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.
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 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.
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Payoff is a lender that focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
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