Best Joint Personal Loans Of October 2023

Compare Personal Loan Rates

Best Joint Personal Loans

Tips for Comparing Joint Personal Loans

Consider these tips when comparing joint personal loans:

  • Both borrowers must be able to qualify. Because lenders consider both applicants’ information, both borrowers must meet that lender’s minimum credit score requirement. If you do have a qualifying score, adding a second borrower with a strong credit and income history could help you receive more favorable terms, like lower interest rates.
  • You can’t use a co-signer. While co-signers can help you qualify for a loan if you have damaged credit, the lenders on this list that offer unsecured personal loans won’t let you apply with a co-signer. Co-signers are typically eligible on secured loans, including auto loans, mortgages or home equity lines of credit.
  • If possible, prequalify. Several lenders offer the opportunity to prequalify you for a personal loan. This means you can submit details like your income information, desired loan use, housing situation and other information. Prequalification also only requires a soft credit check, which doesn’t hurt your credit score, so you can safely find the best rates.
  • Check for additional fees. Some personal loan providers charge no origination fees, late payment fees or prepayment penalties. However, there are some that may charge all or some of these fees. When comparing personal loans, be sure to look at the fee structure beyond the potential interest rate you can receive.
  • Evaluate the lender’s customer support options. If you’ve found a lender, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews to make sure it’s a good fit.
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Related: Compare Personal Loan Rates


We reviewed 18 popular lenders based on 14 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose lenders that allow for co-borrowers and ranked them based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 20%
  • Eligibility and accessibility: 20%
  • Customer experience: 15%
  • Application process: 10%

Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.

How to Apply for Joint Personal Loans

While the process may vary depending on your specific lender, here are the general steps you can follow to get a joint personal loan:

  • Check both borrowers’ credit scores. Start by checking both borrowers’ credit scores through each person’s credit card provider or another credit-providing website. This will help you understand which lenders you can or can’t qualify for, since lenders consider both applicants’ credit histories.
  • If necessary, improve either of the borrowers’ scores. If either of the borrowers’ scores is below 610 or you want to boost both of your scores to receive the most favorable terms, take time to improve your scores before applying. You can do so by taking various actions like lowering your credit usage or paying off unpaid debts.
  • Evaluate your budget. Before finding the right lender, evaluate your budget and understand how much loan you can afford. Only borrow what you need because you’ll owe interest on the entire balance. A personal loan calculator can help you estimate your monthly payments.
  • Prequalify with multiple lenders. Some lenders offer a prequalification process, which lets you see what terms you may receive once approved without a hard credit check. Utilize this as a way to find the best offer for your situation.
  • Submit your application. Once you’ve found your preferred lender, submit an application online or in person. There will typically be an option to apply for a joint loan or add a co-borrower. Both borrowers should be prepared to provide their personal information, such as their Social Security numbers (SSNs), address and income information.
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Joint Loan vs. Individual Loan

A joint personal loan is a loan that involves two borrowers—a primary borrower and a co-borrower—applying on one application. In the case of a joint application, the lender will consider both applicants’ credit scores, income and overall credit history for qualifying purposes. Both borrowers are equally responsible for the debt obligations and repayment.

An individual loan, on the other hand, involves only one borrower. However, on an individual loan, the borrower can add a co-signer—a secondary person who agrees to pay back the loan if you fail to do so—to receive more favorable terms if they don’t meet minimum qualification requirements.

Co-borrower vs. Co-signer

A co-borrower is typically utilized when two parties want to receive a direct benefit from the loan. This means while a co-borrower has equal rights to use the assets purchased with the loan, they also share responsibility for repaying the loan. Co-borrowers are most commonly your spouse, and the primary borrower and co-borrower’s credit scores are equally considered during the application process.

A co-signer is typically a friend or family member who helps an applicant—usually someone with poor credit or no credit—qualify for a loan by agreeing to repay the loan if the borrower does not. Further, co-signers don’t have any ownership rights to the assets purchased with the loan and are not responsible for making payments unless the primary borrower defaults. Lenders typically rely more heavily on the co-signer’s credit score during the application process.

Related: Co-Borrower Vs. Co-Signer: Which Should You Use On Your Loan?

Best Joint Personal Loans Ratings

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