Best Reviews TopConsumerReviews.com Bad Credit Loans Best Reviews
Best Reviews
      September 25, 2020

Home  >  Bad Credit Loans  >  Upstart vs Personal Loans

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 Personal Loans

Best Personal Loans

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

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
1.5 stars
Personal Loans

PERSONAL LOANS

Visit Site

Loan:

From $500 to $35,000

Personal Loans is one of several services in our review that acts as a third-party connection between borrowers and lenders. In order to qualify for a bad credit loan, you'll need to meet certain minimum criteria, like being at least 18 years old and having some form of reliable income.

Not many specifics

While Personal Loans does have a Rates and Fees page, they don't offer many specifics. When it comes to your APR, costs or loan terms, you'll only find those out when you complete the application process and get matched with a lender. Example loans on that page show interest rates from 12-24%, but our research shows that you can expect a range that's actually between 5.99% (fantastic!) to 35.99% (not as fantastic). Repayment timeframes stretch between 3 and 72 months, depending on the size of your bad credit loan.

Short online form

To get started in your search for a lender willing to give you a bad credit loan, start with the short online form. Enter the amount you're requesting, your credit score range (this site uses "Below 500" as their criteria for poor credit, for what it's worth), and why you need a loan (emergency situation, pay down debt, and so on). On the second page, you'll have to get much more personal, including your driver's license number and full SSN. That always makes us pause a minute, especially if we're not sure of a provider's reputation.

Best Bad Credit Loans

Inconsistencies

So, how does this company's reputation stack up against the rest? Personal Loans had a "C+" rating from the BBB at the time of our most recent visit. The explanation was that the company had failed to respond to one customer complaint in the past 3 years. That doesn't seem like it would result in such a low grade, but it's worth keeping in mind. We found a few inconsistencies on the site (one page saying we should see their coverage map to see if our state is one they service, but not finding any maps on the page we were told to visit), but nothing too bad.

website questions

On the other hand, we noticed that Personal Loans used the exact same online form as our lowest-ranked source of bad credit loans. That did cause some concern, because that service is known for doing little more than giving away people's information to telemarketers. Plus, clicking on the "Positive Reviews" link on the page that says the service has been trusted by over 500,000 people in the last 15 years... only took us back to Personal Loan's "About Us" page. There was nothing else on the site to connect us with feedback from actual customers.

Not worth it

At the end of the day, Personal Loans comes across as a repackaging of a service with very negative reviews, just with a different name. The only reason we gave the newer site a slightly higher score is because of their slightly higher rating from the BBB. But, when it comes to a provider you can believe in, Personal Loans is not a trustworthy option for bad credit loans.

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!

Benefits Of Getting Online Installment Loans For Bad Credit

People with poor credit might mistakenly think that installment loans aren't for them. However, installment loans actually can be a suitable option even if you have bad credit.

Published:  Wed, 23 Sep 2020 12:05:00 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



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 ...

Published:  Fri, 11 Sep 2020 14:41:00 GMT



Advance America: Can Borrowers Secure an Installment Loan Without Great Credit?

When people have expenses come up that they weren't prepared for and find themselves short of cash, a loan can be a great option to get through difficult financial times. However, some people may feel ...

Published:  Thu, 24 Sep 2020 06:00:00 GMT



Bank loans will be faster, easier to apply for under credit shake up

The days of being asked by the big banks about every dollar of your expenditure from Uber Eats to Netflix to secure a loan to buy a home or a small business could soon be over.

Published:  Thu, 24 Sep 2020 05:18:00 GMT



Lone Star's Novo Banco Aims to Sell $1.4 Billion of Bad Loans

Novo Banco SA, Portugal's fourth-biggest bank by assets, plans to sell as much as 1.2 billion euros ($1.4 billion) of non-performing loans by the end of the year as it seeks to post its first annual ...

Published:  Thu, 24 Sep 2020 04:08:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure