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Upgrade vs. Upstart: Which is better?

Upgrade and Upstart both are both highly rated personal loan lenders, but one has lower starting APRs and fees.

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By

Dhara Singh

Edited by

Holly Jennings

Updated

Fact checked

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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 vs. Upstart: A quick comparison

UpgradeUpstart
Finder rating
★★★★★
★★★★★
Loan products offered
  • Personal loans to refinance credit cards, improve your home, consolidate debt and make a significant purchase
  • Both unsecured and secured loans available
  • Unsecured personal loans for debt consolidation, medical expenses, home improvement, student debt, relocation, wedding, vacation and more
Interest rates
7.99% to 35.99%
6.7% to 35.99%
Fees
Between 1.85% and 9.99% origination fee
Between 0% and 12% origination fee
Loan amounts
$1,000 to $50,000
$1,000 to $50,000
Turnaround time
1 to 4 business days
As soon as the same day
Eligibility requirements
  • Age 18 or age 19 if in Alabama
  • US citizen, permanent citizen or living in US with valid visa
  • Soft credit check
  • Verifiable bank account
  • Valid email address
  • Age 18
  • US citizen
  • Verifiable DOB, social security number and name
  • Minimum 300 credit score if have otherwise proof of education
  • Proof of employment or that will start in 6 months and/or other verifiable income
Ratings
  • 4.4 Trustpilot rating
  • A+ BBB rating
  • 4.9 Trustpilot rating
  • A+ BBB rating
State availability
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Pros
  • Accepts joint applications
  • Can be approved for up to 84 months if you qualify
  • Choosing autopay may offer lower rates
  • You can change payment due date to match your budget
  • No minimum education requirement
  • Upstart approves 44% more applicants compared to other traditional models
  • Inexperienced or low-credit borrowers may qualify
  • Allows co-owner to help with loan approval decision
Cons
  • Funds sent to creditors may take up to 2 weeks to clear
  • High minimum origination fee
  • Not available in all 50 US states
  • Minimum loan amounts differ by state
  • High origination fees
  • Late fee of 5% of past due amount or $15, whichever is larger
  • Does not allow coborrowers

Upgrade vs Upstart: Which one’s better?

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 9.99% 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.

1 - 5 of 5
Updated regularly
Product Finder Score APR Min. credit score Loan amount
Finder score
8.9 Great
9.49% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Go to siteView details
Finder score
8.6 Great
8.99% to 29.99%
640
$5,000 to $50,000
Consolidate debt and more with these low-interest loans. Cosigners welcome.
Go to siteView details
Finder score
8.3 Great
6.7% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Go to siteView details
Credible personal loans
Credible Labs Inc. logo
Finder score
8.6 Great
6.94% to 35.99%
Fair to excellent credit
$1,000 to $200,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
Go to siteView details
LightStream personal loans
Lightstream logo
Finder score
9.7 Excellent
6.94% to 25.79%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
Go to siteView details
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What is the Finder Score?

The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

Read the full Finder Score breakdown

Alternatives to Upgrade and Upstart

If neither lender suits your needs, check out these similar personal loan lenders.

  • Best Egg: Best Egg offers personal loans with APRs starting from 6.99% 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.

See how other lenders stack up

Holly Jennings's headshot
To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.
Dhara Singh's headshot
Written by

Writer

Dhara Singh was 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. See full bio

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