Partner Disclosures
Personal loans available through Achieve.com (NMLS #138464) or Achieve Personal Loans (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward®, N.A., Equal Housing Lenders. Loan applications are subject to credit review, underwriting criteria and approval. Loans are not available in all states and available loan terms/fees may vary by state. Loan amounts range from $5,000 to $50,000. APRs range from 8.99 to 35.99% and include applicable origination fees that vary from 1.99% to 6.99%. The origination fee is deducted from the loan proceeds. Repayment periods range from 24 to 60 months. Example loan: four-year $20,000 loan with an origination fee of 6.99%, a rate of 15.49%, and corresponding APR of 19.54%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 8.99% APR loan, a borrower will need excellent credit, a loan amount less than $12,000.00, and a term of 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to pay off qualifying existing debt directly; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Funding time periods are estimates and can vary for each loan request. Same day decisions assume a completed application with all required supporting documentation submitted early enough on a day that our offices are open. Achieve Personal Loans loan consultants' hours are Monday-Friday 6am-8pm AZ time, and Saturday-Sunday 7am-4pm AZ time.
Partner Disclosures
Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements. † Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Partner Disclosures
You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees. Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
A personal loan with a co-signer is an unsecured loan you apply for with another person. While only some lenders that offer personal loans let applicants apply with a co-signer, those that do make it easy to borrow for any reason and repay the loan over several years. Applying with a co-signer makes the most sense when you cannot qualify for funding on your own, or when your credit rating or income makes it difficult to get a loan with the best rates and terms.
The best personal loans with a co-signer come with competitive, fixed rates, fixed monthly payments and a set repayment schedule.
To make our choices for the best personal loans with a co-signer, we collected 806 data points (26 individual data points for 31 lenders) from popular lenders, including customer reviews and overall ratings from ConsumerAffairs readers. We used these data points to evaluate factors that impact borrowers most, including credit score requirements, loan limits, repayment terms and annual percentage rates (APRs), before making our final selections.
Our picks may be Authorized Partners that compensate us. This does not affect our recommendations or evaluations but may affect the order in which the companies appear.
Applying for a personal loan with a co-signer is a lot like applying on your own. Most online lenders make it possible to apply for an unsecured personal loan entirely online, and many let you check your rate with no impact on your credit. This makes it easier to shop around and compare rates and loan terms across multiple lenders.
Once you find a lender with a loan that makes sense for your needs and goals, you should:
From there, you can apply for a personal loan by submitting a range of information for yourself and your co-signer. You should plan on submitting details like both of your full names and addresses, Social Security numbers, employment and income information and monthly mortgage or rent amount.
You may also need to supply pay stubs, W-2s or tax returns.
To find a co-signer, start by looking among close family members or friends who are familiar with your financial situation and possess a strong credit history. It's important to have an open and honest conversation about the responsibilities involved in co-signing a loan, ensuring they fully understand the commitment and potential risks.
A co-signer typically needs to be over 18 years old and a U.S. citizen, as well as be able to meet the following qualifications:
A co-signer can be beneficial when you have a low credit score that might prevent you from securing a loan on your own. Having a co-signer with a strong financial background can help you qualify for loans with better terms, such as lower interest rates. Additionally, using a co-signer can be a strategic move for building or improving your credit score, as long as you make timely payments on the loan.
While there are many benefits of using a co-signer for your personal loan, it can be a risky move for the co-signer.
William Bevins, a financial advisor in Franklin, Tennessee, urges both the main borrower and the co-signer to think over the responsibility involved in applying for a personal loan. The co-signer is taking on just as much risk, given they'll be on the hook for repayment if the original borrower defaults.
"If the payments stop being made, the co-signer ultimately bears the responsibility," he said. He also notes that using a friend or family member as a co-signer can interfere with an important relationship if repayment becomes an issue.
"Entering a financial contract such as this has the potential of ruining close relationships. It might be advantageous to think of the long-term fallout if things go badly," he said.
Applying for a loan with a co-signer lessens risk for the lender. As a result, many applicants find that it’s easier to qualify for a personal loan and get better rates and terms with a co-signer.
A co-signer helps a loan applicant qualify for a loan or get better loan terms, but they don’t typically have access to the loan funds, and they don’t repay the loan unless the primary borrower defaults. On the other hand, a co-borrower has equal access to loan funds and usually helps with repayment. A co-borrower also has ownership rights of any asset that secures the loan (like a vehicle on an auto loan).
Applying for a loan with a co-signer who has good credit and a strong income can help you qualify for a personal loan with a better rate. If you're curious whether you need a co-signer or you want to see if you can qualify without one, look for lenders that let you check your rate without a hard inquiry on your credit report.
You can definitely be denied a loan with a co-signer, just as you can be denied a loan if you apply on your own. Ultimately, loan approval hinges on factors like your income and credit score.
If you can’t qualify for a personal loan on your own, it doesn’t mean your search for a personal loan is over. One possible strategy is to look for a lender that allows a co-signer to join you on a loan application. As you would without a co-signer, compare lenders based on how much you can borrow, how you can use funds, the cost of borrowing (the APR), the loan term and reviews.
Even with a co-signer on board, you should only take out a loan you can afford to pay back on your own. That way, the co-signer never has to assume financial responsibility, and you don’t jeopardize any important relationships.
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
