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Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?

Upgrade is an ideal option if you are looking for good range of personal loan term lengths with an autopay discount. Upstart will be better when it comes to people with lower credit scores and people who want ultimate flexibility when making repayments.

Article update: April 10, 2024

Article update:April 10, 2024

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With an abundance of online lenders being available for people to use, there can be difficulties finding the ideal choice for your needs.

This particular review is going to assess the similarities and differences between Upstart and Upgrade.


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.	9.99% – 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 – 84 months	36-60 Months
Loan Amount	$1,000 – $50,000	$1,000 – $50,000
Min Score	620	600

When Upstart Is Better?

Upstart types a different approach from most online lenders as it utilizes artificial intelligence (AI) heavily in its operations. The Consumer Financial Protection Bureau has given it the seal of approval, so it can be trusted. Upstart caters to people who even have relatively low credit scores and will quickly give you your borrowed funds.

When to consider Upstart?

Upstart has a low minimum loan size which is ideal for a lot of people. It also deals with people who have relatively low credit scores or have not yet been able to build up enough credit history to build up a FICO score. You also have a great deal of flexibility when it comes to your repayments.

When Upgrade Shines?

Upgrade has been in operation for more than 15 years and it has catered to the needs of many millions of customers during that time period. It offers a great level of flexibility for its borrowers and a ton of great educational resources.

When to consider Upgrade?

Upgrade has a great offering when it comes to educating yourself about all different areas of finance. It also offers a wide range of term lengths and loan sizes.

Requirements

You can borrow as little as $1,000 from Upstart or Upgrade, up to a maximum of $50,000. Upstart uses AI technology, so they don't rely heavily on FICO scores, but they usually look for scores of at least 600. If you don't have a FICO score, they'll still consider your application.

Upgrade typically requires a credit score of 620 or higher. Upstart requires a minimum annual income of $12,000, but Upgrade doesn't have a set minimum income requirement. Generally, applicants must be at least 18 years old and US residents or citizens

Upstart - Pros & Cons

With Upstart, you are able to get a loan as small as $1,000, which is smaller than a lot of competitors.

Upstart will quickly process your borrowed funds, usually having them ready to go the next business day.

Upstart is not as reliant on FICO scores as other lenders and accepts people who have a credit score of 600, as well as considering people who do not have enough history of credit to get a FICO score.

With Upstart, you will be able to choose the due date of your repayments, as well as schedule your payments as you please.

You will often need to pay an origination fee when you get an Upstart personal loan. This can reach up to 12%.

Also, late payments may result in fees, with Upstart typically charging $15 or 5% of the past due amount, potentially increasing the cost of borrowing.

You are not able to get a joint as of yet with Upstart.

The maximum advertised APR of 35.99% is higher than some competitors, potentially leading to higher interest expenses for borrowers with poor credit.

Upgrade - Pros & Cons

You can get a 0.5% discount when you set up autopay, with additional discounts available if you have a checking account.

It will often only take a single business day to get access to your borrowed funds.

Upgrade offers personal loans ranging from $1,000 to $50,000, providing borrowers with flexibility to meet various financial needs.

Borrowers can apply jointly with a co-applicant, increasing approval chances and potentially accessing better loan terms.

You will usually need to pay an origination fee of between 1.85% and 9.99%, as well as late fees being in place.

Also, borrowers may incur late payment fees of up to $10 for payments that are more than 15 days overdue.

Upgrade does not operate in Iowa, West Virginia, or Washington, D.C., restricting access to residents of these regions.

Unlike some lenders, Upgrade does not allow co-signers on personal loans, potentially making it harder for borrowers with lower credit scores to qualify.

Repayment Options

You can choose between 3-year and 5-year term lengths with Upstart. There is great flexibility when it comes to choosing the payment due date for your personal loan and debt consolidators can send their payments directly to their creditors. No prepayment penalty will be applied and there are no autopay discounts available to borrowers.

Upgrade also does not charge any prepayment penalty, but late fees are in place. There is a better range of payment term lengths at Upgrade than Upstart, with loan terms ranging between 2 and 7 years. Finally, there is a good 0.5% discount available when you set up autopay for your Upgrade payments.

Customer Experience

	Upstart	Upgrade
iOS App Score	N/A	4.8
Android App Score	N/A	4.7
BBB Rating	B+	B+
WalletHub Rating	4.2	3.5
Contact Options	phone/mail	phone/mail
Availability	6 am – 5 pm (PT)	N/A

Upstart's website highlights the benefits of its AI technology and offers support every day. However, their mobile app lacks loan management features, and they have a B+ BBB rating.

Upgrade provides a comprehensive FAQ section and financial education resources, with transparent fees and an efficient application process. Their mobile app is highly rated, and they have an A- BBB rating.

Which Personal Loan Lender Wins?

Upgrade is an ideal option if you are looking for comprehensive financial education resources, as well as a good range of personal loan term lengths, and a good autopay discount.

Upstart will be better when it comes to people with lower credit scores and people who want ultimate flexibility when making repayments.


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.	9.99% – 35.99%	5.20% – 35.99%	6.99% – 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 – 84 months	36-60 Months	Compare Various Lenders
Loan Amount	$1,000 – $50,000	$1,000 – $50,000	Up to $100,000
	Learn More on Upgrade website	Learn More on Upstart website	Compare on Credible's website

Compare Alternative Lenders

Upstart vs Achieve 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

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 Happy Money

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 LendingPoint 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?

Upgrade vs Best Egg vs Rocketloans

Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.

Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.

Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?

Upgrade vs Happy Money vs LendingClub

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

Upgrade vs Happy Money 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?