A Co-Borrower is a second borrower who applies for a loan alongside the Primary applicant. Both borrowers share equal responsibility for repaying the loan. While having a Co-Borrower is not required, it could improve the chances of approval and may help secure a lower interest rate.
How do I add a Co-Borrower to my loan?
During the loan application process, you’ll be asked if you want to include a Co-Borrower. Simply select Yes, and you will be guided through the steps to provide their employment, income, and education details.
If you’ve already submitted your application and want to add a Co-Borrower, For further guidance on how to add a co-borrower, please contact us here.
Keep in mind that each new application results in a soft credit inquiry, which does not affect your credit score.
Can I change or remove my Co-Borrower from my application?
To update or remove a Co-Borrower, you must withdraw your current application and start a new one
How long does the review process take with a Co-Borrower?
The process is not expected to significantly extend the overall timeline compared to an individual application. However this may vary based on the Co-Borrower’s financial situation and response times.
Can I refinance my current SoFi Personal Loan with a Co-Borrower?
Co-Borrower loans are currently not eligible for refinancing. However, you may refinance your existing SoFi Personal Loan to remove the Co-Borrower and continue the loan solely as the primary borrower, if you wish.
If I can’t make my loan payments, is my Co-Borrower responsible?
Yes, both the primary borrower and Co-Borrower are equally responsible for making payments.
Can I remove my Co-Borrower after making on-time payments?
No. A Co-Borrower can only be removed if you pay off your current loan, qualify for a new loan on your own or your Co-Borrower passes away.
Why was my loan denied with a Co-Borrower?
If your loan is declined, you will receive an Adverse Action notice within 30 days outlining the reasons for denial.