Can Someone Cosign a Personal Loan?

Person signing business papers

One of the best ways to improve your chances of being approved for a personal loan is to apply with a cosigner. Assuming your cosigner earns a high enough income and has a favorable credit report, they can help you get lower interest rates on a personal loan. Find out the benefits and potential drawbacks to cosigned loans below!

How Can a Cosigner Help You Get Approved?

Your cosigner’s good credit and steady income may work in your favor. If your credit isn’t ideal but your cosigner has good credit, this can make it easier for you to get approved. Because your cosigner has good repayment history, the lender will feel more at ease knowing they can collect from them if you can’t pay.

Even if you have enough income and an average credit score, you may not get the interest rate you want. Choosing a cosigner with favorable income and a good credit score can improve your chances of getting a lower rate, so you don’t have to pay as much in interest throughout the loan term.

Pros and Cons to a Personal Loan with Cosigner


  • The right cosigner can improve your chances of being approved if they earn enough income and have a good credit score.
  • A cosigned loan will give you the funds you need to pay off debts, make home repairs, and more.
  • Cosigners can improve the number of loan offers you get.
  • Taking out a cosigned loan and making regular payments can help you improve your credit score.


  • The loan will appear on your credit report, as well as your cosigner’s. If you both miss a payment, both of your credit scores will be affected.
  • Even if the consigner isn’t making payments on the loan, their debt-to-income ratio may be impacted if they take out another loan.

Apply for a Consigned Personal Loan at Xpress Cash!

Contact us at Xpress Cash to learn more about personal loans and how to apply! We can answer any questions you may have about personal loans vs. credit cards and how debt consolidation affects credit. We serve clients from our three branches located in Idaho, Wisconsin, and Michigan.