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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.
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, please contact us here.
Keep in mind that each new application results in a soft credit inquiry, which does not affect your credit score.
To update or remove a Co-Borrower, you must withdraw your current application and start a new one
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.
Co-Borrower loans are eligible for refinancing. You may also refinance your existing SoFi Personal Loan to remove the Co-Borrower and continue the loan solely as the primary borrower, if you wish.
Yes, both the primary borrower and Co-Borrower are equally responsible for making payments.
No. A Co-Borrower can only be removed if you pay off your current loan, qualify for a new loan on your own through refinancing, or your Co-Borrower passes away.
If your loan is declined, you will receive an Adverse Action notice within 30 days outlining the reasons for denial.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.