Our team has evaluated more than 200 lenders to enable you to compare Upstart's competitors quickly. We assessed aspects such as interest rates, fees, credit score requirements, and lending flexibility to help you identify the most suitable alternatives to Upstart.

Founded in 2012, Upstart is an online lending platform that has partnered with numerous banks and credit unions to offer personal loans ranging from $1,000 to $50,000. With repayment terms of 36 or 60 months and interest rates from 6.70% to 35.99%, Upstart caters to borrowers across the credit spectrum, offering flexible credit requirements and a low minimum loan amount. However, it may not be the optimal choice for everyone.

To ensure that you secure the most cost-effective loan, we recommend exploring several Upstart competitors before finalizing your decision. Below, we have listed some of the Upstart alternatives that you may find suitable for your personal loan requirements.

Why you may consider alternatives

While Upstart offers several benefits, including flexible credit requirements and a low minimum loan amount, it may not be the ideal option for everyone seeking a personal loan. Therefore, it may be wise to consider Upstart competitors for the following reasons:

• CUpstart charges an origination fee, which can be as high as 10% of the loan amount. This fee is deducted from your loan disbursement, which means you may have to borrow more money to get the required amount. However, if you have excellent credit, you may be eligible for a personal loan from another lender that doesn't charge an upfront origination fee.
• Secondly, while you can get approved for an Upstart personal loan with a credit score as low as 300, adding a cosigner to your application won't help you get a lower interest rate if the one you qualify for is too high.
• Upstart offers inflexible repayment terms, with only three-year and five-year options available. In contrast, other lenders may offer repayment terms ranging from one to twelve years, providing greater flexibility with monthly payments.

Upstart alternatives

1. LendingClub is a peer-to-peer lending platform that connects borrowers with investors who fund personal loans. Loans range from $1,000 to $40,000, with repayment terms of three or five years. Interest rates start from 8.05%, and the platform charges an origination fee of 2% to 6% of the loan amount.

2. SoFi offers personal loans ranging from $5,000 to $100,000, with repayment terms of two to seven years. Interest rates start from 5.99%, and the platform charges no fees, including origination or prepayment fees. SoFi also offers perks like career coaching, financial planning, and community events for its members.

3. Marcus by Goldman Sachs offers personal loans ranging from $3,500 to $40,000, with repayment terms of three to six years. Interest rates start from 6.99%, and the platform charges no fees, including origination or prepayment fees. Marcus also offers a savings account and other financial products.

4. Best Egg offers personal loans ranging from $2,000 to $50,000, with repayment terms of three to five years. Interest rates start from 5.99%, and the platform charges an origination fee of 0.99% to 5.99% of the loan amount.

5. Prosper is another peer-to-peer lending platform that offers personal loans ranging from $2,000 to $40,000, with repayment terms of three to five years. Interest rates start from 6.95%, and the platform charges an origination fee of 2.41% to 5% of the loan amount.

Additional alternatives to Upstart

While Upstart personal loans can be a suitable option for some borrowers, it is worth considering other alternatives for financing significant expenses or debt consolidation. Here are some options to explore:

1. Other personal loans. As mentioned earlier, various other personal loans are available for borrowers with fair credit. If you have an excellent credit score, you might even qualify for lower rates with some of the best personal loan providers.

2. Home equity loan or line of credit. For homeowners, a home equity loan or line of credit might be a better option than an Upstart personal loan in terms of the cost of borrowing. Home equity products generally offer interest rates in the single digits, whereas Upstart loans can charge as high as 35.99%. However, homeowners should watch out for closing costs and other associated fees.

3. Credit cards. If you have good credit, you might qualify for a credit card with a 0% APR promotion. These promotions typically last between six to 21 months, allowing you to make a large purchase or transfer a balance and pay it off interest-free.

It is essential to conduct thorough research and compare all your options to determine which alternative is the best fit for your personal loan needs.

How does Upstart compare?

In terms of personal loan lenders, Upstart boasts some of the most flexible lending criteria. Borrowers can opt for personal loans or auto refinance loans. Here are the key advantages and disadvantages of this lender:

Advantages

• Minimum credit score requirement of 300
• Considers alternative criteria such as education and career
• Receives positive customer reviews online

Disadvantages

• Origination fee of up to 10%
• Limited to only two loan terms
• No mobile app available for managing loans