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Upstart vs LifeLoans

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UPSTART

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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LIFELOANS

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code. From there, the site says they will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review first.

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Personal Loans

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

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.

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!



Personal Loans In The News

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



Qualifying For a Personal Loan: How Important is Credit Rating

Personal loans are versatile financial products used for a number of purposes. Most people who apply for a personal loan use it for consolidating debt, paying off medical bills, and home improvement p...

Published:  Wed, 31 Oct 2018 10:43:00 GMT



Is a personal loan for you

Personal loans have surged in popularity, due in part to increasing consumer confidence and a growing array of online lenders to provide them. Credit reporting agency Experian says that personal loans ...

Published:  Sun, 16 Sep 2018 07:37:00 GMT




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