Best joint personal loans of 2023

Written by Kiah Treece / January 18, 2023
Reviewed by Ashley Harrison

Joint personal loans can help less-qualified borrowers access financing that might not otherwise be available to someone with their credit profile. Likewise, applying with a joint applicant (also called a co-borrower) could help you get approved for a more competitive interest rate, higher loan amount or longer repayment term. 

The best joint personal loans offer competitive annual percentage rates (APRs), reasonably high loan amounts and a variety of repayment terms. Several also provide rate discounts as well as few to no fees.

To determine the best joint personal loans, we compared 10 personal loan lenders that offer joint loans by these metrics along with other factors like state availability, funding times and customer service experience.

Inside this article

  1. Best joint personal loans
  2. Best overall: SoFi
  3. Best for competitive rates: LightStream
  4. Best for fast funding: Prosper
  5. Best for existing customers: U.S. Bank
  6. Best for discounts: Achieve
  7. Best for bad credit: LendingClub
  8. Compare the best joint personal loans
  9. Why some lenders didn’t make the cut
  10. Methodology
  11. Frequently Asked Questions

Best joint personal loans

  • Best overall: SoFi

  • Best for competitive rates: LightStream

  • Best for fast funding: Prosper

  • Best for existing customers: U.S. Bank

  • Best for discounts: Achieve

  • Best for bad credit: LendingClub

Best overall: SoFi

3.7 stars

Fixed APR: 7.99% to 23.43%

Min. credit score: 680

Why it’s the best

In addition to offering large personal loans ranging from $5,000 to $100,000, SoFi makes it easy for prospective borrowers to see what rate they’re likely to qualify for without a hard credit inquiry. Repayment terms range from two to seven years.

SoFi borrowers can also take advantage of several rate discounts. These include discounts for autopay (0.25%), for existing customers (0.125%) and for borrowers who use their loan to consolidate debt and allow SoFi to pay their creditors directly (0.25%). A variety of member benefits are available, too, such as unemployment protection, career advice and financial planning.

Pros and cons

Pros

  • $100,000 loan maximum

  • Multiple rate discounts

  • Fast funding

Cons

  • Doesn’t accept co-signers

  • Could be hard to qualify if you don’t have good credit

  • Not available in Mississippi

More details

  • Interest rates: 7.99% to 23.43%

  • Loan amounts: $5,000 to $100,000

  • Loan terms: 2 to 7 years

  • Min. credit score: 680

  • Fees: None

Best for competitive rates: LightStream

3.4 stars

Fixed APR: 5.99% to 23.99%

Min. credit score: Does not disclose

Why it’s the best

If you’ve been approved by another lender for an unsecured personal loan, you could get another 0.10% off your rate through LightStream’s Rate Beat Program. With LightStream, you can borrow $5,000 to $100,000 with repayment terms from two to seven years (up to 12 years for some types of loans). 

Pros and cons

Pros

  • Rate Beat Program

  • Loan amounts up to $100,000

  • No fees

Cons

  • Must borrow at least $5,000

  • Doesn’t allow borrowers to prequalify

  • Could be hard to qualify if you don't have good credit

More details

  • Interest rates: 5.99% to 23.99%

  • Loan amounts: $5,000 and $100,000

  • Loan terms: 2 to 7 years (up to 12 years for some types of loans)

  • Min. credit score: Does not disclose

  • Accepts joint applicants: Yes

  • Fees: None

Best for fast funding: Prosper

3.3 stars

Fixed APR: 6.99% to 35.99%

Min. credit score: 600

Why it’s the best

If you need access to cash quickly, Prosper—a peer-to-peer lender— could be a good option. You could get your funds within one business day of approval. With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years.

Pros and cons

Pros

  • Fast funding

  • Accepts poor and fair credit scores

  • No prepayment penalty

Cons

  • Charges an origination fee (1% to 5%)

  • Charges fees for check payments, late payments and insufficient funds

  • No advertised rate discounts

More details

  • Interest rates: 6.99% to 35.99%

  • Loan amounts: $2,000 to $50,000

  • Loan terms: 2 to 5 years

  • Min. credit score: 600

  • Fees: Check payment fee (5% of your payment amount or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater) and insufficient funds fee ($15)

Best for existing customers: U.S. Bank

3.1 stars

Fixed APR: 8.99% to 21.49%

Min. credit score: 660

Why it’s the best

While U.S. Bank offers personal loans starting at $1,000 to all eligible consumers, only current bank customers can borrow up to $50,000. If you don’t have an existing account with the bank, you can only borrow up to $25,000. Repayment terms range from one to seven years (one to five years if you don’t have an existing U.S. Bank account).

Pros and cons

Pros

  • Higher loan maximum and longer terms available to existing customers

  • 0.50% autopay discount

  • No origination fee or prepayment penalty

Cons

  • Could be hard to qualify if you aren’t a current U.S. Bank customer

  • Lower loan limits and shorter terms for non-U.S. Bank customers

  • Poor Trustpilot reviews

More details

  • Interest rates: 8.99% to 21.49%

  • Loan amounts: $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers)

  • Loan terms: 1 to 7 years (5-year maximum for non-U.S. Bank customers)

  • Min. credit score: 660

  • Fees: No origination fee or prepayment penalty

Best for discounts: Achieve

3.05 stars

Fixed APR: 7.99% to 29.99%

Min. credit score: 620

Why it’s the best

Borrowers who apply for an Achieve personal loan with a joint co-borrower who has sufficient income might qualify for a lower interest rate. You could also get approved for a better rate if you use at least 85% of your funds to directly pay off existing debt or if you provide proof of ample retirement savings. 

Achieve loans range from $5,000 to $50,000 with terms from two to five years.

Pros and cons

Pros

  • Multiple rate discounts

  • Accepts fair credit scores

  • Fast funding

Cons

  • Charges an origination fee 

  • Must borrow at least $5,000

  • Could be hard to qualify if you have bad credit 

More details

  • Interest rates: 7.99% to 29.99%

  • Loan amounts: $5,000 to $50,000

  • Loan terms: 2 to 5 years

  • Min. credit score: 620

  • Fees: Origination fee (1.99% to 6.99%)

Best for bad credit: LendingClub

3.05 stars

Fixed APR: 8.05% to 36%

Min. credit score: No minimum

Why it’s the best

In addition to accepting joint applicants, LendingClub also doesn’t have a minimum credit score requirement. This means you could have an easier time qualifying if you have bad credit.

With LendingClub, you can borrow $1,000 and $40,000 with terms from three to five years.

Pros and cons

Pros

  • No credit score minimum

  • Can borrow as little as $1,000

  • Fast funding

Cons

  • Charges an origination fee

  • Charges late fees

  • Limited repayment terms

More details

  • Interest rates: 8.05% to 36%

  • Loan amounts: $1,000 and $40,000

  • Loan terms: 3 to 5 years

  • Min. credit score: No minimum

  • Fees: Origination fee (2% to 6%), late fee (5% of outstanding amount or $15, whichever is greater) and insufficient funds fee ($15)

Compare the best joint personal loans

Interest ratesLoan amounts Repayment terms (years)Min. credit score
SoFi 7.99% to 23.43% $5,000 to $100,000 2 to 7 680
LightStream 5.99% to 23.99% $5,000 to $100,000 2 to 7 (up to 12 for some types of loans) Does not disclose
Prosper 6.99% to 35.99% $2,000 to $50,000 2 to 5 600
U.S. Bank8.99% to 21.49% $1,000 to $50,000 ($25,000 maximum for non-U.S. Bank customers) 1 to 7 (5-year maximum for non-U.S. Bank customers) 660
Achieve 7.99% to 29.99% $5,000 to $50,000 2 to 5 620
LendingClub 8.05% to 36% $1,000 to $40,000 3 to 5 No minimum

Why some lenders didn’t make the cut

Of the 10 personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having stricter credit score requirements or higher APRs while others had limited customer service options or a higher amount of fees.

Methodology

Our expert writers and editors have reviewed and researched 10 popular lenders to help you find the easiest personal loan to get. Out of all the lenders considered, the six that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including loan amounts and terms, APR ranges, late payment fees, discounts, minimum credit score requirements and funding speed. We also evaluated each provider’s customer support options and customer reviews. All interest rates are current and include discounts as applicable as of Jan. 12, 2023.

Frequently Asked Questions

Is it better to get an individual or joint loan?

The decision of whether to get an individual or joint loan largely depends on your financial situation and goals. An individual loan is a great option if you’re looking to build credit on your own since only your credit score will be taken into consideration for approval. 

On the other hand, a joint loan can benefit borrowers who won’t qualify on their own. Applying with a co-borrower could also help you get approved for a more competitive rate or higher loan amount than you’d get as an individual applicant. 

Keep in mind that unlike a co-signer—who is liable for the loan if the primary borrower fails to make payments—a joint applicant will share ownership of the loan and be equally responsible for its payments from the start.

How do I get a joint personal loan?
Does a joint loan affect your credit score?

About the Authors

Kiah Treece

Kiah Treece

Kiah Treece is a small business owner and former attorney with extensive experience in business and consumer finance. She focuses on demystifying debt so individuals and business owners can take control of their finances. Her work has been published on Forbes Advisor, Investopedia, The Spruce, Rolling Stone, Treehugger and more.

Full bio
Ashley Harrison

Ashley Harrison

Ashley is a personal finance authority who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand, and her work has appeared on Forbes Advisor, Credible, Fox, and Student Loan Hero.

Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games, and chasing her black cat Salem.

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