Can I Get a Loan With Another Person?

Author · Modified on 19 June, 2023

  • Yes you can get a loan with another person! These are known as ‘joint loans’, or ‘co-borrower’ loans.
  • When you apply for a joint or co-borrower loan, there is usually a primary borrower and a secondary borrower.
  • In these cases, both borrowers’ credit scores, income and overall credit histories will be considered by your lender.


What is a Joint Loan?


Joint payday loans are short-term, personal loans that are made to two or more borrowers. The usual candidates for these loans are couples, close friends or family members.

The most common types of joint or co-borrower loans are mortgages and auto loans, but you can also get a joint payday loan with Dime Alley’s lenders.

Joint personal loans can be a good option for prospective borrowers who have credit scores that are especially low or a monthly income below $800, as per Dime Alley’s conditions to apply online for a payday loan.

If you decide to add a co-borrower who might have a better credit score or a higher monthly income, this may help you to get better terms on your loan, such as a lower annual percentage rate (APR), or might help you to qualify for a higher loan amount.


co-borrower loan


Co-Borrower vs Co-Signer Loans


Co-borrower or joint loans are often seen to be similar to co-sign loans, which also involve two people on one application. So as not to confuse the two, here are the main similarities and differences:


Listed Names


With a joint loan, both names will appear on the loan agreement or title.

With a co-signer loan, their name will also be on the agreement, but not as a borrower. Instead, they will be listed as a signee, with the purpose of lending their good credit score.




With a co-borrower loan, both borrowers share access to the loan money and the lender will often send half the money to each bank account.

With a co-signer loan, the signee will not have any right or access to the loan money.




With a joint or co-borrower loan, each borrower will be equally responsible for making the loan repayments on-time and in full.

With a co-signer loan, the signee will be expected to repay the entirety of the balance if the original borrower cannot afford to repay it.

In a nutshell, both joint and co-signer loans can increase your chances of qualifying for a loan. However, a co-borrower will have more investment in and ownership of the loan than a co-signer.


Can I Get a Joint Loan with Bad Credit?


Yes! In fact, if you have bad credit and you apply to co-borrow a loan with someone who has a better credit score, you will have a better chance of qualifying for a loan and you also may be considered for more favorable rates and repayment terms.

Don’t let bad credit stop you from applying for a payday loan with Dime Alley. Our lenders consider applicants with all sorts of credit scores and histories and we will most likely be able to match you with a lender to suit your financial needs.


How To Get a C0-Borrower Loan


Get a joint or co-borrower loan with Dime Alley online today! It’ll take you less than 5 minutes to apply and you could receive your funds in as soon as the next hour.

Check eligibility requirements. The first thing to do before applying for a co-borrower loan is to check that you pass Dime Alley’s basic eligibility criteria. This includes:

  • You must be over 18 years of age.
  • Have American citizenship.
  • Have a minimum monthly income of $800.
  • Have a current account for our lenders to deposit your funds into.

Apply for your loan. Once you’re sure that you pass the above eligibility criteria, feel free to apply for your payday loan! If you do decide to go with the joint or co-borrower option, you will need to make sure to send your lender an email or give them a call to add the option to add a co-borrower to your loan application. Lenders may ask for contact, personal and financial documentation when you apply for a loan.

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