What are the best joint personal loans of 2024? As the name suggests, personal loans usually involve one applicant, but there are times when two people apply together.
When you add a co-borrower to your loan application to qualify for better interest rates, it’s called a joint personal loan. It’s helpful to know about the best joint personal loans of 2024 if you’re considering this option.
With a joint personal loan, the lender looks at both borrowers’ income and credit history. This makes both of you responsible for the loan and its repayment.
Both the borrower and the co-borrower share the loan and the obligation to repay it. However, the co-borrower may not have access to the funds but serves as a backup for repayment.
While not all lenders offer joint loans, some do. That’s why it’s important to shop around for lenders who accept co-borrowers. Be sure to compare interest rates and terms before choosing the right one.
Best Joint Personal Loans Of 2024
It’s not a good idea to go with the first lender you find without exploring other options. In 2024, several joint personal loans stand out for offering the best rates and repayment terms. To keep it simple, here are some of the top joint personal loans of 2024:
SoFi
This is an online lender that offers unsecured joint personal loans to borrowers. This 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. Aside from this, it offers flexible repayment terms ranging from two to 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
U.S. Bank offers personal loans with quick approval and access to funds for your financial needs. 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.
In conclusion, when looking for joint personal loans in 2024, it’s important to explore your options to find the best rates and terms.
With lenders like SoFi, LightStream, U.S. Bank, Wells Fargo, and Upgrade offering various features, you can choose the one that best suits your financial needs.
Frequently Asked Questions
Is it Easier To Apply For A Personal Loan With A Co-Borrower?
Applying for a personal loan with a co-borrower with good credit gives you a better chance at loan approval.
When you apply with a co-borrower, the lender will determine the loan repayment term and interest rates using both the borrower and the 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 the 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.
This is because most lenders review the credit and income of both borrowers, meaning if your spouse has bad credit, it will not be a good idea to get a joint personal loan.
However, if you and your spouse or co-borrower have good credit, it will be a good idea to get 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?
You may be eligible to get a joint personal loan 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 denied.