Are you looking for the best joint personal loans for April 2024? Discover the top options available for you and your partner's financial needs. Compare rates and terms now!
Welcome to covrfeed, the ultimate source for in-depth coverage of personal finance. Today, we're thrilled to delve into a subject that is bound to capture the attention of our readers: the top joint personal loans for April 2024. At Covrfeed, our top priority is providing you with up-to-date and valuable information to assist you in making well-informed financial choices.
Come with us as we explore the realm of joint personal loans, revealing the best choices for this April. Our extensive coverage gives you valuable insights into choosing the ideal loan to meet your requirements. Join me as we explore the top personal loans available in April 2024.
Best Joint Personal Loans Of April 2024
BEST OVERALL JOINT PERSONAL LOAN
SoFi®
Minimum Credit Score
650
APR range
8.99% to 29.99%
with autopay
Loan amounts
$5,000 to $100,000
Advantages
Prequalification with soft credit check
Funding in as little as one to two days
High loan amounts and lengthy terms
Disadvantages
Does now no longer provide a direct price to third-celebration lenders for debt consolidation
Some applicants report difficult qualification standards
Co-signers are not permitted
The Reason We Selected It
Every state offers unsecured fixed-rate personal loans through the internet lending company SoFi. Since its founding in 2011, SoFi has provided more than $50 billion in loans. It is notable for permitting large loan amounts and offering extended loan periods.
With loan amounts ranging from $5,000 to $100,000, SoFi is an ideal choice for anyone with good credit who needs to borrow a significant sum. Your state may have an impact on the loan amounts that are accessible. With repayment lengths ranging from two to seven years, SoFi is an exceptionally flexible choice for people with good credit (minimum 650) and a minimum of $45,000 in annual income. Prospective borrowers may also submit joint applications through SoFi, while co-signers are not allowed.
Relatively low APRs are given to approved borrowers as a reward. Furthermore, SoFi does not impose origination, late, or prepayment penalties. This is a noteworthy feature given that personal loan lenders sometimes impose minimum origination or late payment fees.
If you're thinking about getting a debt consolidation loan from SoFi, bear in mind that the lender will not pay the borrower's other creditors directly. This implies that you will have to repay each of your other lenders separately after the loan funds are paid into your bank account. There are numerous other benefits and discounts available to users of the platform.
Specifics
Qualifications:
The recommended minimum credit score is 650.
$45,000 is the minimum yearly income.
Co-signers are not allowed
Uses of loans:
medical costs
Credit card combination
personal undertakings
Moving expenses
BEST FOR LOW-INTEREST RATES
LightStream
Minimum Credit Score
660
APR range
7.49% to 25.49%
with autopay
Loan amounts
$5,000 to $100,000
Advantages
No origination, upfront, or late fees are charged.
Affordable and appealing rates
Quick finance and approval
Disadvantages
No prequalification procedure exists.
No flexibility in the due date
Restrictions on how loan funds are used
Specifics
Qualifications:
Candidates ought to have a long credit history.
Credit score minimum: 660
Unable to prequalify
Uses of loans:
High costs
Invest in little houses, timeshares, and land.
personal undertaking
Why We Selected It
LightStream provides a rate-beat program in addition to loans with low minimum and maximum interest rates. Depending on the purpose of the loan, LightStream offers unsecured personal loans in quantities ranging from $5,000 to $100,000.
Besides providing convenient and adjustable terms, LightStream doesn't impose any fees for origination, late payments, or prepayment fees. The lender additionally provides a 0.50% rate reduction for consumers who sign up for autopsy.
BEST FOR EXISTING U.S. BANK CUSTOMERS
U.S. Bank
Minimum Credit Score
650
APR range
8.24% to 24.99%
with autopsy
Loan amounts
$1,000 to 50,000 to existing U.S. Bank clients (up to $25,000 for non-clients)
Depends on the area you live in
Advantages
0.50% autopay discount when using a U.S. Bank savings or checking account to make payments
Funding may be available as soon as the day after approval.
rates that are competitive for borrowers with stellar credit
Disadvantages
Refinance must total at least $5,000.
fees an early closure charge if your account is closed within a year.
Loans for refinancing are only offered in 26 states.
Why We Selected It
Whether you need money for a one-time expense or to consolidate debt, a U.S. Bank personal loan can provide you with fast access to funds. For current U.S. Bank customers, the bank offers unsecured personal loans with maximum amounts of $50,000 ($25,000 for non-customers). The duration of a loan is 12 to 60 months.
Low-interest rates, which include a 0.50% autopay discount, are available on U.S. Bank loans contingent on your creditworthiness. Higher credit scores increase a borrower's likelihood of being approved for low interest rates. You can always make loan payments ahead of schedule because U.S. Bank, like other leading suppliers, does not charge origination costs or prepayment penalties.
You must be a current customer of U.S. Bank to apply for a loan; it's simple and may be done online. Some clients might have to go to a U.S. Bank location if more information or paperwork is needed.
U.S. Bank Personal Loan Purposes
Appropriate Applications | Prohibited Uses |
Medical bills | Home purchases |
Debt consolidation | Secondary education expenses |
Vacation | |
Wedding | |
Home repairs or remodeling | |
Details of U.S. Bank Personal Loans
Loan Terms and Amounts
Loan sums. You can borrow up to $50,000 if you presently have a checking account with U.S. Bank. The maximum amount you can borrow is $25,000 if you don't already have a U.S. Bank checking account. Even if they bank with U.S. Bank, customers from California and Nevada are likewise only able to borrow up to $25,000.
terms of the loan. Terms for non-customers can be as long as 60 months, while for customers, they can be as long as 84 months.
8.24% to 24.99% is the annual percentage rate (APR) for personal loans; autopay participants receive a 0.50% discount.
starting costs. Origination fees are not assessed by U.S. Bank. There is an origination fee charged by many other personal loan providers, which can go into the hundreds of dollars.
penalties for lateness. If you are more than five days overdue, there is a $10 fine.
Penalties for early payments. Prepayment penalties are not assessed by U.S. Bank. You won't be charged extra if you decide to pay off the personal loan early.
Benefits and Specifications
U.S. Bank offers autopay reductions in addition to online loan completion. If you already have a U.S. Bank account, you can apply for a loan online in its entirety. To finish the loan, you must go to a U.S. Â Bank department in case you aren't a customer.
How to Be Eligible for a Personal Loan from a US Bank
Numerous criteria determine whether personal loan applications are accepted or rejected. Every lender has different underwriting standards, but generally speaking, these consist of details from the applicant's credit report and additional elements, including income, that show the applicant has the potential to repay the loan. Although fulfilling the standards listed below won't ensure approval, doing so may help you determine whether a personal loan is the best option for you.
Credit Score Conditions
To be eligible for a non-public mortgage from U.S. Bank, borrowers must have a credit score of at least 660, although the lowest rates usually require a score of at least 720.
Requirements for Income
U.S. Bank does not specify any minimum income levels. One of the things that will affect how much you can borrow and what kind of interest rate you get is your income.
Co-borrowers and co-signers
U.S. Bank permits co-borrowers and will be treated as equal loan applicants. To review the loan information, the co-borrower needs to be present. If accepted, the loan will appear on the credit reports of the co-borrowers, and if the principal borrower fails to make payments on time or at all, it may hurt their credit.
.
How to Apply for a Personal Loan from a U.S. Bank
Prequalifying for a rate, filing an official application, and waiting for loan approval are the usual steps in the application process for a personal loan. To practice for a private mortgage from the U.S. take the following actions:
Examine the prices you could get. You can use the U.S. Bank personal loan calculator to determine what interest rate you might be eligible for before submitting an official application. Enter the following information: your zip code, desired loan amount, preferred term, and range of credit scores. The calculator will display an estimate of your interest rate and monthly payment.
Make a loan application. Once your rates have been determined, finish the entire application. A personal loan can be applied for over the phone at 800-872-2657, in person at a bank branch, or online.
Select the loan amount and duration. U.S. Bank provides a variety of loan terms and quantities. Select the period and monthly payment that best suits your financial situation.
Complete the loan. Before finalizing the loan, U.S. Bank may need more information.
Take receipt of the funds. The funds will be deposited into your specified U.S. bank account once the loan has been funded.
Proceed with the payments. Check your loan account to see when your first payment is due after you receive your money. You have the option of making manual payments or setting up automated payments, which come with a savings of 0.50% on the interest rate.
The Wait Time for Funds
Usually, it takes less than a minute for an application to find out whether their loan has been approved. If you are approved for the personal loan, you can close it online. If a U.S. Bank representative needs further information, though, you might need to come into the branch. Funds are available within one business day after the loan closing.
Client Opinions
U.S. Bank has received ratings of 1.11 out of 5 from the Better Business Bureau (BBB) with more than 400 reviews, and 1.3 out of 5 stars on TrustPilot with over 300 reviews. U.S. Bank's inadequate customer service is criticized in numerous evaluations. But be cautious when interpreting these reviews. Not just the personal loan segment of U.S. Bank is reflected in these scores, but the entire company.
The Comparison of Personal Loans from US Banks
Competitive rates, adjustable loan amounts, and a variety of terms are features found in the finest personal loans. This is how popular lenders' loans compare to those offered by U.S. Bank:
BEST FOR CURRENT WELLS FARGO USERS
Wells Fargo
Minimum Credit Score
No requirement
APR range
7.49% to 23.24%
with autopay discount
Loan amounts
$3,000 to $100,000
Personal loans are among the banking products that Wells Fargo provides to its customers. Depending on the loan amount, durations can vary from one to seven years and the loan amount can range from $3,000 to $100,000.
Although current Wells Fargo customers are not required to apply for a personal loan, those who already have an account can take advantage of reduced annual percentage rates (APRs) and a more efficient application procedure.
Advantages
Funds can be disbursed to approved borrowers as early as the following working day.
No prepayment penalties or origination fees
Suitable for an extensive variety of uses
Disadvantage
To apply, new Wells Fargo clients must visit a branch.
A Wells Fargo checking account is necessary to receive the autopay discount.
Most internet reviews are unfavorable.
Who Is the Best Fit for Wells Fargo?
Because of its versatility, Wells Fargo is the best choice for clients seeking flexible loan terms and significant sums of money to borrow. Borrowers with strong to exceptional credit are even better suited for loans since they will be eligible for more competitive APRs that are closer to 6% than 20%.
All the same, new customers will not be able to obtain a loan from Wells Fargo in the following states: Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont, or West Virginia.
Objectives of Wells Fargo Personal Loans
Permitted uses | Prohibited uses |
Debt consolidation | Home Purchase |
Home improvements | Education-related expenses |
Auto repairs | |
Medical bills | |
Vacation expenses | |
Other large purposes |
Details of the Wells Fargo Personal Loan
Loan Terms & Amounts
Loan amounts. In terms of accessible loan amounts, Wells Fargo is one of the most versatile lenders, with personal loans ranging from $3,000 to $100,000.
conditions of the loan. Borrowers of Wells Fargo personal loans can choose from various periods ranging from 12 to 84 months, contingent on the loan amount. Personal loans from $3,000 to $4,999 can have periods of 12 to 36 months; loans from $5,000 to $100,000 can have durations of 12 to 84 months.
Interest Rates on Personal Loans. With a 0.25% relationship discount, annual percentage rates (APRs) range from 7.49% to 23.24% and are dependent on the loan amount, terms, and applicant creditworthiness. The applicants with the best credit scores will receive the most favorable rates. At least 10% of accepted borrowers are eligible for the lowest attainable rates, according to Wells Fargo.
Discounts on rates. Applying to set up automatic payments from their Wells Fargo deposit account entitles applicants with qualified Wells Fargo bank accounts to a 0.25% or 0.50% relationship discount. The type of account determines the amount of the discount.
costs for origination. For personal loans, Wells Fargo does not impose origination or closing costs. Origination fees for personal loans pay for the expenditures associated with processing an application, including income verification, underwriting, and even marketing.
Penalties for early payments. If borrowers repay their debts ahead of schedule, certain lenders impose prepayment penalties. Borrowers of Wells Fargo personal loans who decide to pay off their loans early are not subject to any prepayment penalties.
late costs. On its website, Wells Fargo does not provide precise fee numbers. Third-party sources, however, state that Wells Fargo might impose a $39 late payment fee on clients who submit their payments more than ten days after the due date.
Benefits & Features
Flexibility in payments. Customers with Wells Fargo personal loans can contact customer care to modify their payment due date.
Personal banking. Applying for a personal loan through Wells Fargo can be more challenging than applying with lenders who only offer loans online. On the other hand, applicants who would rather deal with local bankers might like Wells Fargo's in-person application process.
How to Be Eligible for a Personal Loan from Wells Fargo
Numerous criteria determine whether personal loan applications are accepted or rejected. Every lender has different underwriting standards, but generally speaking, these consist of details from the applicant's credit report and additional elements, including income, that show the applicant has the potential to repay the loan. Although fulfilling the standards listed below won't ensure approval, doing so may help you determine whether a personal loan is the best option for you.
Credit Score Conditions
On its website, Wells Fargo does not list a minimum credit score requirement. To be eligible for reduced APRs, most lenders require consumers to have a credit score of at least 670. Applicants with the best credit scores are eligible for the most affordable and competitive rates.
Requirements for Income
It is unknown what Wells Fargo's minimum income criteria are. However, applicants who can demonstrate a monthly income sufficient to meet both the new loan payment and their current debt commitments are generally given a higher chance of being approved by lenders. Generally, this calls for a debt-to-income (DTI) ratio of less than 36%, while candidates who meet other requirements can be accepted with a DTI as high as 50%.
Co-applicants and co-signers
It is alleged that Wells Fargo does not permit co-signers for personal loans. On the other hand, potential borrowers may submit a co-application for a loan. This means that the credit ratings, incomes, and outstanding debts of both applicants are taken into account by Wells Fargo. Co-applicants, however, are in charge of making monthly payments and have access to the loan funds as opposed to co-signers.
How to Apply for a Personal Loan from a U.S. Bank
Prequalifying for a rate, filing an official application, and waiting for loan approval are the usual steps in the application process for a personal loan. To apply for a personal loan from U.S. Bank, take the following actions:
Examine the prices you could get. You can use the U.S. Bank personal loan calculator to determine what interest rate you might be eligible for before submitting an official application. Enter the following information: your zip code, desired loan amount, preferred term, and range of credit scores. The calculator will display an estimate of your interest rate and monthly payment.
Make a loan application. Once your rates have been determined, finish the entire application. A personal loan can be applied for over the phone at 800-872-2657, in person at a bank branch, or online.
Select the loan amount and duration. U.S. Bank provides a variety of loan terms and quantities. Select the period and monthly payment that best suits your financial situation.
Complete the loan. Before finalizing the loan, U.S. Bank may need more information.
Take receipt of the funds. The funds will be deposited into your specified U.S. bank account once the loan has been funded.
Proceed with the payments. Check your loan account to see when your first payment is due after you receive your money. You have the option of making manual payments or setting up automated payments, which come with a savings of 0.50% on the interest rate.
Waiting Period for Funds
Usually, it takes less than a minute for an application to find out whether their loan has been approved. If you are approved for the personal loan, you can close it online. If a U.S. Bank representative needs further information, though, you might need to come into the branch. Funds are available within one business day after the loan closing.
Consumer Review
With more than 300 reviews on TrustPilot and more than 400 reviews on the Better Business Bureau (BBB), U.S. Bank has received ratings of 1.11 and 1.3 out of 5 respectively. Poor customer service at US Bank is a common complaint in reviews. But remember to dilute the opinions presented here. Not simply the personal loan section of U.S. Bank, but the entire company is reflected in these scores.
BEST FOR BAD CREDIT
Upgrade
Minimum Credit Score
580
APR range
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
Why We Selected It
Launched in 2017, the upgrade offers easily accessible credit and banking services via mobile and online platforms. Since then, the platform has expanded its web and mobile offerings and given over 10 million applicants access to over $3 billion in credit. Upgrade makes loans available to people with bad credit histories, even though the maximum APRs are higher than those of other online lenders.
The loan amounts vary from $1,000 to $50,000. The upgrade is offered at terms ranging from two to seven years. An origination fee ranging from 1.85% to 9.99% of the loan is charged by Upgrade; borrowers will also be assessed a $10 late fee if their payment fails to process or is over 15 days past due; autopay discounts are not available. However, as Upgrade borrowers are exempt from prepayment penalties, early repayment might lower your total loan cost.
Upgrade simplifies the loan process by providing accessible personal loans along with a mobile app that allows borrowers to monitor their balance, make payments, and update personal data. Monitoring your credit score during the term of your loan is also made simple using Upgrade's Credit Health tool.
Advantages
Low minimum credit score requirement
Borrowers can use loans to cover business expenses
Offers direct lender payoff for debt consolidation loans
Disadvantages
APR range that is high
charges origination costs, late fees, and insufficient funding.
BEST FOR ONLINE EXPERIENCE
LendingClub
Minimum Credit Score
600
APR range
8.98% to 35.99%
Loan amounts
$1,000 to $40,000
Why We Selected It
Peer-to-peer, or marketplace, lending was established in 2007 by LendingClub. LendingClub, the biggest online lender for personal loans, has funded more than $55 billion in loans and worked with over 3 million borrowers. Additionally, it is among the most geographically inclusive choices, having lending capabilities in all states except Iowa and the US territories.
Despite having high annual percentage rates and no autopay discounts, LendingClub offers borrowers a range of loan amounts from $1,000 to $40,000. More than some other lenders, this one has a higher maximum loan cap. That being said, compared to other lenders on our list, LendingClub offers fewer flexible loan periods, with a maximum of two to five years. Additionally, origination fees, which range from 3% to 8% of the entire loan amount, are assessed to borrowers and deducted from loan revenues at funding.
Additionally, LendingClub facilitates debt reduction by providing a balance transfer loan. LendingClub provides direct payment for this kind of loan to over 1,700 creditors and other third-party lenders. You have complete control over how much of your new loan amount you want LendingClub to pay to each creditor in addition to the platform handling payment processing for you.
Advantages
shall, as part of the balance transfer loan, directly reimburse third-party debtors.
Co-applicants are accepted.
accessible to consumers having credit ranging from fair to outstanding
Disadvantage
Fees for origination and late payments
Limited availability of loan terms
range of high APR
Particulars
Overview: Founded in 2007, LendingClub is a peer-to-peer lender, also known as a marketplace lender. LendingClub, the biggest personal loan online lender, has financed more than $55 billion in loans and worked with over 3 million borrowers. Except Iowa and the US territories, it is also one of the more geographically inclusive choices.
By providing a balance transfer loan, LendingClub further simplifies debt consolidation. LendingClub provides direct payment for this kind of loan to more than 1,700 creditors and other third-party lenders. You can specify the precise percentage of your new loan amount that you want LendingClub to pay to each creditor in addition to the platform handling payment processing for you.
Qualifications:
Credit score minimum: 600.
Three years' worth of credit history is necessary.
Accepts co-applicants
Usages of loans:
consolidation of debts
DIY endeavors
Medical costs.
BEST FOR PAYING OFF CREDIT CARD DEBT
Achieve
Minimum Credit Score
620
APR range
8.99% to 35.99%
Loan amounts
$7,500 to $40,000
Why We Selected It
Achieve provides personal loans ranging from $7,500 to $40,000 to meet a range of requirements. If you pay off your debt early, there is no penalty; repayment terms range from 24 to 60 months. Achieve does, however, impose an origination fee ranging from 1.99% to 6.99%. Numerous lenders do not charge this cost. When comparing this cost to comparable personal loans with a co-borrower, take it into account.
Interest rates can vary based on your credit score, from 8.99% to 35.99%. You must have great credit, have a loan amount of less than $12,000, and have a 24-month repayment period to be eligible for an 8.99% interest rate.
Even though you may utilize an Achieve personal loan for most personal expenses, credit card debt repayment is one area where they excel. If you take out a loan for 24 to 60 months, you can pay off your credit card debt for thousands less than you would if you just made your minimum payment each month.
Advantages
Money is accessible in 48 hours.
Adaptable terms of repayment
Permits co-borrowers
Disadvantages
The complete application process is not done online.
implies the need for a minimum income
A high minimum loan amount required
Specifics
Overview: Personal loans underwritten by MetaBank or Cross River Bank are available via the indirect lending platform Achieve. Achieve provides direct payment to creditors, much like a few of our other top choices. The likelihood of being approved for a loan is higher for borrowers who direct approximately 85% of the total loan amount into debt consolidation.
That being considered, the possibly high APR Achieve fees may make it more challenging to save money through consolidation, depending on the interest rates on your existing loans. Similarly, the origination charge may increase the cost of the loan, ranging from 1.99% to 6.99% of the total amount. It's crucial to perform the necessary calculations before signing on the signed line if you're thinking about using Achieve for debt consolidation.
Qualifications:
Credit score minimum: 620
$21,500 is the minimum annual income.
permits co-applicants and co-signers
Uses of loans:
Consolidation of debt
personal undertakings
medical costs
Travel expenses