Yes, but in most of the lender offers that advertise this option, the second person is a co-borrower rather than a true cosigner. A co-borrower applies with you, is equally responsible for repaying the debt, and may be entitled to the loan money. A true cosigner guarantees the debt without usually receiving the funds. Before you compare lenders, check which role the lender actually uses, because the loan agreement, not the marketing label, decides who owes what.
Cosigner or co-borrower: the difference that changes your obligations
Lenders use several labels for the second applicant, including “co-applicant,” “joint applicant,” “co-borrower,” and “cosigner.” These terms are not interchangeable. The table below summarizes the general distinction described by NerdWallet’s 2026 review of co-signed and joint personal loans and by SoFi’s support material.
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| Question | True cosigner | Co-borrower (joint applicant) |
|---|---|---|
| Repayment responsibility | Guarantees repayment if the borrower does not pay | Shares responsibility for repaying the loan from the start |
| Access to loan proceeds | Generally does not receive the money | May have access to the proceeds and account information |
| Credit profile | Usually the cosigner’s credit is weighed to support approval | Both applicants’ credit profiles are taken into account |
| How lenders label it | Less common among the lenders reviewed for this guide | More common; often shown as “joint” or “co-applicant” |
SoFi states that it does not allow cosigners on personal loans, and that a co-applicant on a SoFi personal loan becomes a co-borrower. If a lender describes its product as “cosigned,” ask whether the second person is a guarantor or a borrower, and ask for that answer in writing.
Lenders to check in 2026
LendingTree’s comparison of personal loans with a cosigner was updated September 30, 2026, and states that its listed rates and terms reflect lender-published ranges as of October 2026. Upgrade’s own personal-loan page, checked October 7, 2026, publishes the same APR range and term range shown below. These are published ranges, not personalized quotes or guaranteed approvals.
| Lender | Published APR range | Loan amount | Term | Second-applicant structure to confirm |
|---|---|---|---|---|
| First Tech Federal Credit Union | Starting at 11.99% | $500–$50,000 | 12–60 months | Not stated in the comparison; confirm whether a co-borrower is accepted and any membership requirement |
| PenFed Credit Union | 6.09%–17.99% | $600–$50,000 | 12–60 months | Comparison lists co-borrowers as accepted; PenFed publishes a non-member joint borrower application form, which alone does not confirm eligibility for a given personal loan |
| Prosper | 8.99%–35.99% | $2,000–$50,000 | 24–72 months | Not stated in the comparison |
| SoFi | 6.49%–35.49%, with discounts | $5,000–$100,000 | 24–84 months | No cosigners; a co-applicant becomes a co-borrower |
| Upgrade | 7.74%–35.99% | $1,000–$50,000 | 24–84 months | Joint application; Upgrade cautions that joint applications may not be available for every offer |
Rates in the comparison vary with borrower creditworthiness, income, and state, according to LendingTree. Because the table reflects a shortlist rather than a ranking, treat each lender as a candidate to investigate, not a recommendation.
How to compare offers without chasing the lowest APR
The lowest advertised APR is rarely the rate you will receive. Compare offers using the figures that appear on the lender’s own disclosure after you apply or prequalify:
- Personalized APR, which replaces the advertised range once the lender reviews your application.
- Origination fee and net proceeds, meaning the amount deposited after any fee is deducted.
- Total repayment, the sum of all scheduled payments over the full term.
- Loan amount and term, since a longer term lowers the monthly payment but usually increases total interest.
- Second-applicant structure, confirming whether the lender offers a true cosigner, a co-borrower, or neither for the specific product.
Upgrade’s personal-loan page describes its joint application 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.”
What the second person takes on
When a lender can require another signer
Federal rules under Regulation B (12 CFR § 1002.7) let a creditor ask for a cosigner or similar additional party when an applicant does not meet its creditworthiness standards. The official interpretation separates a joint applicant, who applies together with you for shared credit, from a person whose signature is required as a condition of the loan. A creditor generally may not require another person’s signature if you qualify on your own for the amount and terms you requested. If a lender asks for a second signer even though you believe you qualify alone, ask it to state the reason in writing.
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What the cosigner or co-borrower risks
The CFPB’s consumer guidance warns that a cosigner may have to repay the loan if the borrower does not, may face collection actions, and may see a default reflected on their credit record. That guidance is written about auto loans, so treat it as general risk context. The exact obligations for a personal loan depend on its agreement, including whether the second person is liable for the full balance or only a portion, and whether the lender can pursue them before the primary borrower.
Before you apply
- Choose the lender first, then confirm in writing whether the second person would be a cosigner or a co-borrower for that exact product.
- Prequalify where the lender offers a soft-pull check, and note the personalized APR, fee, and term it shows.
- Read the full loan agreement, especially the sections on joint liability, late payments, and default.
- Ask the other person to confirm they can make every payment alone, since the lender may pursue them for the full balance.
- Set up automatic payments and a shared reminder so a missed payment does not reach either credit record.
Lender names, terms, and eligibility change, so check each lender’s current disclosure directly before you submit an application.
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