Upstart Competitors and Alternatives for Personal Loans
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Started in 2012, Upstart is a direct-to-consumer online lending platform that utilizes the power of machine learning and artificial intelligence to streamline the loan pricing and funding process. It offers loans ranging from $1,000 up to $50,000, with interest rates as high as 29.99%, paid over three- or five-year.
The company was established by former Google employees with a keen focus on technology, and it has grown into a major player in the online lending sphere. To date, Upstart has funded over $2 billion in loans, but the company’s impressive numbers don’t mean it’s the right fit for all borrowers.
Borrowers should check out some Upstart competitors before signing on the dotted line, to ensure they are getting the most affordable loan. If you’re trying to find the best personal loan for your needs, check out the Upstart alternatives below.
On this page:
Upstart Alternatives for Personal Loans
LendingClub
Rates (APR)
10.68% – 35.89%
Loan Amounts
$1,000 – $40,000
Credit Score
600+
LendingClub is a good option for borrowers with bad and fair credit. Although this peer-to-peer lender charges origination fees, you may still be able to get a competitive rate. LendingClub provides its customers with various educational resources related to personal finance and the application process is quick.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as 4 business days
- Origination fee: 1% – 6%
- Late fee: $15 or 5% of payment amount
- Repayment terms: 36 or 60 months
Avant
Rates (APR)
9.95% – 35.99%
Loan Amounts
$2,000 – $35,000
Credit Score
580+
Avant’s transparent platform makes it easy for borrowers to know what’s being offered to them, including repayment terms and interest rates. Their application process is simple and approval may only take a few minutes. Borrowers could get their funding as soon as the next business day.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 4.75%
- Late fee: $25
- Repayment terms: 24 – 60 months
LightStream
Rates (APR)
3.49% – 19.99%
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
LightStream, a division of SunTrust Bank, offers personal loans online. There are no origination fees with a LightStream personal loan, and credit evaluations look at assets, credit history, income, and payment history.
- Credit score category: Good, fair
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months
Additional Alternatives to Upstart
Upstart personal loans may be a viable option for borrowers in some scenarios, but there are other alternatives to get financing for major expenses or debt consolidation.
To start, there are many other personal loans for borrowers with fair credit that you may want to consider. Furthermore, if you have a great credit score, you may be able to qualify for a lower rate with one of the best personal loan companies.
For homeowners, a home equity loan or home equity line of credit may prove more beneficial in terms of the cost for borrowing than an Upstart personal loan. This is because interest rates for home equity products are often in the single digits, unlike Upstart loans, which can be as high as 29.99%.
A five-year loan for $15,000 from Upstart with a 15% interest rate would have a monthly payment of $357 (not including the origination fee) and accrue a total of $6,411 in interest. A home equity loan in the same amount with an interest rate of 7% means a monthly payment of $297 and a total interest of $2,821 over the life of the loan.
Additionally, credit cards may be an alternative to an Upstart personal loan, especially when interest rates are lower than offered through the online lender. A credit card with an interest rate of 12.99% with a balance of $15,000 means a monthly payment of $341 and a total interest of $5,473 paid over five years.
The loan or credit card option selected by a borrower should be evaluated based on the total cost components, including the interest rate and any origination fees. Because credit cards and home equity loans may have lower interest rates than an Upstart personal loan, and potentially no origination fee, these options may make more sense.
Recap of Upstart Alternatives
| Lender | Rates (APR) | Loan Amounts | Credit Score |
| LendingClub | 10.86% – 35.89% | $1,000 – $40,000 | 600+ |
| Avant | 9.95% – 35.99% | $2,000 – $35,000 | 580+ |
| LightStream | 3.49% – 19.99% | $5,000 – $100,000 | 660+ |
