Best Reviews TopConsumerReviews.com Bad Credit Loans Best Reviews
Best Reviews
      September 21, 2020

Home  >  Bad Credit Loans  >  Upstart vs Lending Club

Best Bad

Credit Loans

  1. OneMain Financial
  2. LendingClub
  3. LendingTree
  4. Avant
  5. Personal Loans
  6. Bad Credit Loans

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Auto Loans

Babysitters

Christmas Cards

Credit Counseling

DUI Lawyers

Fruit Clubs

Home Brew Beer Supplies

Homeschool Supplies

Music Publishing

Senior Care

 

Individual Reviews

Upstart

OneMain Financial

Lending Club

Lending Tree

Avant

Personal Loans

Bad Credit Loans

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Upstart vs Lending Club

Best Personal Loans

To help you find the Bad Credit Loans, TopConsumerReviews.com provides you with an in-depth comparison of Upstart and Lending Club.

To see ALL of our reviews for the Bad Credit Loans, please Click Here

If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

Continue reading below reviews

Best Reviews

2020

Bad Credit Loan Reviews

5 stars
Upstart

UPSTART

Visit Site

Loan:

From $1,000 to $50,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award Founded by former-Google employees, Upstart wants to make credit affordable to borrowers while reducing risk for banks. Although Upstart targets a specific demographic - recent college grads and young professionals - they earn our top rating for bad credit loans. Why? It's the only lender in our review that looks far beyond your actual credit score when deciding if you're eligible to borrow money. Do you have a degree, in a solid field of study? Do you have a strong work history? How many years of credit are on your record? Upstart takes all of this into account, making it more likely that you'll qualify.

Minimum credit requirements

Your minimum credit requirements to be eligible for an Upstart bad credit loan depend on where you live. Generally speaking, you'll need a minimum Vantage or FICO score of 580. In some states, that minimum score is 620. However, if you don't have a sufficient credit history to produce a FICO score, you can still apply for funding through Upstart - which you probably won't find with many other lenders.

No bankruptcies

Upstart takes into consideration your debt-to-income (DTI) ratio You also can't have any bankruptcies or accounts in collections/delinquent currently on your credit report.

Best Bad Credit Loans

Fast application process

The online application takes just 5 minutes, but expect to answer more in-depth questions about your employment and educational background. A "soft pull" of your credit history will be done, to verify your credit score and information. If your application is approved and you accept your loan terms, you could have your loan money deposited by the next business day. Note - if you live in Iowa or West Virginia, you aren't eligible for a bad credit loan through Upstart.

Loans up to $50,000

Loans are available in amounts ranging from $1,000 to $50,000. All of the loans offered have a fixed-rate APR, no matter the amount borrowed. According to Upstart, the average 3-year loan funded through them will have an APR of 21%. That's not a bargain, but we're pretty sure it's a lower interest rate than what you're currently paying on your credit card(s). Although we couldn't find this detailed on the Upstart site, our research indicates that you may expect origination fees when your bad credit loan is funded. Those fees could represent up to 8% of your total loan amount, so be sure to read the fine print before you accept your funding.

Extra payments are a good idea

On the other hand, there are no fees for paying off your loan early or for making extra payments. And that's usually a smart idea!

Phenomenal reputation

Upstart has a phenomenal reputation. The Better Business Bureau continues to give this lender an "A+" rating and accreditation. And, over nearly 6,000 independently-verified client reviews, Upstart earned a 4.9 out of 5 stars. We were especially encouraged to see reviews from repeat customers - it's always a plus to see that people like a business enough to come back for more, especially in an industry that can be as tricky as loans/finance.

Highest rating

If you have not-so-great credit (or no credit history at all) and want a lender that will look at the whole picture of your life, start with Upstart. There's no other institution that takes your education and earning potential into consideration when deciding if you qualify to borrow money. Upstart is trustworthy and efficient, and they easily earned our highest recommendation among providers of bad credit loans.

Visit Site
3.5 stars
LendingClub

LENDINGCLUB

Visit Site

Loan:

From $1,000 to $40,000

LendingClub works quite differently from most sources of personal loans: instead of being funded by a bank or other institution, the money comes from investors! Because of this, you should expect your funding to take several days to become available, as investors may take a few days to decide to back your bad credit loan. But, with more than 3 million customers and over $50 billion dollars borrowed through LendingClub, it's easy to see that people are getting the money they need through this provider.

Loan requirements

This service is available to residents of the United States, with the exception of Iowa. You'll also have to be a US citizen or permanent resident (or have a "valid, long-term visa"), be at least 18 years old, and have a verifiable bank account.

No impact to credit score

Applying for a loan through LendingClub doesn't impact your credit score, because only a "soft pull" is done to verify your information. Start by choosing a loan purpose and amount (ranging from $1,000 to $40,000). From there, you'll have to specify if you are applying by yourself or if you want to add a co-applicant. (Why would you want to do the latter? With LendingClub, you're more likely to get a bad credit loan if you include a co-applicant who has a higher credit score.)

Roll the dice

That could be important - because the jury's out as far as what minimum credit score you'll need to get a loan through LendingClub. While there's no specific information given on their site, third-party sources have different information. One says you can get funding with a score as low as 600, while another says you should expect to be declined if you aren't at least at 660. The good news is that it won't affect your credit score to roll the dice and see if you qualify; you may want to play with applying alone vs. with a co-applicant, to see if you get funding at all or if you can get better rates with a cosigner.

Best Bad Credit Loans

Origination fee

Interest on loans funded through LendingClub are all fixed-rate and range from 6.95% to 35.89% - and, as you'd expect, those higher rates are usually applied to bad credit loans. You can also expect a one-time origination fee of 1-6% of the total loan amount, and again, the higher range of the fee applies to people with lower credit ratings. That origination fee is deducted from the total amount of your loan - so if you borrow $6,000 and have an origination fee of $300, the total deposited to your account will only be $5,700. Keep that in mind as you select the loan amount you're applying for; if you have an exact dollar amount needed for a particular purpose, you'll come up short if you don't factor in the fees.

No prepayment penalties

There are no prepayment penalties with any loans obtained through LendingClub, so you can make extra payments or pay in full whenever you want without additional charges.

High customer ratings

On the whole, customers say very encouraging things about the process of borrowing through LendingClub. Over more than 55,000 independently-verified reviews on their site, the company earns a rating of nearly 5/5 stars. On the other hand, since our last evaluation of LendingClub, their rating with the BBB went from an "A" to "No Rating". This may be due to a 2018 settlement with the FTC; we encourage you to read the details on the BBB listing for LendingClub if you'd like further information.

Good resource

LendingClub could be a good resource for getting a bad credit loan, specifically because they don't rely on traditional banks and other financial institutions to get you the money you need. Just be aware that if your credit is extremely low, you may not qualify without a co-applicant, and that your funding may take longer than some of LendingClub's competitors.

Visit Site

Continued from above

Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

Bad credit loans: What types of loans can I get if I have bad credit

BAD credit can limit your chances of getting a loan, but there are still some options available for those with bad credit. What types of loans can I get if I have bad credit?

Published:  Fri, 11 Sep 2020 15:22:00 GMT



You don't need perfect credit to get a personal loan

A low credit score doesn't have to stand in your way if you want to get a personal loan to cover an emergency or consolidate your debts. Borrowers with bad credit, which is a FICO score below 630, may ...

Published:  Tue, 15 Sep 2020 06:53:00 GMT



Best Bad Credit Loans of September 2020

Even with bad credit, getting a personal loan is still possible, without using payday loans. Expensive medical, home or car emergencies can come up unexpectedly, and when these unexpected expenses ...

Published:  Sun, 30 Aug 2020 17:00:00 GMT



How To Get A Personal Loan For Bad Credit

Here's the good news: There are some lenders that specialize in personal loans for bad credit, and you can increase your chances of approval if you take time to improve your credit first.

Published:  Tue, 01 Sep 2020 03:35:00 GMT



Best Personal Loans for Bad Credit

Struggling with bad credit can be one of the most stressful ... range No prepayment penalty for paying off your loan early Soft credit inquiry performed when you check your loan options online ...

Published:  Sun, 30 Aug 2020 17:00:00 GMT



You Can Get a Loan with Bad Credit - But Watch Out for the Risks

like a loan or a new credit card, has become more difficult this year. And if you've got a credit score that lenders have deemed "bad," it's even harder. Reacting to economic uncertainty ...

Published:  Fri, 21 Aug 2020 01:22:00 GMT



Emergency Loans for Bad Credit

Finding the right loan can be stressful when you need fast access to cash, but if you have the added complication of bad credit, getting an emergency loan may seem hopeless. Thankfully ...

Published:  Fri, 04 Sep 2020 11:02:00 GMT



3 tips for refinancing your mortgage, even with a bad credit score

He shares 3 tips to keep in mind. Understand what "bad credit" means to banks Work with a community loan officer Improve your credit 1. Understand what 'bad credit' means to banks The first step ...

Published:  Tue, 25 Aug 2020 12:44:00 GMT



Guarantor loans

If you have a bad credit score or low deposit getting a loan can be difficult. That's where a guarantor loan could help. A guarantor loan can be either a secured or unsecured loan that requires ...

Published:  Sat, 05 Sep 2020 17:00:00 GMT



These are the biggest disadvantages of having a bad credit score

The Discover offers on this page are no longer available via CNBC. As a result, Discover offers described on this page may be out of date. A good credit score gives you access to premium credit ...

Published:  Sun, 30 Aug 2020 13:52:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure