Best Reviews TopConsumerReviews.com Best Personal Loans Best Reviews
Best Reviews
      December 17, 2018

Home  >  Personal Loans  >  Prosper vs Upstart

Best

Personal Loans

  1. LendingTree
  2. SoFi
  3. 100 Lenders
  4. Avant
  5. Money Lion
  6. Prosper
  7. NetCredit
  8. Upstart
  9. Personal Loans
  10. OneMain Financial
  11. LifeLoans
  12. Better Loans Mutual

Compare Products

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

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Bunk Beds

Charm Bracelets

Dating Sites

Eczema

Flower Delivery

Fruit Baskets

Guitar Lessons

Hair Loss

Menopause Relief

Online Stock Brokers

Watches

 

Individual Reviews

LendingClub

LendingTree

SoFi

100 Lenders

Avant

Money Lion

Prosper

NetCredit

Upstart

Personal Loans

OneMain Financial

LifeLoans

Better Loans Mutual

 

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

Prosper vs Upstart

Best Personal Loans

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

To see ALL of our reviews for the Best Personal Loans, please Click Here

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.

Continue reading below reviews

Best Reviews

2018

Personal Loan Reviews

3.5 stars
Prosper

PROSPER Visit Site

Loan:

From $2,000 to $25,000

Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.

Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $25,000.

The current loan rates at Prosper range from 5.99 to 36%. The website is easy to navigate through the application process. The loan application process consists of the following steps:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, and date of birth and social security
  • Prosper will verify your identify and pull your credit score. Prosper will also assign a loan rate based on your creditworthiness
  • Investors will begin funding your loan which you may view online
  • Once fully funded, Prosper will do a final verification of your identity
  • Funds are deposited into your bank account direct

Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.

Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $25,000, Prosper is worth your consideration.

Visit Site

3.5 stars
Upstart

UPSTART Visit Site

Loan:

From $1,000 to $50,000

Upstart is a peer-to-peer lending company founded by former Googlers. At first glance, the site is neat and includes finance-related images such as pie charts and percentage signs to emphasize their purpose, which is to help people achieve their financial goals. The fonts are large, allowing easy reading, very helpful since financial information can be overwhelming. The site allows one to process information while pacing the reader through use of space and letter size.

Professional in look, the site however does not hope to impress in graphics or photos of people enjoying newfound financial freedom. Instead, the site uses facts and figures to communicate a serious, all-business tone. The only downside to this setup is that if a customer is not familiar with loans or borrowing lingo, they might be lost until they scroll to the bottom of the Home page to click on "Contact Us".

For customers who aren't sure where to begin, Upstart has a "Get Started" icon which asks them what they want to do. Upstart offers help with loan consolidation, paying off credit cards, paying medical bills, buying a car or other big purchases. Such a wide range of services is comforting to those seeking financial advice. The site also provides education to help you prepare for future financial decisions.

With respect to personal loans, Upstart is efficient. You can apply online and find out your rate within a few minutes. You're asked simple questions about your income and education history. Upstart then presents you with loan terms and options for payment. Once a customer agrees to the terms of the loan, funds are issued - sometimes, by the next business day. According to the site, "[the] average 3-year loan on Upstart will have an APR of 17% and 36 monthly payment of $31 per $1000 borrowed."

Upstart's reputation is very solid - you'll quickly see links to articles on prominent sites like Fox, Bloomberg, and other news agencies, along with testimonials from satisfied clients. Such details helped us gain more confidence in the success of this company's services.

We found the blog articles very helpful. With topics ranging from selecting health insurance to saving money on groceries, a person seeking financial security could benefit from the wisdom these articles offer. Unfortunately, this tool is found at the bottom of the Home page. The website would function more effectively if they included this option at the top of the page along with "Contact" and "Team" information because it is on these pages where we found answers to our initial questions.

The website is adequate, but could definitely use changes to make it more user friendly. Overall, the site does not score high for looks but makes up for it with good intentions and success stories.

Visit Site

Continued from above

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!

Can personal loans be included in bankruptcy

Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case of bankruptcy. A discharge releases individual borrowers from the legal obliga...

Published:  Fri, 14 Dec 2018 19:28:00 GMT



Personal loans: how they can hurt you financially in the long run

Ahead of the holiday season, some shoppers may be tempted to take out a personal loan to pay off some of their debt. However a recent report spells out the risks with these types of loans. The report ...

Published:  Fri, 30 Nov 2018 13:09:00 GMT



How to Get Tax Exemptions on Personal Loans

But there are ways you can get tax exemptions on personal loans that depend on the purpose that you avail the loan for. 1) For investing in business If the personal loan taken out is invested into a b...

Published:  Mon, 26 Nov 2018 12:38:00 GMT



Pros And Cons Of Using Personal Loans To Consolidate Debt Shared By National Debt Relief

There is a growing number of consumers who are thinking of using a personal loan to consolidate their debts -- that is why National Debt Relief shares some of its pros and cons. The article titled "Th...

Published:  Thu, 22 Nov 2018 15:08:00 GMT



Debunking 5 myths about personal loans

Most of us could use the extra cash to fulfill a life goal-starting a small business, paying for graduate studies, funding that dream vacation-but are too wary of increasing our debt to even consider ...

Published:  Wed, 21 Nov 2018 04:42:00 GMT



How Do Personal Loans Impact Your Credit

Data from TransUnion shows that personal loans are the fastest growing debt in the past year or so. The data goes on to show that outstanding personal loans had an 11.4% increase in the second quarter ...

Published:  Wed, 24 Oct 2018 03:42:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure