Advertiser Disclosure

Personal Loans

Jora Credit Installment Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Jora
APR

170.00%
To
349.00%

Credit Req.

Not Specified

Terms

8 to 30

months

Origination Fee

Not specified

See Offers Secured

on Jora’s secure website

Jora Credit installment loan details

Terms

Fees and penalties

  • Terms: 8 to 30 months for its installment loan
  • APR: 170.00% to 349.00%
  • Loan amounts: $500 to $2,600
  • Time to funding: Same day or next business day.
  • Credit check: Soft Pulll
  • Origination fee: Not specified
  • Prepayment fee: None
  • Late payment fee: Not specified

Eligibility requirements

  • Minimum credit score: Not Specified.
  • Minimum credit history: Must have job or proven source of income.
  • Maximum debt-to-income ratio: Not specified.

In order to qualify for a Jora Credit installment loan, you must be 18 years of age (19 if you reside in Alabama) and have a job or other verifiable source of income. You must also have a valid email address and an active checking account.

Jora Credit does not offer loans in all states. In order to apply, you must be a resident of one of the following states:

Alabama

New Mexico

California

North Dakota

Delaware

South Carolina

Idaho

Utah

Missouri

Wisconsin

Jora Credit serves high-risk borrowers who may have difficulty qualifying for loans from more traditional sources. Thus, you do not necessarily need a long credit history or good credit score to qualify for a loan.

Applying for an installment loan from Jora Credit

  1. Visit Jora’s website to begin the application process: You can apply via your computer, tablet or mobile phone.
  2. Complete the online application to learn how much loan you can qualify for: You will need to submit personal information, including your name, mailing address, phone number, email, date of birth, driver’s license number, job and income history and supporting documentation.
  3. If approved for a loan, you can obtain funding the same or next business day: If you accept an offered loan by 10:30 a.m. Central time, you can receive electronic funding the same day.
  4. Take advantage of Jora’s wide array of online tools and resources: Jora Credit can help you learn how to improve your credit, boost your income earning potential, find jobs and plan career moves.
Pros and cons of a Jora Credit installment loan

Pros:

Cons:

  • Quick funding: If approved for a loan, you may receive funds electronically on the same day.
  • No prepayment fees: Pay your loan off early without penalty.
  • Bad or no credit is okay: Jora Credit serves credit-impaired borrowers where other lenders might not.
  • High APRs: APRs range from 170.00% to 349.00%, a high cost for borrowing.
  • Small loan amounts: You can’t borrow more than $2,600.
  • Limited service area: Jora Credit only serves borrowers in a handful of states.

Who’s the best fit for a Jora installment loan?

Jora Credit installment loans are designed for high-risk borrowers with poor credit or no credit history who have difficulty accessing loans from traditional lenders. With quick funding for approved loans, Jora Credit can be a good option if you have an emergency expense and are strapped for cash.

Because Jora Credit’s interest rates are so high, borrowers should try to pay their loan off early. Jora Credit installment loans are not the best option for borrowers with good credit scores and solid job or income histories. Instead, you might consider one of these options.

Jora Credit consumer reviews

Jora Credit is not accredited with the Better Business Bureau. And as of September 2019, Jora Credit only has one customer review on LendingTree, but it did give the emergency installment lender 4 out of 5 stars. “The whole loan process was fast and easy,” wrote Carl from Lamar, Mo. “Very straight forward about the application process and bank verification. Thank you Jora for your help.”

It’s important to keep in mind, however, that as an emergency lender serving mainly high-risk borrowers, Jora Credit’s interest rates are extremely high. You should shop lenders to ensure that you’re getting the best deal – and take fees into account.

Read all customer reviews

Alternative loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is a peer-to-peer lending platform. Through the platform, borrowers are paired with and receive funds from individual or institutional investors. Interest rates start competitively low but can be as high as 35.89% APR. You can borrow from $1,000 to $40,000, making this a flexible option for borrowers.

In order to qualify for the lowest rate, however, you will need excellent credit. Luckily, you can check potential rates and terms without a hard credit inquiry.

Discover Personal Loans

APR

6.99%
To
24.99%

Credit Req.

Not specified

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More


The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.

An option for borrowers in need of higher loan amounts, Discover lends as little as $35,000. Discover also has no fees or closing costs associated with its personal loans, and all of its loan specialists are U.S.-based.

You can often obtain loan approval the same day you apply with Discover, and time to funding ranges from one to 7 business days. Discover loans do require a maximum debt-to-income ratio of 43%. You must also be gainfully employed and/or be able to demonstrate an annual household income of at least $25,000.

RISE

APR

50.00%
To
299.00%

Credit Req.

500

Minimum Credit Score

Terms

4 to 26

months

Origination Fee

No origination fees

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

RISE is offered only to residents in states where permitted by law. To obtain credit, you must apply online and have a valid checking account and email address. Approval for credit and the amount for which you may be approved are subject to minimum income requirements and vary by state.


Notice to Texas and Ohio Customers: In Texas and Ohio, RISE is a Credit Services Organization/Credit Access Business operating in accordance with each state’s applicable Credit Services Organization Act. In Ohio, RISE Credit Service of Ohio, LLC d/b/a RISE is licensed by the Department of Commerce, Division of Financial Institutions Certificate No. CS.900086.000. In Texas, RISE Credit Service of Texas, LLC d/b/a RISE is licensed by the Office of the Consumer Credit Commissioner, License No. 16507-62536. RISE is not the lender or a fiduciary of the lender. Application approvals and the amount of any credit for which you may be approved are subject to minimum income requirements and vary by state.

RISE is a personal loan option for borrowers who have poor credit or little-to-no credit history and need quick funding. You can gain loan approval within only a few seconds of submitting your application and may receive funds as soon as the next business day.

Like Jora, RISE also works to educate borrowers and offers a Free Credit Score Plus tools to help borrowers get back on track financially. And, RISE rewards those who demonstrate on-schedule loan payments with lowered interest rates over time.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Deborah Huso
Deborah Huso |

Deborah Huso is a writer at MagnifyMoney. You can email Deborah here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

First Midwest Bank Personal Loan Review

APR

6.65%
To
15.44%

Credit Req.

Not specified

Terms

Not specified

months

Origination Fee

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

With locations in Iowa, Illinois, and Indiana, First Midwest Bank is a great option for borrowers that are looking for personal loan and want the comfort of working with a traditional brick-and-mortar bank.... Read More

First Midwest Bank personal loan details
 

Fees and penalties

  • Terms: Not specified months
  • APR range: 6.65% to 15.44%
  • Loan amounts: $5,000 to $25,000
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: 5% or $10, whichever is greater
  • Other fees: $100 documentation fee

First Midwest Bank is a brick-and-mortar institution that has a personal loan available online with competitive rates and limited fees. This is unique in the online lending space. Often, it’s the online-only lenders with no physical locations that have the best deals on rates and fees — they’re able to pass on the savings from not having the overhead of physical branches.
First Midwest Bank gives you the best of both worlds — affordable loan products and in-person banking support if that’s something you value.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Must have good credit to qualify with at least five years of history
  • Maximum debt-to-income ratio: Not specified.

In order to qualify for a First Midwest Bank loan, you need to:

  • Be at least 18 years or older
  • Be able to provide a current ID
  • Be able to provide a tax identification number or a Social Security number
  • Provide proof of employment or income

The First Midwest Bank lending area includes Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Wisconsin.

As mentioned above, First Midwest Bank isn’t in the business of lending money to the subprime market. You need to have good credit or better to qualify. You also need five years or more of credit history. Your credit history should have no bankruptcies, foreclosures, repossessions or other adverse history.

Applying for a personal loan from First Midwest Bank

The application process for First Midwest Bank can be done online or over the phone. Here’s how it works:

Go to the First Midwest Bank website. On the loan page it gives you the option to apply online or to call and speak with a loan specialist.

Provide your information. You’ll be asked identifying information about yourself like your name, age, address and Social Security number. You also need to tell the bank why you need the loan and how much you need.

Wait for a decision and get funding. The decision on your application may be made within 24 hours. The application process and funding of your loan may take three business days, depending on how long it takes you to submit supporting documents for the application.

Pros and cons of a First Midwest Bank personal loan

Pros:

Cons:

  • Low rates. First Midwest Bank has a competitive interest rate range of 6.65% to 15.44% APR. Again, you need to have good credit to qualify — the lowest rates usually go to borrowers with the best credit. Again, you need to have good credit to qualify — the lowest rates usually go to borrowers with the best credit.
  • Low fees. Aside from the $100 documentation fee, there aren't any fees to worry about as long as you make your payments on time.
  • Manage your loan and bank accounts in one place. If you qualify for a loan, you can choose to handle your other banking needs all in one place because First Midwest Bank is a full-service financial institution. Checking and savings accounts are available through online banking.
  • Quick decisions and funding. A decision on your loan can be made in one day and funding can happen within one business day.
  • Good credit required. First Midwest Bank is looking for borrowers with good credit.
  • Limited loan amounts. You can borrow between $5,000 to $25,000. If you need to borrow less than $5,000 or more than $25,000, this loan may not be the one for you.
  • Limited service area. You won’t be able to qualify for this loan if you don’t live in a state where First Midwest Bank currently offers service.

Who’s the best fit for a First Midwest Bank personal loan

The First Midwest Bank is going to be best for someone who lives in the bank’s service area and can meet credit history conditions. If you’re eligible, this is one of the most affordable loans around. Interest rates are competitive, and you can get a quick decision. With that said, borrowers who need a very low or large sum of money may find the loan amounts offered by First Midwest bank restricting.

If your credit score or history doesn’t qualify you for this loan, there are other options to consider that accept borrowers with lower credit scores. You can also review the best online personal loan options for people with different credit profiles.

First Midwest Bank consumer reviews

Better Business Bureau A+ rating, 4.9 of five stars in 1,669 reviews on LendingTree, our parent company. Reviewers rate First Midwest Bank five stars for customer service, responsiveness, interest rates and fees and closing costs. Customers give the bank high marks for fast, easy loan processing and helpful, courteous staff.

“Just funded a loan I applied for four days ago!,” one reviewer wrote. “The application process, the review process, the underwriting process and the customer service was the best I’ve experienced with any bank! And I couldn’t find a better rate or cheaper closing costs anywhere in the country! First Midwest Bank is the real deal.”

First Midwest Bank FAQ

The bank offers a full array of loans, from personal loans, home equity loans, mortgages, auto loans and more.

Paying off high-interest credit cards, paying for a big medical bill, and paying for home improvements, vacations and weddings are among the many uses of personal loans.

First Midwest Bank offers a “Believer Loan” tailored for those who don’t have excellent credit, lots of equity in their home or collateral some banks require. A Believer Loan helps establish savings and good credit. Borrowers purchase a certificate of deposit equal to the amount of their loan. The CD will be yours once you’ve paid the loan off.

A personal loan for consolidating credit card debts might help you take control of your payments, lower your interest rate and monthly payments, and give you the added convenience of paying one bill each month.

Alternative personal loan options

Upgrade

Upgrade
APR

5.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .


Personal loans made through Upgrade feature APRs of 5.99%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

Upgrade lets you borrow from $1,000 to $50,000. Although there’s an origination fee, the low end of the Upgrade interest rate range is competitive, but the best rates are typically given to those with the best credit. It can take up to four business days to get funding.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
28.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 6.99% to 24.99% APR.

Marcus by Goldman Sachs® is a no origination fee loan also with competitive interest rates available. With Marcus by Goldman Sachs, you can borrow from $3,500 to $40,000. This is lender does a soft pull during the prequalification process.

Avant

APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


Avant branded credit products are issued by WebBank, member FDIC. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Avant has an interest rate range that starts slightly higher than the competitors on our list. Loan amounts range from $2,000 to $35,000. You can prequalify with a soft pull here as well. The Avant loan has an origination fee of up to 4.75% to consider when factoring in costs. You can get funding in as little as one business day.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Deborah Huso
Deborah Huso |

Deborah Huso is a writer at MagnifyMoney. You can email Deborah here

Taylor Gordon
Taylor Gordon |

Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Upstart Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

5.67%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart personal loan details
 

Fees and penalties

  • Terms: 36 or 60 month terms
  • APR range: 5.67% to 35.99%
  • Loan amounts: $1,000 - $50,000
  • Time to funding: If you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day. If accepted after 5 p.m. EST Monday through Friday, you should receive your loan proceeds two business days later.
  • Hard pull/soft pull: Soft Pull for your quote rate, but a hard pull once you accept your rate and proceed with the loan application
  • Origination fee: Up to 8.00% of the target amount (deducted from the loan before it’s delivered)
  • Prepayment fee: None.
  • Late payment fee: The greater of 5% monthly past due amount monthly past due amount or $15 (per occurrence)
  • Other fees: Return check or refund feed ($15) and paper copy fees ($10)

Upstart offers fixed-rate loans, but the loan interest rate depends on the borrower’s education, credentials, work history and credit score. Your loan can be used for a wide variety of purposes including (but not limited to) paying off credit card debt, paying off student loan debt, medical bills, travel, starting a business or paying for college or grad school.

Borrowers can even use Upstart loan funds to attend a coding boot camp. Upstart supports funding for a few coding boot camps (see the full list here) so if an applicant is accepted, they won’t need to possess a 4-year degree or have a job offer.

If you already have an Upstart loan and you’d like to apply for an additional loan, you’ll need to meet the following qualifications:

  • Made on-time and consecutive monthly payments for the past six months
  • Have no more than one outstanding loan through Upstart at the time of application
  • Have no more than $50,000 of outstanding principal at the time the loan originates

In order to receive your loan funds, you must add and verify a personal bank account in your name; from there, you’ll need to disburse the funds from your checking account so you can spend as needed.

However, this may be an inconvenience for people looking to consolidate their debt by applying loan funds directly to the creditor or business owners looking to deposit the funds automatically to their business account. For example, if you’re receiving a large lump-sum loan to cover the cost of college tuition for the semester, you’ll have to have the discipline to make sure the payment goes directly to the school and you avoid spending part of the money on another expense.

Speaking of Upstart loans that are being used for educational purposes only, keep in mind that there is an additional three-day business period between when you accept your loan and when you will receive the funds.

For loans intended for other funding purposes, Upstart will usually grant funds by the following business day, as stated above.

Eligibility requirements

  • Minimum credit score: 620 FICO or Vantage score
  • Minimum credit history: Will accept clients with insufficient credit history to generate a credit score
  • Maximum debt-to-income ratio: Not provided

While Upstart’s website doesn’t get into too much detail about the debt-to-income ratio or minimum credit history requirements, we do know that the company checks how much debt you have in relation to the income you receive.

In order to qualify for a loan, you must not have any accounts currently in collections or delinquent, or any bankruptcies or public records on your report. You must also have fewer than six inquiries on your credit report in the last six months, not including inquiries related to student loans, vehicle loans or mortgages. You cannot reside in West Virginia or Iowa.

Other qualifications include:

  • Minimum age of 18 (Residents of Alabama and Nebraska must be at least 19.)
  • U.S. citizenry or permanent residency
  • Valid email account
  • Ability to verify name, date of birth, Social Security number
  • Possession of a full-time job, full-time job offer starting within 6 months, a steady part-time job or other source of regular income
  • Possession of a U.S. bank account

While Upstart’s website states that you can borrow between $1,000 and $50,000. However, when you read the fine print, you’ll notice there are a few state-specific minimum loan amounts. The three state limitations are shown below.

  • Georgia: $3,100 minimum
  • Massachusetts: $7,000 minimum
  • New Mexico: $5,100
  • Ohio: $6,000 minimum

Applying for a personal loan from Upstart

Upstart’s personal loan application process is set up to be simple and quick. You’ll start by submitting a rate inquiry on Upstart’s website. Just click on the “Check Your Rate” button in the center of the page. This takes only a few minutes and you’ll answer some basic questions.

If you accept your rate, you’ll be prompted to complete an online application. Here, you may have to provide evidence of your bank account and upload supporting documents, which could include verification of your employment and work experience, academic credentials and credit information.

Once your application is approved, you will be asked to review final disclosures and sign a promissory note.

From there, you can receive your loan funds the following business day if you accept your loan before 5 p.m. EST Monday through Friday. If you accept your loan after 5 p.m. EST Monday through Friday, you will receive your loan funds two business days later.

Borrowers can set up easy and automatic monthly payments and even pay their loan off early without penalty.

Pros and cons of an Upstart personal loan

Pros:

Cons:

  • Lower fixed rates: Upstart offers loan rates as low as 5.67%, meaning borrowers who qualify for low rates could save money when consolidating credit card debt with a personal loan.
  • Quick access to funds: Borrowers can receive funds in as little as one business day after loan approval.
  • Unique selection process: Upstart considers applicants on a variety of factors including credit score, credit history, employment status, academic history and area of study
  • Soft Pull to check eligibility : Upstart determines eligibility and offers you a loan rate with a Soft Pull.
  • Origination fee: Loan origination fees can be Up to 8.00%. These will be deducted from the loan prior to delivery.
  • Limited repayment term options: While you can choose to pay off your loan early, you can only choose from terms of 36 or 60 months.

Who’s the best fit for an Upstart personal loan?

Upstart is a reasonable solution for those in their 20s or college grads who are having a difficult time obtaining a personal loan elsewhere. The process is convenient and can be solely completed online. Upstart can also be a solid option for borrowers who haven’t developed a strong credit history.

You’ll need a minimum credit score of 620 to meet the credit qualification, but you can also strengthen your application with your employment status, job history and academics. While Upstart’s interest rates are competitive with other peer-to-peer lending companies, other competitors rely heavily on credit to approve applicants while Upstart doesn’t.

Upstart would also be a great option if you’re looking for funding to attend a coding bootcamp, since eligibility requirements are very lenient.

Lastly, if you meet the eligibility requirements and need a loan quickly, you can have funds in your personal account by the next day. If you need funds to help you pay off debt or finance a large purchase, and can comfortably pay back the loan within five years or less, Upstart’s personal loan could also be a good fit.

But if you’re unsure about Upstart, our lender marketplace is a great place to compare lenders, terms and more in one spot.

Upstart consumer reviews

Upstart has an A+ rating with the Better Business Bureau (BBB) and has been accredited since 2015. Among LendingTree reviewers — MagnifyMoney is owned by LendingTree — 76 percent of borrowers recommend Upstart, though most of those recommendations came prior to 2016. While most users noted Upstart customer service’s politeness and courteousness, fewer recent reviewers were happy with loan application outcomes and reported applying for loans unsuccessfully and, as a result, receiving a negative impact on credit reports they were actually trying to improve in applying for debt consolidation loans through Upstart.

A number of reviewers reported experiences of receiving an initial soft offer followed by denial once their credit reports had been pulled. “Now I have another hard inquiry on my credit report and no loan,” noted applicant Ian from Westfield, N.Y. back in March 2018. “For people in the same situation as [I am] who are trying to improve their credit, trying to get out of debt with a credit card consolidation loan, trying to lower [their] monthly payments, this is extremely frustrating!! This made my credit rating worse!”

However, in Upstart’s defense, no soft credit approval with a lender is a guarantee of approval after a hard credit check.

Prior to 2016, LendingTree reviewers routinely provided positive reviews of Upstart, citing its easy application process, speed of approval, and speed of funds delivery. “The application process was very simple,” Tara from Rockville, Md. noted in an August 2015 review. “I received a call to verify my information within the hour on a Sunday and was approved within 15 min after the call. I had money in my account within 2 days. It was the fastest, easiest loan I’ve ever applied for.”

Meanwhile others cited Upstart’s attention to individualized customer service: in an August 2015 review, L.C. from New York City found that the company “cares about your financial situation.”

“Instead of just approving me for a loan,” the review continued, “they talked with me about my situations and options—to ensure that I was making the optimal decision.”

Upstart FAQ

Upstart offers personal loans as well as loans for debt consolidation, student loans, vehicle purchase, and other personal expenses.

Your credit history (if you have one), as well as your education, work history and credentials all help determine the interest rate you’ll receive. The lower your risk, the lower interest rate you’ll receive.

At a minimum, you will need to supply your name, address, and social security number. You may also need to provide pay stubs, tax returns or college transcripts.

You can use your personal loan for almost anything, including debt consolidation or to make a large purchase for which you don’t have the funds, such a vehicle, home improvement project or wedding.

Yes, you can if you have made on-time payments on your current loan for at least six months, have no more than one other loan with Upstart, and I have no more than $50,000 of outstanding principal on your current loan.

Upstart offers a 10-day grace period before assessing late fees. If your payment falls outside that 10-day grace period, you may be charged a fee equivalent to 15% of the unpaid amount or $15, whichever is greater.

Yes, if your account is current, and it’s at least 15 days until your next payment due date, you can schedule two automatically recurring payments per month.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More

LendingClub is a peer-to-peer lending platform, which means borrowers are paired with and receive funds from individual or institutional investors. Interest rates range from 6.95% to 35.89% APR and you can borrow up to $40,000.

If you have good credit, you may be able to qualify for a lower interest rate that Upstart can’t offer. You can also check your rate without adding a hard inquiry to your credit profile so you can see what you’d qualify for.

Earnest

Earnest is a personal loan lender offering fixed-rate loans starting at 5.99% APR. With Earnest, you can borrow between $5,000 and $75,000 on 36 to 60 month terms. No origination fee with this personal loan also helps make this lender more affordable. Loans are offered throughout the U.S., but not available in Alabama, Delaware, Kentucky, Nevada and Rhode Island.

Similar to Upstart, Earnest considers your employment history, education, and salary when considering you for a loan. You will need a minimum credit score of 680 to qualify but again, a good credit score could qualify you for a lower interest rate that Upstart doesn’t offer.

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform is another peer to peer lending site that offers personal loans to borrowers with a minimum credit score of 600. This could be a worthy alternative if you don’t think you’ll meet the credit score requirements to qualify for a loan with Upstart.

Interest rates for loans through Peerform range from 5.99% to 29.99%, and you can borrow up to $25,000. The maximum repayment terms are 36 or 60 months, and loans have a 1.00% - 5.00% origination fee.

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Deborah Huso
Deborah Huso |

Deborah Huso is a writer at MagnifyMoney. You can email Deborah here

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at [email protected]

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