Upstart Alternatives: Companies to Consider for Personal Loans

Looking for a personal loan can be a daunting task, especially if you’re new to the lending world or have a limited credit history. Fortunately, there are online lenders like Upstart that offer personal loans to borrowers across the credit spectrum.

Upstart Alternatives

However, Upstart may not be the best fit for everyone, and there are other companies like Upstart that you may want to consider.

Some of the top competitors of Upstart include Good Egg, SoFi, LendingPoint, Upgrade, MoneyMutual, CashUSA.com, and BillsHappen.

These alternative lending platforms offer personal loans with varying interest rates, loan amounts, and repayment terms.

Additionally, traditional lenders and peer-to-peer lending platforms may also be worth exploring when searching for a personal loan.

In this article, we’ll take a closer look at companies like Upstart and their top competitors, so you can make an informed decision when choosing a personal loan provider.

We’ll discuss the features, benefits, and drawbacks of each lender, as well as the types of borrowers they cater to.

By the end of this article, you’ll have a better understanding of the lending landscape and be able to find the best personal loan for your needs. Also see: Companies Like Netcredit

Quick Takeaways

  • There are several online lenders like Upstart that offer personal loans to borrowers across the credit spectrum.
  • Top competitors of Upstart include Good Egg, SoFi, LendingPoint, Upgrade, MoneyMutual, CashUSA.com, and BillsHappen.
  • It’s important to compare the features, benefits, and drawbacks of each lender to find the best personal loan for your needs.

Good Egg

If you’re looking for a personal loan that offers lower interest rates than Upstart, Good Egg may be a good option for you.

Good Egg is an online lender that requires a minimum credit score of 640 to qualify. It has funded over 1.1 million loans since its inception.

Pros and Cons

Here are some pros and cons of Good Egg to help you decide if it’s the right lender for you:

ProsCons
Lower interest rates than UpstartOrigination fees range from 0.99% and 8.99%
Easy online application processMay be more difficult to qualify with if you’re still building your credit profile
Fast fundingPrepayment penalties may apply
No hidden fees

Loan Details

Good Egg offers personal loans for a variety of purposes, including debt consolidation, home improvement projects, and adoption costs.

Loan amounts range from $2,000 to $50,000 with repayment terms of t ee to five years. The interest rates range from 5.99% to 29.99%, depending on your creditworthiness.

To apply for a loan with Good Egg, you’ll need to fill out an online application. The process is simple and can be completed in minutes. Once you’re approved, you can receive your funds as soon as the next business day.

Overall, Good Egg is a good option for borrowers with good credit who are looking for a loan with lower interest rates than Upstart.

However, if you’re still building your credit profile, you may have a harder time qualifying for a loan with Good Egg. Also see: Companies Like Seedfi

SoFi

If you’re looking for an alternative to Upstart, SoFi might be a good option for you. SoFi is an online lender that offers personal loans, student loan refinancing, mortgages, and more.

Here are some pros and cons to consider when deciding if SoFi is right for you:

ProsCons
Low minimum credit score requirementLimited availability in some states
No origination fees or prepayment penaltiesHigher interest rates for some borrowers
Flexible repayment termsLonger funding times compared to other lenders
Offers additional financial servicesMay require a co-signer for some borrowers

One of the biggest advantages of SoFi is that they have accessible qualification requirements. To qualify for a personal loan, SoFi only requires consumers to have a minimum credit score of 600.

This is lower than some other lenders, making it a good option for borrowers with less-than-perfect credit.

Another benefit of SoFi is that they don’t charge origination fees or prepayment penalties. This means that you won’t have to pay any additional fees for taking out a loan or paying it off early.

SoFi also offers flexible repayment terms, allowing you to choose a term length that works for your budget.

They also offer additional financial services, such as investment accounts and insurance, which can be convenient if you’re looking for a one-stop-shop for your financial needs.

However, there are some drawbacks to consider when choosing SoFi. They may not be available in all states, so you’ll need to check their availability in your area.

Additionally, their interest rates may be higher than some other lenders, depending on your creditworthiness.

Funding times may also be longer compared to other lenders, so keep that in mind if you need money quickly.

Finally, some borrowers may need a co-signer to qualify for a loan, which can be a disadvantage if you don’t have someone who is willing to co-sign for you.

Overall, SoFi can be a good alternative to Upstart if you’re looking for accessible qualification requirements, flexible repayment terms, and additional financial services. However, make sure to weigh the pros and cons before making a decision.

LendingPoint

If you’re looking for a personal loan quickly, LendingPoint may be the right choice for you. The company offers loans ranging from $2,000 to $36,500 with funding as fast as the next business day.

LendingPoint’s loans are unsecured, meaning you don’t need to put up collateral to get approved.

One of the benefits of LendingPoint is that they consider applicants with lower credit scores. While they do have a minimum credit score requirement of 585, they take a more holistic approach to evaluating creditworthiness.

This means they may be able to approve borrowers who have had trouble getting approved elsewhere.

Here are some pros and cons of LendingPoint:

ProsCons
Fast fundingHigh interest rates
No prepayment penaltyOrigination fee
Flexible payment optionsLimited loan amounts
Consider lower credit scoresNot available in all states

Overall, LendingPoint may be a good option if you need a personal loan quickly and have a lower credit score. However, it’s important to carefully consider the interest rates and fees before making a decision.

Upgrade

If you’re looking for a personal loan that caters to borrowers with fair to good credit, Upgrade might be a good option for you. Here are some pros and cons to consider:

ProsCons
Offers loans up to $50,000Origination fee up to 8%
Fast funding, often within a dayAPRs can be high for some borrowers
Free credit monitoringLate fees and returned payment fees

Upgrade’s rates and fees are similar to Upstart’s, but Upgrade might be a better option if you’re looking for a loan with a higher maximum amount.

Upgrade also offers free credit monitoring, which can be helpful if you’re trying to improve your credit score.

However, Upgrade does charge an origination fee of up to 8%, which can be higher than some other lenders. And while Upgrade’s APRs can be competitive, they can also be high for some borrowers depending on their creditworthiness.

Overall, if you have fair to good credit and need a larger loan amount, Upgrade might be worth considering. But be sure to compare rates and fees from multiple lenders before making a decision.

MoneyMutual

If you’re looking for an online marketplace of lenders that provides short-term loans up to $5,000, MoneyMutual is a good option to consider.

With a simple online form that takes less than 5 minutes to complete, you can get funds available in as few as 24 hours. The platform has been trusted by more than 2 million customers and has an overall rating of 4.8 stars.

Pros and Cons

Here are some of the pros and cons of using MoneyMutual:

ProsCons
Quick and easy application processHigh interest rates
Funds available in as few as 24 hoursLimited loan amounts
Trusted by more than 2 million customersNot available in all states

MoneyMutual is a good option if you need cash quickly and have limited credit history. However, it’s important to keep in mind that the interest rates can be high and the loan amounts are limited.

Additionally, the platform is not available in all states, so you’ll need to check if it’s available in your area before applying.

Overall, MoneyMutual is a good option to consider if you need a short-term loan and have a limited credit history. However, it’s important to compare rates and terms with other lenders to ensure you’re getting the best deal possible.

CashUSA.com

CashUSA.com is an online loan broker that connects borrowers with suitable lenders. The platform offers loans ranging from $500 to $10,000, and the maximum loan amount available to a borrower will depend on their creditworthiness.

According to CashUSA’s website, even consumers with low credit scores may be able to get a loan.

One of the advantages of CashUSA.com is that the platform has a quick and straightforward application process. You can fill out the online form in just a few minutes, and you may receive a loan offer almost immediately.

The platform also partners with a large network of lenders, which increases your chances of finding a suitable loan offer.

However, there are some drawbacks to consider. One of the main disadvantages of CashUSA.com is that the platform charges a fee for its services.

The fee is not disclosed on the website, and it may vary depending on the lender and the loan amount.

Additionally, the interest rates and repayment terms may also vary depending on the lender, so it’s essential to read the terms and conditions carefully before accepting a loan offer.

Here is a table summarizing the pros and cons of CashUSA.com:

ProsCons
Quick and straightforward application processCharges a fee for its services
Partners with a large network of lendersInterest rates and repayment terms may vary
Offers loans to consumers with low credit scores

Overall, CashUSA.com may be a good option if you need a loan quickly and have a limited credit history. However, you should be aware of the fees and terms and conditions before accepting a loan offer.

BillsHappen

BillsHappen is an online lender that offers personal loans to borrowers with bad credit.

The platform provides a simple and fast application process, and you can get the money you need in as little as 24 hours. BillsHappen is a good alternative to Upstart if you need a loan quickly and have a poor credit score.

Pros and Cons

Here are some of the pros and cons of using BillsHappen:

ProsCons
Fast approval processHigh interest rates
No fees to use the serviceLimited loan amounts
Funds available in as little as 24 hoursNot available in all states

How BillsHappen Works

To apply for a loan with BillsHappen, you need to fill out a simple online form. You will need to provide some basic personal information, such as your name, address, and Social Security number.

You will also need to provide information about your income and employment.

Once you submit your application, BillsHappen will review your information and determine if you qualify for a loan. If you are approved, you will receive the money in your bank account within 24 hours.

Is BillsHappen Right for You?

BillsHappen is a good option if you need a loan quickly and have bad credit. However, the interest rates are high, so you should only use BillsHappen if you have no other options. If you have good credit, you may be able to find a better deal elsewhere.

Overall, BillsHappen is a reliable lender that provides fast and easy loans to borrowers with bad credit. If you need money quickly, BillsHappen is a good option to consider.

Traditional Lenders

If you prefer to work with a brick-and-mortar bank or credit union, there are several traditional lenders that offer personal loans. These lenders typically require a good credit score and a strong credit history to qualify for a loan.

One of the most well-known traditional lenders is Wells Fargo. It offers personal loans with fixed interest rates and repayment terms ranging from 12 to 84 months.

However, Wells Fargo charges an origination fee of up to 5% of the loan amount, which can be costly.

Another option is Bank of America, which offers personal loans with fixed interest rates and repayment terms ranging from 12 to 60 months.

Bank of America does not charge an origination fee, but it does require a good credit score and a strong credit history to qualify for a loan.

Credit unions are another option for those who prefer traditional lenders. Many credit unions offer personal loans with competitive interest rates and flexible repayment terms.

However, you typically need to be a member of the credit union to qualify for a loan.

When considering traditional lenders, it’s important to shop around and compare rates and fees to ensure you’re getting the best deal possible.

Keep in mind that traditional lenders may have stricter eligibility requirements and longer application processes than online lenders like Upstart.

Peer-to-Peer Lending Platforms

If you’re looking for companies like Upstart, you might want to consider peer-to-peer lending platforms.

These platforms allow borrowers to connect with individual investors who are willing to lend money. Here are a few peer-to-peer lending platforms to check out:

  • Prosper: Prosper is a popular peer-to-peer lending platform that offers loans for a variety of purposes, including debt consolidation, home improvement, and small business. The platform offers fixed-rate loans with terms of t ee or five years. Prosper charges an origination fee of between 2.41% and 5%, depending on the loan term and borrower’s creditworthiness.
  • LendingClub: LendingClub is another well-known peer-to-peer lending platform. The platform offers personal loans with fixed rates and terms of t ee or five years. LendingClub charges an origination fee of between 1% and 6% of the loan amount, depending on the borrower’s creditworthiness.
  • Funding Circle: Funding Circle is a peer-to-peer lending platform that specializes in small business loans. The platform offers loans of up to $500,000 with terms of six months to five years. Funding Circle charges an origination fee of between 0.99% and 6.99%, depending on the loan term and borrower’s creditworthiness.
  • Kiva: Kiva is a unique peer-to-peer lending platform that allows borrowers to crowdfund their loans from individual lenders around the world. Kiva offers loans for a variety of purposes, including business, education, and healthcare. Kiva does not charge any fees to borrowers, but lenders can choose to make a voluntary donation to support the platform’s operations.

Peer-to-peer lending platforms can be a good alternative to traditional lenders like banks and credit unions.

However, it’s important to do your research and make sure you understand the terms and fees associated with each platform before you apply for a loan.

Conclusion: Companies Like Upstart

If you’re in the market for a personal loan and Upstart isn’t the right fit for you, don’t worry. There are plenty of other lenders out there that offer similar products. By comparing your options, you can find a lender that meets your needs and offers the best possible terms and rates.

Some of the top companies like Upstart include Good Egg, LendingClub, and Prosper. Each of these lenders has its own unique set of features and benefits, so it’s important to do your research and compare them carefully.

One thing to keep in mind is that many of these lenders charge origination fees, which can add to the cost of your loan. However, some lenders may waive this fee if you have good credit or meet other criteria.

Ultimately, the key to finding the right lender is to shop around and compare your options. By doing so, you can find a lender that offers the best possible terms and rates for your needs and financial situation.