If you’re considering a personal loan, Upgrade and Upstart may both appeal to you for different reasons. Upgrade requires a lower credit score minimum and offers direct payment to your creditors. Upstart, on the other hand, considers factors outside your credit score. Both lenders offer quick turnaround times and approve loans for those with fair credit profiles.
Upgrade and Upstart both welcome borrowers with fair to good credit scores and can approve up to $50,000 in personal loans. Upgrade allows you to have a wide range of term lengths, while Upstart’s AI-driven model approves borrowers with criteria outside of credit scores, such as education and employment. While Upgrade may offer a suite of education resources and generous personal loan term lengths, both borrowers are a great option for borrowers depending on their needs.
When to consider Upgrade
Upgrade may be the right lender for you if you need:
Flexible payment options. You can change your repayment date.
Lower origination fees. Upgrade’s origination fees max out at while Upstart’s max out at 12%
When to consider Upstart
Upstart may be a more compatible option if you want:
A second loan. Borrowers with previously low credit scores can apply for a second loan as long as they’ve met payments on their existing loan for six consecutive months.
Quick deposits. You can expect your funds in as little as one business day.
The similarities
While Upstart has lower minimum APRs and is available in more US states, both lenders offer quick application processes, fast funding and are highly rated by the Better Business Bureau (BBB).
Compare other personal loans
Compare up to four lenders side-by-side to see how they stack up.
If neither lender suits your needs, check out these similar personal loan lenders.
Best Egg: Best Egg offers personal loans with APRs starting from 8.99% and offers loan amounts up to $50,000 with a variety of repayment methods. It was ranked the number one company in 2021 by Best Company, a consumer review site.
LendingClub: LendingClub has more options in its suite of lending solutions.
Avant: Avant is more lenient than most lenders since it does not require a credit score and welcomes self-employment income.
Dhara Singh is a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University.
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