How can I get a personal loan with a cosigner?

To get a personal loan with a cosigner, you need to compare lenders that allow cosigners based on their loans’ APRs, dollar amounts, repayment periods and approval criteria. Then, you’ll need to apply for the best loan offer with your cosigner online, over the phone or in person at a branch. Each lender’s application will be generally the same, but only some personal loan providers allow you to apply with a cosigner.

5 Steps to Get a Personal Loan with a Cosigner

1. Choose a cosigner you trust. Your cosigner needs to be someone trustworthy, like a parent, sibling or significant other. They should also have a higher credit score and higher income than you.
2. Check your credit scores. When applying for a loan with a cosigner, both of your credit scores will be evaluated, but your cosigner’s score will carry the most weight. You can check your credit score for free on WalletHub.
3. Compare your options. The most important factors to consider when comparing loans are the APRs, repayment periods, dollar amounts and fees. The best loans with a cosigner will have low APRs and low fees.
4. Apply for the loan together. Once you’ve chosen a loan, you’ll need to apply for it together. The lender will ask for some personal information from both of you, including your names, addresses and dates of birth. They will also need some financial information, such as your employment statuses and incomes. Keep in mind that the cosigner’s income will matter more than the primary borrower’s income during the application process.
5. Wait for a decision and funding. You may get a decision quickly, or it may take a few business days. Once you’re approved, you should get the funds within a few business days. The lender may send you a paper check or a bank transfer.

Notable Lenders That Allow Cosigners

If you’re ready to start comparing options, check out WalletHub’s picks for the best personal loans with a cosigner and estimate your potential rates with the free pre-qualification tool.