Does LendingClub allow cosigners on personal loans? This question is about Best Personal Loans With a Cosigner

Does LendingClub allow cosigners on personal loans?

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This question is about Best Personal Loans With a Cosigner

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 07/23/21 This answer was first published on 07/23/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, LendingClub does not allow cosigners on personal loans, but it does allow joint applicants. Joint applications enable two people to apply for a LendingClub personal loan together, then share equal responsibility for paying back the loan.

There are two major differences between having a cosigner and submitting a joint application for a personal loan. For starters, during the application process, a cosigner’s credit and income matter more than those of the primary applicant. In contrast, with a joint application, both people’s credit score and income matter equally.

The other major difference between having a cosigner and submitting a joint application has to do with the repayment process. A cosigner is only responsible for making payments if the primary applicant fails to do so. Conversely, joint applicants both share the same level of responsibility for regular monthly payments.

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LendingClub requires a minimum credit score of 600 for LendingClub’s “standard” loans, according to the company’s annual report. The report also states that borrowers with lower credit scores may be approved for “custom” loans, which generally have the same sizes and lengths. Applicants can be approved for a custom loan if LendingClub is able to verify their income and that income is high enough to offset their credit score (no specific dollar amount given). According...

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Why is my LendingClub final review taking a long time?

Your LendingClub final review may be taking a long time because LendingClub is having trouble deciding whether or not you are qualified for a loan. One reason this might happen is that LendingClub is unable to quickly verify the information on your application. Another reason could be that you are right on the borderline based on creditworthiness. A closer, manual look could be needed to determine if your income is high enough to outweigh your...

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What credit score is needed for a personal loan?

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.

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