Find loans similar to this newer online peer-to-peer platform.
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.
It offers loans from $1,000 to $50,000 at terms of 3 to 5 years. It’s not always cheap, however. APRs range from 8.36%–35.99%, including an origination fee as high as 8%
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.
However, if you aren’t sure about borrowing from Upstart, there are a number of other lenders you may want to consider when you’re looking for a personal loan.
Looking for a more established online lender?
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 6.95%–35.99%.
- Simple terms of 3 year(s) or 5 year(s).
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.
- Available in 48 states and the District of Columbia.
- Free credit counseling and unemployment protection.
- No origination, closing, late, NSF, or prepayment fees.
Cons
- Strict eligibility requirements.
- Lower approval rate than other lenders.
4. NetCredit
NetCredit offers unsecured personal loans up $10,000 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 $10,000.
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.
