Does SoFi do joint personal loans? This question is about Personal Loans with Joint Applications

Does SoFi do joint personal loans?

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This question is about Personal Loans with Joint Applications

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 07/30/21 This answer was first published on 07/30/21. 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, SoFi does not offer joint personal loans, but it does allow cosigners. A cosigner is a second person who puts their name on a loan application and serves as a guarantor, which means they promise to pay the loan back if the primary applicant cannot. A cosigner also helps boost the primary applicant's odds of approval.

There are two major differences between submitting a joint application for a personal loan and having a cosigner. The first has to do with the application process. With a joint application, both people's credit score and income are given equal weight. In contrast, a cosigner's credit and income matter more than those of the primary applicant.

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

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How can I get a personal loan with no credit and no cosigner?

If you want to get a personal loan with no credit and no cosigner, your options are limited to credit-builder loans, secured personal loans, home equity loans and borrowing from alternative sources like friends and family. Having no credit disqualifies you from getting most unsecured loans, as lenders usually require an established credit score of 600 or higher.

You could get around that issue if you had a cosigner, as the lender would use...

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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.

Credit Score for Personal Loan Approval by Lender

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How can you get a personal loan with a credit score under 550?

Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.

It’s very difficult to get an unsecured personal loan with a credit score under 550 on your own, without the help of a co-signer whose...

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