Lending Club vs Upstart – Who Provides The Best Personal Loan?
You may have a number of reasons as to why you need a personal loan from a site such as Upstart or Lending Club. You may want to consolidate your debt or relocate to a new town. Perhaps you want to go on a vacation or start a new business.
Another reason that you may desire a loan is a major purchase. Either one of these loan sites can assist you with your goal. You are probably wondering which one is better, however. The following is some information on both sites. You can compare the two and then decide which one works best for you comparing Lending Club vs Upstart:
Loan Amount Potential
The first thing you want to look at when you compare lending sites is the loan potential. You have to make sure that the loan is within your range for the project or task that you are trying to fund. Lending Club can get you hooked up with loans that are between $1,000 and $40,000. Upstart can provide you a loan that is between and $1,000 and $50,000. Upstart wins in the category of loan potential. However, you could choose either one if your lending needs are below $40,000.
This is a key factor when comparing the two right off the bat. Lending Club usually will require a better credit score and are looking for individuals with good to excellent credit. Their minimum credit score required is 660.
Upstart will review and consider borrowers with a lower credit score. You can apply to both lenders as there is no risk for just getting a quote. But just remember if your credit history is less than perfect and your credit score below 660, you should probably lean towards Upstart. Another interesting thing about Upstart is that they take into consideration your education, degree, field of study as well as job history.
Interest Rate Scale
The interest rate is another important factor that you will want to examine before you take a personal loan from either provider. Lending Club has interest rates that vary between 6.16%-35.89% APR. Upstart has interest rates that vary between 4.93 percent and 29.99 percent. It looks like Upstart and Lending Club are comparable in the category of interest rates. The interest rate is important because it can end up costing you hundreds or thousands of extra dollars in your loan.
You can check both sites for rates on personal loans without getting dinged on your credit score. They do what is called a soft pull. You can apply and compare which one give you the best rate and terms. Lending Club is the biggest in regards to processing peer to peer personal loans. It is always good to compare lenders to see the actual differences based on your credit history.
Features and Benefits
Lending club can offer you speedy service, discounts on your early payments and fixed payments. Fixed payments are awesome because they allow you to take care of your business in an organized and informed fashion. They also have top notch customer service and are the largest provider of peer to peer personal loans.
Upstart offers what it calls a “refreshingly fast” process and the liberty for you to pay off your loan early without having to deal with penalties. Upstart also offers you a highly secure process and lower interest rates than other companies offer. Upstart claims to save its customers 28 percent on their credit card rates.
Borrowers can get student loans and money for a startup through Upstart.
Which One Is Best for You?
Actually both are excellent lenders. But after careful examination, it looks like Upstart has a slight edge over it’s competitor in regards to requirements. If you have a good credit history and score over 660 Lending Club can be a great way to go. On the other hand if you have below a 660 FICO score and very little credit history, Upstart is the lender of choice.
They both have significant top dollar limits on their loans, but if you need more than 40K and upward to $50,000 then Upstart can provide this. Lending Club is sufficient if you do not need over 40K.
To start the application process on Upstart, you need to visit the website and then hit the “borrow” link. For Lending Club, you can also just apply with their easy online application. You will answer questions about your credit score, loan purpose and the like. You can feel confident that either of these sites will provide you with a quick and secure lending experience.
How Do I Apply For Lending Club or Upstart?
Below I have included the websites of both lenders for you to apply easily for their personal loans per the online application.