Should I apply for a personal loan jointly or alone?

How joint applications work: Both applicants' credit scores, income, and debt are combined in the lender's underwriting model. For credit score, lenders typically use the lower middle score of the two applicants (or the primary applicant's score for some lenders). For income, both incomes are added together. For debt, both applicants' existing debts are added together. Net result: a higher combined income helps; a much lower co-borrower score can hurt.

When joint makes sense: Your credit score is in the fair range (580-650) and your co-borrower is at 700+. You need a larger loan amount that your income alone cannot support. Your DTI is borderline (35%-45%) and the co-borrower's additional income brings it down.

When to apply solo: Your co-borrower has a lower credit score or higher DTI than you. Adding another applicant's debts increases your combined DTI. The co-borrower relationship (spouse, family member) may not survive if repayment becomes difficult - consider whether you want another person equally obligated.

Joint vs co-signer difference: Co-signer: guarantees the loan but is not a co-borrower. Their income and credit help qualify you, but they are not equally responsible in the day-to-day sense (they pay only if you default). Fewer lenders offer co-signer options for personal loans. Co-borrower (joint application): equally responsible for the loan. Both appear on the account. Both must agree to any modifications.

Lenders offering joint personal loans: LendingClub, Upgrade, and LightStream explicitly offer joint applications. SoFi: available. Marcus: available. Avant: not available. Upstart: not available.