Best Joint Personal Loans Of July 2023

SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.

Loans are available between $5,000 and $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.

SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at least.

However, if you’re considering a debt consolidation loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year.

Eligibility: Personal loan applicants should have a minimum credit score of 650. However, many successful applicants have a score of 700 or higher. Applicants also must have an annual income of at least $45,000, though the average income of a SoFi borrower is over $100,000.

Co-borrowers must live at the same address as the primary applicant.

Loan uses: In general, SoFi personal loans are limited to use for personal, family and household purposes. This means a borrower can use loan funds to cover things like medical costs, credit card consolidation, home improvements and relocation costs. However, SoFi loans cannot be used to fund a new business venture, the purchase of real estate, investments and securities, post-secondary education or short-term bridge financing.

Turnaround time: Borrowers typically receive funds within a few days—or as soon as the next business day after approval and acceptance of terms. However, funding times may be longer than a few days, especially for loans over $20,000. If you’re applying with a co-borrower, SoFi says “the review process with a co-borrower may take an extra one to two weeks.”

LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T.; The platform offers unsecured personal loans from $5,000 up to $100,000. Loan amounts vary based on the loan purpose. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time.

In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay—higher than most lenders with the same perk—as well as a 30-day loan experience guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and a rate-beat program. LightStream will beat a competitor’s interest rate by 0.1% for applicants who meet certain criteria.

LightStream offers loans in all 50 states plus Washington, D.C. and Puerto Rico, and applicants can contact the lender’s customer support team seven days a week; current borrowers have access to customer support from Monday through Saturday. And, while LightStream doesn’t offer a mobile app for loan management, customers can access their account through LightStream.com.

Eligibility: LightStream recommends applicants have good to excellent credit before applying for a personal loan. Applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan.

LightStream doesn’t give prospective borrowers the ability to prequalify for a loan. This fact—combined with the minimum credit score requirement—makes the platform a better fit for those with a strong credit profile. Applicants with excellent credit also are more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can submit a joint application. Co-borrowers should meet the same minimum credit requirements.

Loan uses: LightStream’s personal loans can be used for a wide range of purposes, from purchasing a new car, RV or jewelry to paying for home improvements. However, LightStream really stands out because loans can be used to finance land, timeshares and so-called tiny homes. As with other top lenders, LightStream prohibits use of its personal loans for post-secondary education costs, business purposes and illegal activities. Borrowers also are prohibited from using LightStream loan funds to refinance an existing LightStream loan.

Turnaround time: LightStream borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. To receive same-day funding, the applicant also must review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information; and complete the final verification process—all before 2:30 p.m. on the day the loan is approved.

With a U.S. Bank personal loan you can gain quick access to funds for your one-time financing needs, whether that is consolidating your debt or covering a large expense. U.S Bank offers unsecured personal loans ranging from $1,000 to $50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers). Loan terms run between 12 and 60 months.

U.S. Bank’s loans carry low interest rates depending on your creditworthiness, which includes a 0.50% autopay discount. Borrowers with higher credit scores are more likely to qualify for interest rates on the low end of the spectrum. Similar to other top providers, U.S. Bank charges no origination fees, and there is no prepayment penalty, meaning you can always make loan payments before they are due.

Applying for a U.S. Bank loan is easy and can be done online; however, you must be a current U.S. Bank customer. Some customers may need to visit a U.S. Bank branch if additional information or documentation is required.

Eligibility: U.S. Bank requires applicants and co-borrowers to be an existing U.S. Bank customer for at least 120 days. If you’re a current customer, you can qualify for a personal loan with a minimum credit score of 660. This requirement also applies to secondary borrowers on a joint personal loan.

When applying for a joint personal loan, you’ll need to sign in person, so you and the co-borrower must live near a physical location. U.S Bank has branches in 26 states, including Arkansas, Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.

Loan uses: U.S. Bank’s personal loans can be used for any purchase or product besides a home or education expenses. For example, they can cover vacation costs, home improvements and medical bills or help consolidate any debt obligations, like credit cards.

Turnaround time: An applicant typically will learn their loan approval status in less than a minute. If you qualify for the personal loan, you may fund your loan online; however, you may need to visit a branch if a U.S. Bank representative needs more information. After your loan closes, funds are available within one business day.

Wells Fargo offers fixed-rate personal loans with limits between $3,000 and $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as 84 months, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.

Wells Fargo personal loans boast interest rates between 7.49% to 23.24%, not including a 0.25% relationship discount for customers who qualify. To qualify, you need to have a Wells Fargo checking account and make automatic payments from a Wells Fargo deposit account. While Wells Fargo doesn’t publish a minimum credit score requirement, maintaining a score of at least 700 is generally recommended for favorable interest rates.

Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online. New customers will need to visit a branch location. Wells Fargo has branch locations in every state besides Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont and West Virginia.

Eligibility: Wells Fargo personal loans are available for both existing and new Wells Fargo customers. Existing customers can apply online, while new customers must visit a branch location. Although Wells Fargo doesn’t publish a minimum credit score requirement, it’s a good rule of thumb to maintain a score of at least 700 to increase your chances of receiving a personal loan.

While Wells Fargo does not permit co-signers, it does allow for co-borrowers. Co-borrowers should follow the same credit score guidance, and they do not need to live at the same address as the primary borrower.

Loan uses: You can use Wells Fargo personal loans for any type of purchase besides a home and education expenses. For example, you can consolidate your debt, finance purchases like new appliances or furniture, fund renovations and cover expenses, such as medical bills and auto repairs.

Turnaround time: Wells Fargo offers a simple and quick application process for existing customers. If you submit an application online, you’ll receive an instant approval response. Once approved, you can typically receive your funds by the next business day.

Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.

Loans amounts, which start at just $1,000, are flexible but cap out at $50,000—lower than lenders that focus on lower-risk borrowers. Two- to seven-year loan terms are available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay.

That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Eligibility: Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Furthermore, the lender does not require applicants to meet a minimum income requirement, although borrowers make $95,000 per year on average. Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.

The lender also considers each applicant’s free cash flow, which demonstrates their likely ability to make consistent on-time loan payments. Ideally, applicants should have a minimum monthly cash flow of $800.

Upgrade increases loan accessibility by also allowing co-borrowers. Co-borrowers must meet the same minimum credit score requirements, be at least 18 years old and have U.S. citizenship; they do not need to live at the same address as the primary borrower.

Loan uses: As with most other personal loans, loans from Upgrade must be used to pay off credit cards, consolidate other debt, make home improvements or pay for other large purchases. However, Upgrade stands out from some lenders by allowing borrowers to use personal loan funds to cover business expenses. What’s more, Upgrade will directly pay off third-party lenders, making debt consolidation more convenient than with some competing lenders.

There are no specific prohibitions on the use of Upgrade loans other than those already imposed by law.

Turnaround time: Once an Upgrade loan is approved, it generally takes up to four business days for a borrower to receive the funds. However, if Upgrade is directly paying off a borrower’s loans to a third-party lender, it can take up to two weeks for the funds to clear.

LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. As the largest online lending platform for personal loans, LendingClub has worked with over 3 million customers and funded more than $55 billion in loans. It’s also one of the most geographically widespread options, with lending capabilities in every state except Iowa and the U.S. territories.

While LendingClub imposes high APRs and no autopay discount, applicants can choose to borrow as little as $1,000. So you won’t have to borrow—and pay interest on—more than you need. And, though borrowers are limited to $40,000, this is a higher cap than some other lenders. That said, LendingClub’s loan terms are limited to three or five years, which is less flexible than other lenders on our list. Borrowers also are charged an origination fee between 2% and 6% of the total loan amount, which is taken from the loan proceeds at funding.

LendingClub also makes debt consolidation easier by offering a balance transfer loan. With this type of loan, LendingClub offers direct payment to third-party lenders, including over 1,700 creditors. Not only does the platform take care of payments for you, you can choose exactly how much of your new loan amount you want LendingClub to pay toward each creditor.

Eligibility: Applicants must have a minimum credit score of 600 and a minimum credit history of three years to qualify for a LendingClub loan. Furthermore, applicants should have a debt-to-income ratio of less than 40% for single applicants and 35% for joint applicants. These factors, including proof of income, help LendingClub’s platform of investors decide who they want to lend to. Co-borrowers are permitted but co-signers are not an option for LendingClub borrowers.

Co-borrowers should expect to meet the same minimum credit score requirements as primary borrowers (at least 600). LendingClub does not require co-borrowers to live at the same address as the primary borrower.

Loan uses: Loans issued through LendingClub can be used for major expenses, including debt and credit card consolidation, home repairs, medical bills and special events. LendingClub also makes it easy to consolidate debt by offering direct payment to third-party creditors. Borrowers are restricted from using funds for postsecondary education, the purchase of investments, gambling and illegal activities.

Turnaround time: LendingClub borrowers typically receive their loan funds as soon as four days after loan approval. However, this timeline may vary if an application is incomplete or if the lender requires additional documentation or verification.

Achieve (formerly FreedomPlus) offers personal loans from $7,500 to $40,000 that can cover a variety of your needs. Repayment terms range from 24 to 60 months, and there is no prepayment penalty if you pay off your debt early. However, Achieve does charge an origination fee between 1.99% and 4.99%. This is a fee that many other lenders waive. Consider this fee when comparing against other personal loans with a co-borrower.

Interest rates range from 7.99% to 29.99%, depending on your credit score. To qualify for a rate of 7.99%, you’ll need excellent credit, the loan amount must be less than $12,000, and the repayment terms must be 24 months.

Although you can use a Achieve personal loan for most personal expenses, they’re particularly good for paying off credit card debt. With a 24- to 60-month loan, you can pay off your card debt much quicker and for thousands of dollars less than if you only paid your minimum monthly card payment.

Eligibility: Achieve personal loans are available in every state besides Colorado, Connecticut, Hawaii, Iowa, Kansas, Maine, Massachusetts, Nevada, New Hampshire, North Dakota, Oregon, Rhode Island, Vermont, West Virginia, Wisconsin and Wyoming. If you are applying with a co-borrower, either of the applicants can reside in the above ineligible states.

Achieve requires a minimum credit score of 620 to qualify, although borrowers with higher scores will receive more favorable terms and lower rates. Co-borrowers must also meet the credit score requirement and be a U.S. citizen or permanent resident; they do not need to live at the same address.

Loan uses: You can use Achieve personal loans to cover any type of personal expense, including medical bills or auto repairs, and to consolidate your debt. If you don’t need the money for personal expenses and instead want to pay down your credit cards, you can choose to pay off your card automatically once approved. However, you can’t use your loan for purchasing a home or paying for education expenses.

Turnaround time: Achieve boasts a simple and quick online application that qualifies you within two to three hours. Not only does it offer same-day approvals, but if approved, you can expect to see the money in your account within 48 hours.