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      September 25, 2020

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Upstart vs Lending Tree

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

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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.

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Best Reviews

2020

Bad Credit Loan Reviews

5 stars
Upstart

UPSTART

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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.

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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.

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3.5 stars
LendingTree

LENDING TREE

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Loan:

From $1,000 to $50,000

LendingTree serves as a connection between borrowers and lenders, allowing prospective customers to comparison shop among banks and other institutions to get the loans they need. In fact, two of the lenders you'll probably find through LendingTree have been reviewed individually in our rankings, showing that this service does a great job of offering a wide spectrum of options.

Easy application

The application process is pretty straightforward: enter your basic information, including the purpose of your loan (paying off debts, medical expenses, etc.) and your employment status. LendingTree will use the last four digits of your SSN to do a "soft pull" on your credit history and verify your identity. Then, you'll get a list of any lenders who are willing to offer you a bad credit loan.

Lending partners

From there, you'll work directly with any lenders that catch your interest. Because LendingTree is paid by their lending partners for passing prospective customers along to them, you aren't charged anything for using the referral service.

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High marks

LendingTree gets high marks from both customers and from the BBB, who rates this service with a perfect "A+" and accreditation. While they do a great job of connecting customers to potential lenders, their options for individuals with poor-to-fair credit shrink. This means you will probably receive few offers from LendingTree’s partners.

Bad credit loan specialization

LendingTree does partner with some companies who specialize in bad credit loans. However, looking at LendingTree's statistics for the average credit scores held by the people who successfully get loans through their site, they don't even mention a single loan given to people with credit scores lower than 640.

Great reputation

LendingTree enjoys a great reputation within the industry and their customers alike. It's for this reason that they receive good marks in our review. When it comes to bad credit loans, it won't hurt you to apply with LendingTree, but you may have to temper your expectations regarding the number of offers you'll get.

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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!

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