Upstart vs Personal Loans for January 2021

Item: Upstart vs Personal Loans
Rating: 4.5

Sunday, January 24th

2021 Personal Loan Provider Reviews

Upstart

Loan: From $1,000 to $50,000

Upstart is a professional and organized social lending platform focused on helping people achieve their financial goals. Their loan process is quick and efficient and considers many factors including your education, job history, and credit score. With a solid reputation for success, customers can find answers to many of their financial questions because the site clearly describes how their loans work. They also provide education for those seeking guidance for future financial endeavors.

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Personal Loans

Loan: From $1,000 to $35,000

Personal Loans serves as a liaison between customers wanting personal loans and available lenders willing to assist. Customers will find three different loan types at this well-organized website along with flexible payment options and the choice to borrow up to $35,000. Our only challenge with reviewing Personal Loans was finding any substantial history or reliability information.

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The 14 Best Personal Loan Providers

Are You in Need of Some Cash?

Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

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What are the best Personal Loan Providers

Personal Loan Provider FAQ

How can I use my personal loan?

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.

Who funds these loans?

Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.

Will I get a good rate?

That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.

Will it hurt my credit score to apply?

When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).

Can I apply online, or do I have to go to an in-person location?

Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.

How much can I borrow?

Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.

How soon will I have the money in hand?

The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.

Is it risky to take out a personal loan?

As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.

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No matter where you borrow money from, before you get your next personal loan you should consider the following:

BBB rating. Does the lending company have a solid history of doing good business with its customers?
Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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Upstart vs Personal Loans

2021 Personal Loan Provider Reviews

Upstart

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The 14 Best Personal Loan Providers

Are You in Need of Some Cash?

Personal Loan Provider FAQ

How can I use my personal loan?

Who funds these loans?

Will I get a good rate?

Will it hurt my credit score to apply?

Can I apply online, or do I have to go to an in-person location?

How much can I borrow?

How soon will I have the money in hand?

Is it risky to take out a personal loan?

Continued from above...

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