Best Joint Personal Loans in September 2024

A joint personal loan is an installment debt taken out with another qualified borrower. These loans can be used for various purposes, whether you need to cover an unexpected emergency expense, want to make a large purchase, are planning a home renovation project, or choose to consolidate credit card debt.

Joint personal loans come with many of the same terms and requirements as individual personal loans. Here’s a look at what these loans entail and which lenders offer the best terms.

Our recommendations for the best joint personal loans

Best for flexible repayment terms: Upgrade

Best for quick funding: OneMain Financial

Best for borrowers with low credit scores: PenFed Credit Union

Best for high borrowing limits: LightStream

Best for multiple loan offers: LendingClub

Best for no fees: U.S. Bank

Best for secured loans: Navy Federal Credit Union

Best joint personal loans compared 2024

Methodology

In order to choose the best joint personal loans and lenders, we looked at a range of qualifying factors for each product. This meant comparing and analyzing interest rates, loan repayment terms, availability, ease of application, funding speed, fees, and loan limits. We also considered whether each lender had income and/or credit score minimum requirements that might keep borrowers from qualifying.

Tips for comparing the best joint personal loans

Not sure which joint personal loan is right for you? Here are some questions to ask yourself first.

How quickly do I need the funds?

Some lenders fund as quickly as a few hours after approval, while others might take days (or even weeks) to send your loan funds. The right lender for you can depend on why you need your loan and how quickly you require access to that money.

How much will this cost me?

Personal loans come with costs, ranging from the interest rate you’re given on the debt to origination fees, prepayment penalties, and more. You can find lenders that don’t charge origination fees, but you won’t be able to escape interest charges, so it’s wise to shop around a bit until you find the lowest possible rate.

Can I get preapproved first?

Online preapproval isn’t offered by every lender, but it can make the loan comparison process much smoother. Getting pre-approved can tell what loans you qualify for and the terms you’ll likely be offered without affecting your credit. This lets you clearly compare your loan options before you proceed with borrowing money.

Eligibility requirements for the best joint personal loans

In order to take out a joint personal loan, you and your co-borrower will first need to qualify. This means meeting each lender’s specific eligibility requirements.

Credit score

Many lenders have a minimum credit score requirement in order to qualify for a personal loan, especially when the loan is unsecured. By adding a creditworthy co-borrower, you better your chances of qualifying. Some lenders don’t have a minimum credit score limit but will require you to have either no credit history or a positive credit history (if it’s limited).

Income

Lenders will want to ensure you can afford to make your monthly loan payments, so they may have minimum income requirements. If you are applying for a joint loan, your and your co-borrower’s income may be considered together, helping you qualify more easily.

Location

Not all lenders offer loans in all states. Be sure to choose a lender that operates in your state and offers the type of loan you want in that area.

Alternatives to joint personal loans

A joint personal loan isn’t for everyone, and adding another borrower to a shared debt can come with risk. Instead, here are some alternatives to also consider.

Joint loan vs. individual loan

A joint loan is one that’s taken out with a co-borrower with both equally responsible for the loan’s repayment. An individual loan is only taken out by one borrower, who is the sole person responsible for repaying the debt. If you’re concerned about on-time payments or other factors and are able to qualify for a loan on your own, taking out an individual loan instead of a joint loan may be a better option.

Credit cards

Credit cards are an option if you need to cover an unexpected expense or a large purchase. They provide faster access to funds than even the quickest personal loans and may offer rewards (such as points and cash back) that personal loans cannot.

If you have a credit card with a 0% annual percentage rate (APR) offer on purchases or balance transfers, you may even be able to combine balances or make large purchases and then pay them off over time without incurring any finance charges.

Home equity loan or line of credit

If you have equity in your primary residence, you might be able to utilize a home equity loan or home equity line of credit (HELOC). Home equity debt is secured by collateral (your home’s equity), which means lower interest rates. However, the set-up costs can be steep.

More on joint personal loans

What is a joint personal loan?

A joint personal loan is a form of unsecured or secured debt taken out with another individual. These installment loans provide borrowers with lump-sum funds that they repay monthly for a predetermined period of time at a fixed or sometimes variable interest rate. When a personal loan is taken out jointly, both borrowers are equally responsible for repaying the debt according to the agreed terms.

How to apply for a joint personal loan

Each lender has its own loan requirements and application process, which, in many cases, may be completed online. You will need to provide the lender with details such as your name, contact info, income, Social Security number, and household expenses. You may also need to provide proof of income and employment in order to qualify.

Once approved, you’ll need to accept the lender’s loan terms and sign a promissory note agreeing to repay the debt as scheduled. You can then provide the lender with your preferred funding method (mailing address, bank account information, etc.) to receive your loan funds.

TIME Stamped: A joint personal loan could be what it takes to get the amount and term you want

Taking out a personal loan with another borrower can make it easier to qualify for the loan you need with the terms you want most. While this does mean sharing the obligation for the debt with another person—which can be a bit risky—it also opens the door to larger loans, better rates, and higher odds of approval, depending on creditworthiness.

Frequently asked questions (FAQs)

Can two people get a personal loan together?

Yes, they can. However, when they do, they share responsibility for the debt. Both borrowers must repay the joint loan, and all loan activity is reported to the three main credit bureaus.

Can a married couple get a personal loan together?

A married couple can take out a joint personal loan together, co-borrowing the debt and agreeing to share the responsibility of repayment equally. How the couple chooses to use the funds is up to them, but both individuals are on the hook for repaying the debt as agreed.

Can couples get a joint loan?

Joint loans can be taken out by couples, married or unmarried, allowing them to borrow money as needed while sharing the responsibility of repayment equally. Borrowers can also take out a joint loan with a sibling, parent, friend, or other willing and creditworthy co-borrower.

Is it best to get a joint loan?

A joint loan may make it easier to qualify for a loan or to get higher loan limits, lower interest rates, and better repayment terms. This is especially true if one borrower has a limited or poor credit history, low income, or high debt-to-income (DTI) ratio.