In this Comparison
Prospective borrowers who are assessing their different options will have tons of online lenders to choose from.
Two of the leading options on the market today are Upstart and Payoff.
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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.
| 11.52% – 24.81%
| 5.20% – 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 – 60 months
| 36-60 Months
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Loan Amount | $5,000 – $40,000
| $1,000 – $50,000
|
Min Score | 600 | 600 |
When to Consider Payoff Personal Loan?
Payoff is a company that focuses on financial awareness, with the aim of improving the relationship that its customers have with money.
You will not have to pay a late fee or a prepayment penalty with Payoff, while you can also change the payment due dates. There is plenty of financial education resources given to you, as well as having a good range of debt consolidation options.
However, you will not be able to get the likes of a co-signed loan, joint loan, or secured loan with Payoff. There is also no sort of autopay discount on offer.
Payoff may be a great fir if you want to minimize your fees and you need a relatively bigger size loan. Payoff is also particularly good when it comes to financial education.
When to Consider Upstart Personal Loan?
Upstart is an online lender that powers its decisions mainly through an artificial intelligence system. This means that they will consider the applications for people who do not yet have a credit score. It also promises fast time to funding for borrowers.
Upstart loan is going to be an ideal solution for people who do not yet have a credit score or have a relatively low one. The application process is also completed at speed, with the goal being that borrowers will get their funds within a single business day. There is also an ideal minimum loan amount on offer, as well as repayment date flexibility.
On the other hand, there is often an origination fee in place when it comes to an Upstart personal loan. This can even reach 8%. You also will not be able to get a joint loan from Upstart and there are no mobile app capabilities for loan management.
Upstart may be good for you if you have a low credit score or no score at all. It also is ideal for people looking for small loan sizes.
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Requirements
Upstart will have an ideal minimum loan size of $1,000 and a max loan size of $50,000. In comparison to Upstart, Payoff has a high minimum loans size of $5,000 and it offers a max loan worth $40,000.
Thanks to the AI system that Upstart utilizes, it can often cater to people who have low credit scores. If you do have a FICO score, it will accept applications from people with scores of 600 or more. If you do not yet have a credit score, Upstart will still consider your application. Like Upstart, Payoff will accept applications from people with a credit score of at least 600.
Upstart does require applicants to have a gross annual income of $12,000 or more. To get a Payoff personal loan, you need to showcase three years’ worth of credit history.
Both Payoff and Upstart need you to be at least 18 years old in order to get a personal loan, as well as either being a US citizen, visa holder, or permanent resident.
Repayment Options
You can choose between a three-year and five-year repayment term with Upstart. There is the ability to alter your payment due dates, as well as debt consolidators being able to directly pay creditors with both Upstart and Payoff.
You will not have to pay a prepayment penalty if paying off your loan early with these lenders and Upstart and Payoff both do not currently offer any sort of autopay discount.
Customer Experience
Upstart | Payoff | |
|---|---|---|
iOS App Score | N/A | N/A |
Android App Score | N/A | N/A |
BBB Rating | B+ | A+ |
WalletHub Rating | 4.2 | 4 |
Contact Options | phone/mail | phone/mail |
Availability | 6 am – 5 pm (PT) | 6 am – 6 pm (PT) |
Upstart outlines its AI-based process on its website, as well as offering some useful information about personal finance. You can reach the support team every day of the week, the mobile app does not currently give you the option to manage your Upstart personal loan. The online lender currently has a B+ Better Business Bureau rating.
Like Upstart, the Payoff customer service team is reachable every day of the week in numerous different ways. Payoff also looks after all of the financial education needs of its customers.
Like Upstart, you cannot manage your Payoff personal loan through a mobile app. Finally, the Better Business Bureau rating for Payoff is A+.
Which Personal Loan Lender Wins?
Both Upstart and Payoff cater to people with relatively low credit scores and they offer flexible repayment terms.
Upstart will be better suited for people who want a smaller loan size or for those people who do not yet have a credit score. Payoff is an ideal option if you want to minimize your fees.
|
|
| |
|---|---|---|---|
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.
| 11.52% – 24.81%
| 5.20% – 35.99%
| 5.20% – 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 – 60 months
| 36-60 Months
| Compare Various Lenders |
Loan Amount | $5,000 – $40,000
| $1,000 – $50,000
| Up to $100,000
|
on Payoff website |
on Upstart website |
on Credible's website |
Read More Reviews
Avant
Best Egg
CitiBank
Credible
Discover
Figure
FreedomPlus
Payoff
LendingPoint
LendingTree
Marcus
OneMain Financial
RocketLoans
SoFi
Upgrade
Upstart
Wells Fargo
Compare Alternative Lenders
Upstart vs FIGURE vs SoFi
Figure and 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 Figure and SoFi will offer autopay discounts.
Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?
Upstart vs Freedom vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus 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: Freedom 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
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?
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?
Payoff vs LendingClub 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
Payoff vs SoFi vs OneMain
Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers
Payoff vs Peerform vs Prosper
All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.
Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.
Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?
Payoff vs Upgrade vs Discover
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.
Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?
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