Rick Bormin, Personal Loans Moderator
@rhandoo2020
No, Wells Fargo does not allow cosigners on personal loans, but it does allow joint applicants. Joint applications enable two people to apply for a Wells Fargo 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.
People also ask
How can I get a personal loan with no credit and no cosigner?
To get a personal loan with no credit and no cosigner, start by comparing no-credit-check loans, secured personal loans, credit-builder loans and home equity loans to determine if they will satisfy your needs. You should also investigate whether borrowing from friends or family is an option.
Having no credit makes it difficult to qualify for most unsecured loans, as lenders usually require an established credit score of 600 or higher. You could get around...
read full answer by Adam McCann, Financial WriterWhat 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...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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