Where can I get the best joint personal loans of 2024? To get a personal loan, you usually need good credit, low existing debt, and a steady income. For the best rates, your credit score should be in the high 700s or higher.
If you don’t qualify or want better rates, adding a creditworthy co-borrower to your application can help. The lender will look at both applicants’ credit histories and incomes, which can improve your chances.
You and the co-borrower will have access to the loan funds when paid and will both be responsible for paying it back. Unlike a cosigner, who can’t access the funds but guarantees repayment, a co-borrower is actively involved in the loan.
Just so you know, not all lenders offer people joint loans. In this article, we have compiled the top 8 options to make your search easier.
8 Best Joint Personal Loans of 2024
Just as I have mentioned above, if you can’t get a personal loan on your own, adding someone else to your application as a co-signer or co-borrower might help you qualify for a much better rate or even a larger loan amount.
Here are 8 lenders that offer personal loans with a co-signer or co-borrower, along with details on the differences and risks of adding someone else to your loan application.
1. SoFi
SoFi is our top pick for joint personal loans due to its fast funding, high loan limits, and extra benefits. You can borrow up to $100,000 with terms from 2 to 7 years, and rates start at 8.99% for borrowers with a credit score of 680 or higher.
SoFi allows co-borrowers, but both must live at the same address. However, this lender does not accept co-signers for personal loans.
While SoFi might charge an origination fee of 0% to 7% of the loan amount, there are no late fees or prepayment penalties. Most loans can be funded in 1 to 2 days, but larger amounts might take a bit longer.
SoFi also offers extra perks like estate planning and access to checking and savings accounts. However, they don’t pay off creditors directly if you’re using the loan for debt consolidation.
2. Upgrade
Upgrade stands out as a lender with several appealing features: competitive interest rates, discounts for direct payments and autopay, same-day funding in some cases, up to seven years to repay, and availability across the country.
They even offer loans to people with fair credit and let you prequalify without entering your Social Security number. Upgrade also offers secured personal loans, and this is not common among lenders of its kind.
However, Upgrade charges an origination fee ranging from 1.85% to 9.99%. To qualify, you are required to have a FICO score of at least 600 and a $25,000 minimum annual income.
3. First Tech Federal Credit Union
First Tech Federal Credit Union offers attractive features for personal loans, including low starting rates, flexible repayment terms from six months to seven years, and accessible credit criteria.
They don’t charge origination fees and may approve and fund your loan on the same day. If you prefer, you can also add a cosigner to your loan application.
Under NCUA rules, all federal credit unions, including First Tech, cap loan rates at 18%, so even if you have fair credit, your rate won’t exceed 18%. This is much lower than the 36% that some other lenders might charge.
With a First Tech loan, you can choose to delay your first payment for 45 days, although interest will still accrue during this time. They also offer an optional DebtSafe protection program, which can help with loan payments if you face death, disability, or involuntary unemployment, though this comes with an additional fee.
4. LightStream
LightStream provides competitive interest rates on personal loans and even offers to beat a competitor’s rate by 0.10% as part of its rate-beat program. They don’t charge fees for origination or late payments.
You can get your loan funds quickly, and it is always on the same day you apply. Just so you know, LightStream also offers high loan amounts for about $100,000, with terms reaching 20 years.
One thing to note is that LightStream doesn’t offer a way to pre-qualify with a soft credit check. You and your co-borrower will need to complete a full application to view your loan options.
5. LendingClub
LendingClub is a good choice for borrowers with good or fair credit who apply directly on its website. You can easily prequalify without giving your Social Security number, although you’ll need to provide it if you proceed with a full application.
While prequalification doesn’t guarantee loan approval, LendingClub tends to approve more applicants who have prequalified compared to other lenders.
6. U.S. Bank
U.S. Bank is a great option for joint personal loans, especially if you’re already a customer. Existing customers can borrow up to $50,000, while non-customers are limited to $25,000.
You can choose loan terms from one to seven years and get a lower interest rate by setting up autopay. You need to keep in mind that this lender doesn’t charge origination fees. However, it might charge for late payments.
7. Patelco Credit Union
If you and your co-borrower make timely payments for a year, Patelco Credit Union will reduce your interest rate by 0.5 percentage points, up to a total of 1.5 points over three years.
This discount won’t lower your monthly payment but will help you pay off the loan faster and save on interest.
Patelco’s rates are capped below 18%, and they offer some of the best rates and low-interest personal loans available.
You can choose from a range of loan amounts and repayment terms from six months to seven years.
However, loans under $20,000 won’t have terms longer than five years and may come with higher rates. If you face financial difficulties, Patelco can help by deferring payments, adjusting your payment amount, or setting up a new plan.
8. Navy Federal Credit Union
Navy Federal Credit Union offers personal loans starting at $250 for members, who must have a military connection or be a Department of Defense civilian employee.
They provide flexible loan terms ranging from six months to 15 years, though terms can differ based on the loan’s purpose.
For example, terms for debt consolidation might differ from those for home improvements. Just so you know, with Navy Federal, you’ll need to complete a full application to see your loan options.
Bottom Line
For the best joint personal loans of 2024, look for options that offer competitive rates, flexible terms, and low fees. Choose a lender that lets you and your co-borrower combine your strengths to get better loan terms and make sure the loan meets your financial needs without unnecessary costs.
