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      September 25, 2020

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Upstart vs OneMain Financial

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

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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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4.5 stars
OneMain Financial

ONEMAIN FINANCIAL

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Loan:

From $1,500 to $20,000

If you prefer to get a bad credit loan from a company with a long history in the industry, OneMain Financial fits the bill. Since 1912, this business has been connecting borrowers with funding with personal and auto loans, and their service includes nearly 2,000 in-person branches throughout the United States.

Loan considerations

One of the things we appreciate about OneMain Financial is their transparency. If you click on the "Loan Amounts & Fees" link at the bottom of the site, you'll find a fairly detailed list of specifics that are important to consider if you're looking for a bad credit loan. Here are some of the most critical:

  • Loans range from $1,500 to $20,000. For the higher loan amounts, you will be required to place a lien on your car that is no more than 10 years old and titled in your name (in other words, collateral).
  • Depending on your state of residence, you may be subjected to minimum or maximum loan sizes.
  • You should expect to pay origination fees that also depend on where you live. Flat fee amounts range from $25 to $300, while percentage-based fees go from 1% to 10%. Your specific fees will be disclosed on your Loan Agreement and Disclosure Statement. You should also expect late payment fees and non-sufficient funds fees.

Prequalified loan offers

Another plus with using OneMain Financial for a bad credit loan is that you can check for offers without affecting your credit score. On their main page, enter your desired loan amount and click the button. On the next page, you'll enter your basic contact information, the last four digits of your SSN, your monthly net income and source, and then you'll be connected with any prequalified loan offers.

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No minimum credit score

Naturally, your specific terms will depend on your unique situation. But, you can expect that OneMain will probably be able to offer you a loan - they're one of the few services available that don't have a minimum credit score to qualify as a borrower. Based on what we found in customer comments, your APR will probably range from 18% to 35.99%, which is as high as (or even higher than) most credit cards. Be sure you understand the terms of your loan before you make a commitment.

Customer complaints

While the BBB gives OneMain a flawless "A+" rating, we noticed that the company had received hundreds of complaints in the 12 months prior to our most recent evaluation. Of course, most large businesses with multiple brick-and-mortar locations encounter their fair share of complaints, and the solid rating indicates that the BBB is confident that OneMain is handling those issues professionally and in a timely fashion.

BBB alert

Another issue worth noting is that there was an alert in place at the time of our review, listed on the BBB site. It indicated that the OneMain name was being used by scammers to solicit fraudulent "advance fees" for loans after telling people they had been approved for funding. So, if your interest in OneMain began with any kind of unsolicited contact (phone call, fax, or email), we strongly recommend you go directly to OneMain's site or toll-free number instead.

Checks all the boxes

We think that OneMain Financial checks all of the most important boxes when it comes to bad credit loans: no minimum score required, transparency with respect to fees, and a fantastic reputation across more than a century in business. While their loans won't come cheap, they're definitely a possibility for most people with credit history issues.

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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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