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      January 26, 2020

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Upstart vs Personal Loans

Best Personal Loans

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

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.

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Best Reviews

2020

Personal Loan Reviews

3.5 stars
Upstart

UPSTART

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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.

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3.5 stars
Personal Loans

PERSONAL LOANS

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Loan:

From $1,000 to $35,000

Personal Loans works to connect their customers with a reputable, qualified lender that can help with their personal loan needs. Personal Loans provides access to peer to peer loans, personal installment loans, and personal bank loans for customers located in all U.S. States except North Dakota and Maine. For those seeking a loan between $1,000 and $35,000 this company provides a lot of flexibility to suit the needs of many. Unfortunately we were unable to verify the current Better Business Bureau score of Personal Loans.

Personal Loans does require all customers be at least 18 years old, have a social security number, and be a legal U.S. citizen or permanent resident. Additional requirements include full time employment, self-employment or the receipt of Social Security benefits and/or disability. Customers are more likely to be accepted for a personal loan if they have a credit score of at least 580 or greater and a decent payment history.

The current loan rates through Personal Loans are not publicized due to the varying types of loans and number of lenders that are utilized. Requesting a loan at Personal Loans is rather straightforward:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, date of birth, driver's license number and bank account information
  • Personal Loans will verify your identity and creditworthiness and pass on your information to lender partners
  • If a lender is interested in working with you, you'll be immediately directed online to their loan terms which you may choose to accept or deny.
  • The personal loan will be paid directly to your bank account within 1 to 5 business days.

Personal Loans does not charge you, the customer, for the lender connecting process. Any related fees are accessed directly to their lender partners. The website is informative and easy to navigate with the option to email or call if questions occur.

The benefits of working with Personal Loans is the variety of loan options, the quick approval process and the payment turnaround. Despite finding several positive customer reviews online we would have liked to have validated their BBB rating and found more history on the company to feel more confident. However, if you're looking for a personal loan, Personal Loans may be worth looking into when flexibility and speed are important.

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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!

I took out a $2,000 personal loan even though I didn't need the money, and it bumped my credit score from 'good' to 'very good'

Initially I worried that taking out a personal loan would complicate my life. However, being strategic about my loan has actually made my life easier.

Published:  Fri, 24 Jan 2020 15:18:00 GMT



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Published:  Thu, 16 Jan 2020 11:01:00 GMT



Credit cards and personal loans trebles in five years

Unsecured loans such as credit cards and personal loans have grown at a scorching pace over the past four years. The outstanding loan amount for credit cards stood at a1.05-lakh crore as of November, ...

Published:  Sat, 25 Jan 2020 01:00:00 GMT



Can you get a personal loan without a credit check?

When it comes to handling money, few of us can claim a perfect track record. Whether it's due to a situation out of your control, such as a job loss, or a lapse in judgment, low credit scores happen ...

Published:  Wed, 22 Jan 2020 11:59:00 GMT



Personal loans can help consolidate debt

Personal loans are the fastest-growing debt category in the country. The outstanding amount has nearly tripled, growing from $55.3 billion to nearly $160 billion in the last decade. Just as in every ...

Published:  Thu, 23 Jan 2020 13:49:49 GMT



Using personal loans to clear debt: is it a good idea or a disaster

In an ideal world, no one would consider personal loans as an option for getting out of debt. After all, such moves don't get you out of debt outright; instead, they only compound your debt burden. In ...

Published:  Thu, 23 Jan 2020 00:30:00 GMT



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