Expediting Personal Loan Approval with a Cosigner

Expediting a personal loan approval is easy to achieve when you have a cosigner even if your credit score/history is not good.  Especially if you manage to bring a co-signer who has excellent credit rate and credit history, getting a personal loan approval gets easier and quicker. You can reduce your interest rate and your repayment terms will be made easy because of the cosigner’s good credit. A parent, spouse of a close friend may be the cosigner.

Who is a Cosigner?

A cosigner will be someone who will sign the loan along with you when you are applying for the required amount of loan. The cosigner will assume the responsibility to repay the loan in case you are not able to repay the loan. Getting a cosigner will help reduce the interest rate and the lender may agree for easier repayment terms. The cosigner should have a good credit rating because he/she is going to repay the loan in case you are defaulting repayment. So first inquire around and make sure of who will be your co-signer and whether their credit has good rating and credit history is good and they have reliable financial standing.

Personal Loan Options

Check with your bank or any financial institution about the available options for loans with a cosigner. Some lenders or banks limit loan options when you bring in a cosigner. So get to know the terms and loan details offered. You need to find loans that will not require the cosigners to put up any collateral for the loans. Because of the co-signer’s better credit history, it should be easy to get an unsecured loan which does not need any upfront collateral deposit.

Getting the Loan

You have to have a steady income and you should be able to prove it as well with employment proof. In spite of the cosigner’s presence to expedite and assure you of the loan, the loaner/bank will need proof of your ability to repay the loan as it is to you they are advancing the loan. Once the proof of income shown and the credit rating and credit history of the cosigner is found to be good, the loan will be sanctioned. Get the loan amount credited into your account.

Advantages of Cosigner

Having a cosigner not only helps you in getting the loan faster, it will give you an edge in negotiating better terms also. Based on the strength of the good credit rating of the cosigner, you can bargain for a lower interest rate with easier repayment options. The cosigner has the overall responsibility to repay even if the debtor has not defaulted; so the lender will comply with your request for better terms.


  • Take only minimum amount needed as loan.
  • Do not abuse the cosigner’s credit rate.
  • Try to repay as fast as you can.
  • Online lenders charge a higher interest and sometimes are unscrupulous; so check all options.
  • Take loan from a reputed lender/ bank, they are more reliable.

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