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Yes, some lenders will approve a personal loan when a second person joins the application. The catch is that the label on the offer does not always match the legal role. Many lenders that advertise “cosigner” options actually use joint applications, where the second person is a co-borrower with full repayment responsibility. Before you choose a lender, you need to know which structure you are being offered, because that decides who owes the debt and who can use the money.
LendingTree’s comparison, updated September 30, 2026, lists five lenders to investigate: First Tech Federal Credit Union, PenFed Credit Union, Prosper, SoFi, and Upgrade. Being on a list is not an endorsement or a guaranteed approval. Lender availability, offer terms, and whether a product is truly cosigned or jointly borrowed all change, so confirm current details directly with each lender.
Cosigner versus co-borrower: why the label matters
A cosigner guarantees repayment of the loan. A cosigner generally does not receive the loan proceeds, but is legally on the hook if the borrower stops paying. A co-borrower applies jointly with the primary borrower, shares repayment responsibility for the full debt, and may have access to the loan proceeds and account information.
NerdWallet’s guide, updated August 10, 2026, reports that the lenders it reviewed more commonly offer joint personal loans than loans with a true cosigner. SoFi goes further: its support material says it does not allow cosigners on personal loans, and a SoFi co-applicant becomes a co-borrower. Treat the terms as different products.
#1 Best Overall
| Feature | Cosigner | Co-borrower (joint applicant) |
|---|---|---|
| Repayment responsibility | Guarantees repayment if the borrower does not pay | Shares responsibility for repaying the full debt |
| Access to loan proceeds | Generally none | May have access, depending on the agreement |
| Account information | Not necessarily | May have access |
| Credit assessment | Depends on the lender | Both applicants’ credit profiles can be taken into account |
Upgrade’s personal-loan page describes its joint model this way:
“In a joint application, the credit profiles of both applicants are taken into account and both applicants are jointly responsible for repaying the loan.”
The lender’s contract, not the marketing term, determines who owes what and who can touch the money.
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Rank #2
Lenders to investigate in 2026
The table below uses figures from LendingTree’s comparison, updated September 30, 2026, which states that its listed rates and terms reflect lender-published ranges as of October 2026. These are comparison-page figures, not personalized quotes. LendingTree notes that rates vary by borrower creditworthiness, income, and state.
| Lender | Listed APR | Loan amount | Repayment term | Second-applicant structure |
|---|---|---|---|---|
| First Tech Federal Credit Union | Starting at 11.99% | $500–$50,000 | 12–60 months | Not stated in LendingTree’s comparison; confirm with the lender |
| PenFed Credit Union | 6.09%–17.99% | $600–$50,000 | 12–60 months | Listed as accepting co-borrowers |
| Prosper | 8.99%–35.99% | $2,000–$50,000 | 24–72 months | Not stated in LendingTree’s comparison; confirm with the lender |
| SoFi | 6.49%–35.49% with discounts | $5,000–$100,000 | 24–84 months | Co-borrower only; SoFi does not allow cosigners for personal loans |
| Upgrade | 7.74%–35.99% | $1,000–$50,000 | 24–84 months | Joint applications, which may not be available for every offer |
Upgrade publishes the same APR range and 24–84 month terms on its own personal-loan page, which is the stronger source for those figures. Use the LendingTree numbers as a shortlist, not as a price you will be offered.
First Tech Federal Credit Union
LendingTree lists this credit union’s rate as a starting point, so the figure you receive will depend on your own profile. Ask whether a second applicant is allowed, whether that person is a cosigner or co-borrower, and whether membership or state conditions apply. Those conditions were not verified for the current offer, so do not assume they are met.
PenFed Credit Union
LendingTree lists PenFed as accepting co-borrowers. PenFed also publishes a Non-Member Joint Borrower Application and Consent Form, which shows joint borrowing is a documented process for non-members. The form alone does not confirm that PenFed’s current personal-loan product accepts a joint borrower, so confirm that with a loan officer before you plan around it.
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The comparison does not state whether Prosper offers a true cosigner, a co-borrower, or both. Ask the lender to define the second applicant’s role in writing before you submit an application.
SoFi
SoFi is a co-borrower option, not a cosigner option, for personal loans. If you were looking for a loan where someone only guarantees repayment and receives nothing, SoFi’s structure is not that. Its larger loan ceiling ($100,000 in LendingTree’s listing) is relevant only if the co-borrower arrangement works for you.
Rank #4
Upgrade
Upgrade is the clearest joint-application fit among the five. Both applicants’ credit profiles are considered, and both are responsible for repayment. Upgrade cautions that joint applications may not be available for every offer, so the joint option may not appear for your amount or term.
Compare offers on total cost, not the lowest advertised APR
The lowest number in a comparison table is rarely the rate you receive. Compare each offer on these points:
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- Personalized APR, not the advertised range
- Origination fee and the net amount you actually receive after fees
- Total repayment over the full term
- Loan amount and whether it covers your need
- Repayment term, since a longer term lowers the monthly payment but usually increases total interest
- Whether the offer permits a true cosigner, a co-borrower, or only one of them
- Any state, membership, or lender-specific eligibility condition, verified for the current offer
For a rough sense of the trade-off, a $10,000 loan at 12% APR over 36 months has a monthly payment of about $332 and total repayment of about $11,957. This is an illustration of the arithmetic, not a quote from any lender, and it does not include any origination fee.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the second person is agreeing to
Federal rules govern when a lender can ask for an additional signer. Under Regulation B (12 CFR § 1002.7), a creditor may request a cosigner or similar additional party when an applicant does not meet its creditworthiness standards. The CFPB’s official interpretation distinguishes a joint applicant, who applies together for shared credit, from a person whose signature is required as a condition of the loan. The rule also states that a creditor generally may not require another person’s signature if the applicant qualifies individually for the amount and terms requested.
For the second person, the risk is real. The CFPB’s consumer guidance on co-signing, reviewed September 12, 2023, explains that a cosigner may have to repay if the borrower does not, can face collection actions, and may have a default reflected on their credit record. That guidance is written about car loans, so treat it as general risk context. Exact obligations for a personal loan depend on the agreement the second person signs.
Before agreeing to be a co-borrower or cosigner, the second person should be able to answer:
Quick Recap
- Will I be responsible for the full balance, or only if the borrower defaults?
- Can I receive the money or see the account?
- What happens to my credit if a payment is late?
- Can I be removed from the loan later, and under what conditions? (Confirm this in the agreement; it is not addressed by the sources reviewed for this guide.)
- Could I afford the full payment alone if the borrower could not pay?
Steps to take before you apply
- Ask the lender which structure it uses: cosigner, co-borrower, or joint applicant. Get the answer in writing.
- Confirm whether the lender assesses the second person’s credit and income, and whether the offer you want is available with a second applicant.
- Read the agreement’s sections on repayment responsibility, access to funds, and default before either person signs.
- Compare personalized offers using the list above, not the advertised range alone.
- Verify current rates, fees, and eligibility directly with each lender, since comparison figures are dated and vary.
The Bottom Line
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