Rick Bormin, Personal Loans Moderator
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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