Yes, it is easier to get a loan with a cosigner than without one as long as the person cosigning has a higher credit score and income than you. Applying with a cosigner increases your chances of getting approved since they are promising to repay the loan if you are unable to.
For example, if you have a credit score of 550 and limited income, you probably won’t qualify for any worthwhile personal loans. But if you have a cosigner with an 800 credit score and a lot of income, you’re likely to get a loan with very good terms.
A cosigner will need a credit score of 660 or better to get a personal loan with good terms. A 660 credit score is above the minimum credit score requirement for most major lenders, so the cosigner has a decent chance of getting approved as long as they meet the other requirements.… read full answer
Other requirements a cosigner will have to meet include being at least 18 years old, having enough income to repay the loan if the primary borrower is unable to, and having a low debt-to-income ratio. Keep in mind that the cosigner should be someone the primary borrower trusts, too.
Minimum Credit Score for a Personal Loan Cosigner by Lender
Note: The primary borrower for a U.S. Bank personal loan must be an existing customer, according to customer service representatives. In addition, the minimum credit score requirement for PenFed is based on multiple third-party sources.
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