Editor's choice: Upstart personal loans
- Work and education get you better rates
- Funding as soon as the next business day
- Accepts fair credit
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Your credit score isn’t the only thing that counts when you apply for an Upstart loan. This peer-to-peer lender also considers factors like your education and career path. This makes it great for borrowers with only a few years of paying off student loans under their belt and applying is quick and easy.
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It offers loans from $1,000 to $50,000 at terms of 3 years to 5 years. It’s not always cheap, however. APRs range from 8.13% to 35.99%, including an origination fee as high as 8%. However, if you aren’t sure about borrowing from Upstart, you may want to consider other lenders for a personal loan.
Pros
- Good for younger borrowers with limited credit history.
- Offers a variety of loans with one simple application.
- Pay no fees for early repayment.
- Considers education in addition to credit score.
Cons
- High origination fees of up to 8% rolled into loan.
- Not the lowest starting APR in the market.
- Additional fees for things like paper copy requests and late payments.
Looking for a more established online lender?
Alternative sites like Upstart
1. Prosper
Another peer-to-peer lender, Prosper could get you up to $40,000 to consolidate your debt, start a business, improve your home and more.
Pros
- Offers loans for a variety of purposes.
- Lower starting APRs at 7.95% to 35.99%.
- Simple terms of 3 years or 5 years.
Cons
- Loans capped at $40,000.
- Requires a minimum credit score of 640.
- Higher maximum APR than Upstart.
2. LendingClub
Apply for an unsecured personal loan of up to $40,000 with LendingClub.
Pros
- No prepayment penalties.
- Fixed rates.
- Origination fee of 1% to 6%.
Cons
- Higher rates for poor credit borrowers.
- Unavailable to Iowa and West Virginia residents.
- Lower maximum loan amount.
3. SoFi
If you have a good to excellent credit score, SoFi can get you fast funding with low interest rates and no fees.
Pros
- High maximum loan amount of $100,000.
- Free credit counseling and unemployment protection.
- No fees.
Cons
- Strict eligibility requirements.
- Lower approval rate than other lenders.
4. NetCredit
NetCredit offers unsecured personal loans up $10,500 that could help you rebuild your credit, even if you have a low credit score.
Pros
- Quick turnaround time with flexible repayments.
- Fair credit is OK.
- Loans up to $10,500.
Cons
- Low maximum loan amount.
- Loans available in 14 states only.
- Stiff late fees could apply.
5. OneMain Financial
In business for over a century, OneMain Financial provides secured and unsecured loans for a variety of purposes.
Pros
- Offers both secured and unsecured loans.
- Allows joint applications.
- Borrowers with bad credit are eligible.
Cons
- Higher APRs than competing lenders.
- Origination fees vary by state.
- Low maximum loan amount.
6. Avant
With Avant, you may be able to have a personal loan deposited into your account as soon as the business day after your laon is approved.
Pros
- Quick approval and funding.
- No fee for early repayment.
- Reports to the three major credit bureaus to help build your credit.
Cons
- Maximum loan amount varies by state.
- May not be available in all states.
- Potentially high origination fees if approved.
See how other top providers compare to different lenders by checking out A-to-Z directory.
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