Best Joint Personal Loans of 2025 – Just as the name implies, it is common for one person to be a personal loan applicant, but there are cases where there are two people on a personal loan. In cases where you need to add a co-borrower to your loan application to be eligible for lower interest rates. This type of loan is called a joint personal loan. While we have this, it is important to be aware of the best joint personal loans of 2025. Applying for a joint personal loan allows the lender to consider both borrowers’ income and their credit record.
Due to this, both borrowers are responsible for the loan and are required to repay the loan. This means that both the borrower and the co-borrower share access to the loan taken as well as the repayment. However, the co-borrower does not have access to the funds obtained, but they serve as backup in the loan repayment. Although not all lenders allow co-borrowing, others allow it. Because of this, it is advisable to check around for personal loan lenders willing to accept co-borrowers as well as compare interest rates and terms of joint personal loan lenders you find.
Best Joint Personal Loans of 2025
It makes no sense to opt for the first lender that comes your way without checking for the best lender. In 2025, it is recommended to consider various joint personal loans due to their competitive rates and favorable repayment terms. To cut a long story short, the following are some of the best joint personal loans of 2025:
SoFi
Borrowers can apply for unsecured joint personal loans from this internet lender. The lender allows borrowers to take loan amounts from $5,000 to $100,000, making it a considerable option for borrowers who intend to borrow higher amounts. In addition, it provides adjustable payback periods between two and seven years.
LightStream
Another lender that offers joint personal loans is LightStream. This lender offers loans with both high and low interest rates alongside a rate-beat program. LightStream unsecured personal loan amounts range from $5,000 to $100,000. However, this lender’s loan amount varies depending on the purpose of the loan.
U.S Bank
For your financial needs, U.S. Bank provides personal loans with fast approval and money availability. Irrespective of whether you want a debt consolidation personal loan or you need the loan to cover large expenses, this lender grants access to quick cash as well as flexible repayment terms. Depending on a borrower’s creditworthiness, this insurance determines and offers interest rates. Aside from this, this lender allows co-borrowers for borrowers with bad credit.
Wells Fargo
Wells Fargo is a personal loan lender that offers fixed interest rates on loan amounts ranging from $3,000 to $100,000 and a repayment term ranging from 12 to 84 months. While this lender requires you to pay more interest over the life of your loan, your fixed monthly loan payment will reduce as the year goes by.
Upgrade
This online lender offers loan amounts ranging from $1,000 to $50,000 along with a repayment term ranging from two to seven years. It allows borrowers to take joint personal loans and does not charge borrowers any prepayment penalties.
FAQs:
Is it Easier to Apply for a Personal Loan with a Co-Borrower?
Your chances of getting approved for a personal loan are increased if you apply with a co-borrower who has strong credit. The lender determines loan repayment terms and interest rates when applying with a co-borrower, considering both the borrower’s and co-borrower’s income and credit scores. Because of this, applying for a personal loan with a co-borrower does not make loan qualification easier. In cases where one borrower has bad credit, the lender may not want to approve the loan.
Individual vs. Joint Personal Loan: Which Is Better?
A joint personal loan is commonly taken by couples, and while this seems like a good idea, it is not always advisable to get one. Lenders typically assess both borrowers’ credit and income, making joint personal loans unsuitable for spouses with poor credit. If you and your spouse or co-borrower have good credit, it’s advisable to obtain individual personal loans. Here, every borrower is responsible for their loan payments.
Can I Get a Joint Personal Loan if One Borrower Has Bad Credit?
Joint personal loans may be eligible if one borrower has bad credit, but it is not advisable to do so. This is because the credit scores of the two borrowers involved are considered by the lender during the loan application process. For this reason, the borrower with bad credit may be charged higher interest rates or even be denied.
