Rick Bormin, Personal Loans Moderator
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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