loan: Backing a loan with collateral, such as a vehicle or savings account, is another option. Secured loans tend to have more flexible credit requirements than unsecured ones, but a lender can seize your collateral if you default on the loan.?
- Credit card: You may be able to use a credit card to cover expenses, but beware of high APRs and fees. Some credit cards offer 0% APR for a certain period of time, which could work like an interest-free loan if you can pay off your charges before the promotional period comes to an end.?
- Home equity loan or HELOC: Homeowners may be able to tap into equity with a home equity loan or line of credit. Home equity loans offer a lump sum of funding upfront, whereas HELOCs let you withdraw money as needed. Both loans are second mortgages that use your home as collateral, so you could lose your home to foreclosure if you can’t pay back the debt.
Frequently Asked Questions
Can Two People With Bad Credit Get a Joint Personal Loan Together?
When evaluating a joint application for a loan, lenders consider both your credit and your co-borrower’s credit. If both borrowers have bad credit, the lender may assign you higher interest rates or deny your application altogether. You’ll boost your chances of approval if at least one borrower has good or excellent credit.
Is a Joint Personal Loan Easier to Get?
A joint personal loan may be easier to get than an individual loan if your credit score or income fall below a lender’s requirements. Adding a creditworthy co-borrower with a steady income to your loan application can reduce risk for the lender and help you get approved for the loan.
What Is the Difference Between a Joint Personal Loan and a Personal Loan With a Co-Signer?
A joint personal loan typically refers to a personal loan with a co-borrower, who is equally responsible for paying back the loan from the beginning. By contrast, a co-signer on a personal loan is usually only expected to pay the loan back if the primary applicant falls behind.?
Either way, both a co-borrower’s and co-signer’s credit will be considered when you apply for the loan. Plus, both their credit can be impacted by the loan (positively by on-time payments or negatively by late payments).
What Are the Cons of a Joint Personal Loan?
The main risk of a joint personal loan is the possibility of you or your co-borrower not making payments. Late or missed payments can damage both of your credit scores because both you and your co-borrower are equally responsible for paying back the loan. Make sure to have an open conversation about how you’ll handle repayment before taking on debt together.
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.