Personal Loans » Compare Loans » Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?
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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.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

In this Comparison

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.

UpgradeLogo

Upstart logo

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.
7.46%-35.97%
5.60% – 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.

Upstart logo

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.

UpgradeLogo

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Requirements

A loan for as little as $1,000 is available when you choose Upstart or Upgrade, with the biggest loan that you can get being $50,000.

Due to its AI-based system, there is not as much of a reliance on FICO scores when it comes to Upstart as compared to other lenders. However, Upstart will usually only deal with people who have FICO scores of at least 600. If someone does not have enough of a credit history to get a FICO score, these applications will also still be considered. Upgrade generally will only deal with credit scores of 620 or greater.

Upstart requires applicants to have an annual income of at least $12,000 in order to be considered, while Upgrade does not have any out and out minimum required annual income. The majority of lenders will have a universal set of requirements in place. This includes the applicants being at least 18 years old, as well as being residents of the United States 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 8%.

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

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.

You are able to get more than one loan from Upgrade and it also offers various loan types, including joint loans and secured loans.

The entire application process for an Upgrade personal loan is done online and is processed very quickly. You can also manage everything directly through the mobile app.

You will usually need to pay an origination fee of between 2.9% and 8%, as well as late fees being in place.

There are certain states from which you will not be able to get access to a personal loan from Upgrade.

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

You can quickly learn the benefits associated with the AI aspects of the Upstart offering when you check out the website. You have a variety of options to reach the support team and you can do so every day of the week. The Upstart mobile app is not currently functioning in a way that allows you to manage the different aspects of your loan. The Better Business Bureau has given Upstart a B+ rating.

Upgrade has a wide-ranging FAQ section on its website, as well as plenty of resources when it comes to financial education. The application process is very efficient and you can see. Full disclosure of all fees and rates on the website. There is a good mobile app and Upgrade has an A- Better Business Bureau 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.

UpgradeLogo

Upstart logo

credible logo

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.
7.46%-35.97%
5.60% – 35.99%
5.40% – 35.99%,
Best Rate Guarantee *
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
Apply Now
on Upgrade website
Apply Now
on Upstart website
Compare
on Credible's website

* $200 giftcard if you find and close with a better rate elsewhere

UpgradeLogo

Upstart logo

credible logo

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.
7.46%-35.97%
5.60% – 35.99%
5.40% – 35.99%,
Best Rate Guarantee *
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
Apply Now
Apply Now
Compare

* $200 giftcard if you find and close with a better rate elsewhere

Compare Alternative Lenders

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?

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

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

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 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 and Payoff 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, payoff is the way to go.

Read Full Comparison: Upstart Vs Payoff: Which Personal Loan Is Better?

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?

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?

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?

Payoff is a lender that 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: Payoff Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

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, Payoff is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs Payoff Vs Discover: Which Personal Loan Suits You Best?

Read More Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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