Upgrade vs Upstart: Comparing Personal Loan Options

Side-by-Side Comparison

How Upgrade and Upstart Differ

Both are online lenders that offer a soft-pull rate check, fixed rates and no prepayment penalty, and neither publishes a universal minimum credit score. Upstart says most states have no minimum, though lending partners may set their own; Upgrade lists age, residency, bank account and email requirements and says credit score is one of several factors.

Upstart lends more ($75,000 versus $50,000) and starts at a lower published APR (6.3% versus 7.74%), but offers only 3- and 5-year terms. Upgrade offers 24 to 84 months and accepts joint applications, where both applicants are fully responsible for repayment. Both lenders top out at 35.99%, and the lowest rates are for the most qualified applicants.

Fees and Funding

Upgrade states an origination fee of 1.85% to 9.99%. Upstart says a fee may be charged and uses an 8.15% example; NerdWallet reports a 0% to 12% range. Both deduct the fee from proceeds, so compare offers by APR.

Upstart says funds can be sent as fast as 24 hours after approval and signing, depending on your bank. Upgrade says funds are sent within 1 business day of clearing verifications, and up to 2 weeks if it pays third-party creditors.

Who Each Lender May Fit

Upgrade may be worth comparing if you want a longer term or to apply with a co-borrower. Upstart may be worth comparing if you want a larger amount or prefer a model that weighs factors beyond credit score. Neither guarantees approval, and rates and fees change, so confirm current figures with each lender.