In this Comparison
Online lenders are in popular demand these days as they offer a low-cost and simple way for you to get a personal loan. This article will take a look at what three major lenders have to offer.
This review will compare the offerings available from LendingPoint, LendingClub and Upstart.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 7.99% – 35.99%
| 5.20% – 35.99%
| 9.57% – 35.99%
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Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24 to 48 months
| 36-60 Months
| 24 – 60 months
|
Loan Amount | $2,000 – $36,500
| $1,000 – $50,000
| $1,000 – $40,000
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Min Score | 580 | 600 | 600 |
When LendingPoint Shines?
LendingPoint is a lender that aims to provide easy access to borrowers for funds, dealing with people who have low credit scores, and aims to have fast turnaround times.
When to consider LendingPoint?
LendingPoint has a low acceptable credit score requirement and it aims to process funds within 24 hours. It also has a good mobile app and many ways for you to make your payments.
When Upstart Is Better?
Upstart is an option that has been around for a few years now and it takes a different approach to personal loans. It utilizes AI in order to lead the way it treats applications for personal loans. With this approach, it can often offer loans to people who might not have the strongest credit history.
When to consider Upstart?
Upstart is a good fit for people who have poor or no credit history. It also has small loans size and a fast time to funding.
When to Consider LendingClub?
Finally, LendingClub is a peer-to-peer lending marketplace that stands out for allowing co-borrowers.
When to consider LendingClub?
You are looking for a joint loan or you are looking to get help with debt consolidation. It also offers plenty of advice to its users in the member center.
Requirements
You can borrow as little as $1,000, which is lower than many other lenders offer. It’s also available to people with no credit or those with scores of at least 600. The funding process is quick, often providing next-day access to your loan. Plus, there’s plenty of flexibility when it comes to repayment options.
You can get a personal loan from Upstart even if you do not have a credit score and it will accept credit scores of at least 600 if you do already have a score. LendingPoint accepts credit scores of at least 580, while LendingClub accepts a 600 or greater credit score.
For a personal loan from Upstart you need to have your income annually to be at least $12,000. LendingPoint will only hand out personal loans to people who have a debt-to-income ratio of no more than 50%. All lenders in the United States will deal with people who are 18 years old at least and usually they will need to be a US citizen, visa holder, or permanent resident.
LendingPoint - Pros & Cons
LendingPoint is committed to providing fast funding to its borrowers, aiming to process funds within 24 hours. It also allows you to have a great range of options when it comes to making repayments, while it also allows for pre-qualification with a soft credit check. Finally, LendingPoint offers many different payment methods.
However, LendingPoint will not allow you to send direct payments to your creditors and it also will not send reports to each of the three credit bureaus. It also is a bit limited in terms of loan types, not offering secured, joint, or co-signed loans.
Upstart - Pros & Cons
You can get a loan for as little as $1,000 which is lower than the majority of loan lenders in the world today. It also allows people with no credit score or scores of at least 600 to get a loan. The time to funding period is quite short, often providing next-day funding. Finally, you get plenty of flexibility when it comes time to make repayments.
On the other hand, Upstart personal loans will often see you get charged an origination fee that can be as high as 12%. You cannot use the mobile app for loan management purposes.
LendingClub - Pros & Cons
LendingClub is a good option if you are looking for a joint loan or you are looking for some help with your debt consolidation. It also has a good member center that can help you better manage your personal finance.
However, LendingClub has run into some issues with the authorities over having hidden fees. It also does not offer any discounts for enacting the autopay feature.
Repayment Options
Changing the payment date for your personal loan is a possibility through Upstart and LendingPoint. For people who are consolidating debt, there is the option to send payments directly to creditors with Upstart, but this is not an option with LendingPoint. You will not have to meet any sort of prepayment penalty, but Upstart, LendingClub, and LendingPoint do not have an autopay discount.
You have the ability to make payments at LendingPoint through the mobile app, online, by phone, ACH, or a check. There is no LendingClub mobile app to manage your loan, but you are able to change the payment date for your payments.
Customer Experience
LendingClub | Upstart | LendingPoint | |
|---|---|---|---|
iOS App Score | 4.5 | N/A | 4 |
Android App Score | 3.3 | N/A | N/A |
BBB Rating | N/A | B+ | A+ |
WalletHub Rating | 4.5 | 4.2 | 4.3 |
Contact Options | phone | phone/m | phone/mail |
Availability | 5 am – 5 pm (PT) | 6 am – 5 pm (PT) | N/A |
Which Personal Loan is The Winner?
Each of these lenders caters to people with lower credit scores. LendingPoint is probably the best option if you want fast access to funds, while Upstart is a good fit for people who want small loans.
Finally, LendingClub stands out if you are looking for a joint loan or you want to get some of the most competitive rates.
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|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 7.99% – 35.99%
| 5.20% – 35.99%
| 9.57% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24 to 48 months
| 36-60 Months
| 24 – 60 months
|
Loan Amount | $2,000 – $36,500
| $1,000 – $50,000
| $1,000 – $40,000
|
on LendingPoint website |
on Upstart website |
on Credible website |
FAQs
Can I get a LendingClub loan with a 600 credit score?
LendingClub does require applicants to have acceptable levels of creditworthiness. LendingClub will not only review your application and credit history, but also your credit score and you are likely to need a score of at least 670 to qualify. However, it is possible to apply with a co-borrower to bolster your credit score.
Can I negotiate with LendingClub?
LendingClub does not promote its willingness to negotiate, but it is always worth a try. If you’re shopping for a loan and have been pre qualified with multiple lenders, you could try to get LendingClub to match the rate and terms. However, there are no guarantees, so you will need to seriously consider if LendingClub can offer you the best personal loan deal.
Does LendingPoint offer more financial products besides personal loans?
As its name suggests, LendingPoint is primarily a lender offering personal loans.
However, this company does also offer some business solutions including point of sale financing and marketplace seller financing. So, if you’re looking for a loan to set up a new enterprise, these products may be better suited to your requirements.
What are the strengths of Upstart?
Personal loans for a variety of purposes are available through Upstart if you have a good credit score. To qualify, you must be employed full-time or have another source of regular income.
Another advantage Upstart has is that you can expect to receive your funds as soon as one day after approval, though educational loans have a three-business-day hold.
So, unless you're looking to consolidate, Upstart is probably the good option.
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Compare Alternative Lenders
LendingPoint vs Freedom vs Avant:
Achieve is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.
Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.
Read Full Comparison: LendingPoint vs Achieve vs Avant: Which Personal Loan Is Better?
LendingPoint vs Upstart vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
LendingClub vs Payoff vs Upgrade
Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
LendingClub vs Prosper
In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.
Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?
Upstart vs FIGURE vs SoFi
SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while SoFi will offer autopay discounts.
Upstart vs Freedom vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, Achieve is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Achieve Vs Upstart Vs Avant: Choose The Right Personal Loan
Upstart vs OneMain
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
Upstart vs Rocketloans vs Prosper
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Upstart vs Best Egg vs Marcus
Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.
Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders
Upstart vs Payoff
Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.
Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?
Upstart vs SoFi
Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.
SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.
Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?
Upstart vs Upgrade
Upgrade has been in operation for over 15 years and has served the needs of millions of customers during that time. It provides its borrowers with a high level of flexibility as well as a wealth of excellent educational resources.
Upstart takes a different approach than most online lenders because it heavily relies on artificial intelligence (AI) in its operations. Upstart accepts people with low credit scores and will quickly disburse your borrowed funds.
Read Full Comparison: Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?
Best Egg vs Prosper vs Marcus
Freedom vs Upstart vs Avant
LendingPoint vs LendingClub vs Upstart
LendingTree vs Upstart vs Sofi
OneMain vs Mariner Finance vs Netcredit
OneMain vs Upstart
Payoff vs LendingClub vs Upgrade
Peerform vs Payoff vs Prosper
Prosper vs LendingClub
SoFi vs Best Egg
SoFi vs LendingClub
Upstart vs Payoff
Upstart vs SoFi
Upstart vs Upgrade
