Does adding a co-signer help get a personal loan?
A co-signer with strong credit can improve the application and may expand your options. Lenders weigh the co-signer's credit history and income when evaluating the request.
Glossary
Co-Signer
A person who agrees to share legal responsibility for a loan. If the primary borrower misses payments, the co-signer is equally liable for the debt.
In depth
Understanding Co-Signer
Adding a co-signer with stronger credit may help a borrower access options that would otherwise be unavailable or secure a lower rate. Both the borrower and co-signer appear on the loan and any missed payments affect both credit reports. Harbor Lenders works with participating lenders — co-signer availability varies by lender and may be available depending on your situation.
FAQs
Common questions
What are the risks of co-signing a loan?
Co-signers are equally responsible for the debt. Missed payments by the primary borrower will appear on the co-signer's credit report. Only co-sign if you are prepared to cover payments if needed.
Related terms
See also
Credit Score
A three-digit number (typically 300–850) that summarizes a borrower's credit history and predicts the likelihood of repaying debt. Higher scores indicate lower risk to lenders.
Read more →Personal Loan
An unsecured installment loan that can be used for almost any purpose. Repaid in fixed monthly payments over a set term.
Read more →Unsecured Loan
A loan that does not require collateral. Approval is based on the borrower's creditworthiness, income, and other factors rather than a pledged asset.
Read more →Debt-to-Income Ratio (DTI)
The percentage of your gross monthly income that goes toward monthly debt payments. Lenders use DTI alongside credit score to assess repayment ability.
Read more →Ready to check your options?
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