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Upgrade Vs Upstart – Side-by-Side

Upgrade

Upgrade

9.0Great

  • No fee to apply

  • Credit score requirement as low as 580 for personal loans

  • Direct payment to creditors is available

  • Funds sent within one business day of document verification

  • Wide range of repayment terms from 24 to 84 months

  • Loan amounts from $1,000 to $50,000

Upgrade Overview

Personal loans from Upgrade offer flexible funding for everything from home improvements to consolidating high-interest debt, including credit cards. You can check your rate online without impacting your credit, and once approved, funds can be deposited within a business day.

In addition to personal loans, Upgrade offers credit cards that complement its loan products. These include balance transfer cards with a unique payback structure that differs from typical revolving credit accounts, potentially saving you money.

About Upgrade

Founded in 2017 by former LendingClub CEO Renaud Laplanche, Upgrade is now a major online lending platform. Headquartered in San Francisco, it has delivered more than $35 billion in credit to U.S. consumers.

Upgrade is accredited by the Better Business Bureau with an A+ grade and offers a range of unsecured loan products, credit cards, and banking tools. It partners with banks to issue loans while managing the application and servicing process entirely online. The company is featured in our overviews of the best personal loans, the best credit card providers for good credit, and the best cash-back credit cards for gas and groceries.

Upgrade Features and Benefits

Upgrade’s digital platform simplifies the loan application process and can help borrowers manage debt responsibly. Here are the top features:

  • Soft credit check to prequalify without impacting your credit score

  • Direct payment to creditors may result in a lower APR

  • Fixed interest rates from 7.99% to 35.99% APR (subject to change)

  • Loan amounts between $1,000 and $50,000

  • Repayment terms from 24 to 84 months

  • No prepayment penalties for paying off the loan early

  • Adjustable due dates

  • Mobile app and free credit monitoring available

Upgrade Details

Upgrade offers unsecured personal loans from various lenders designed for various uses, including consolidating credit card balances or covering medical bills. Expect competitive rates, flexible repayment terms, and loan funds disbursed as quickly as the next business day.

Borrowers with fair credit can qualify, although the maximum APR and origination fee may be higher depending on credit history. Our Upgrade personal loans review highlights a minimum credit score of around 580 to qualify, and the company offers joint applications for added flexibility.

What Else Does Upgrade Offer?

Upgrade also offers multiple credit card options for various types of borrowers. Our Upgrade credit cards review goes into depth about the company's unique approach to repayments.

Essentially, instead of a typical revolving credit line, your purchases become mini-loans with their own fixed-rate APR. The strategy can make them helpful in managing your budget and keeping interest amounts in check.

Upgrade also provides banking tools like checking accounts and savings features. These offerings integrate with its mobile app for easier money management. Additionally, credit card holders with Upgrade can take advantage of additional rewards when coupled with an Upgrade Rewards Checking Preferred Account.

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Upstart

Upstart

9.1Great

  • No stated minimum credit score to qualify

  • Uses AI to assess applicants beyond credit scores

  • Funding often received by the next business day

  • No prepayment penalties

  • Transparent origination fees and terms

  • Personal loan amounts from $1,000 to $50,000

Upstart Overview

Upstart personal loans are available through Credible, and are designed for those who may not qualify with traditional lenders. The platform uses artificial intelligence to evaluate education, employment, and other non-traditional data to determine eligibility.

Upstart has issued more than $30 billion in loans and carries an A+ BBB grade. While not a direct lender, the Upstart platform has a solid reputation, particularly with younger clients and those with lower credit scores. The company scores well in our overview of the best debt consolidation providers.

About Upstart

Launched in 2012 and based in San Mateo, California, Upstart has emerged as a pioneer in using machine learning to broaden access to credit. While it began with a focus on student borrowers and recent graduates, Upstart now serves virtually anyone with a borrowing need.

Upstart is accredited by the Better Business Bureau and partners with multiple banks and credit unions to offer its loans. Its platform handles the full lending process, from application to loan servicing, and prequalifying for its products won't affect your credit score.

Upstart Features and Benefits

Upstart appeals to borrowers with any credit score who want a fast, fair way to qualify for personal loans. Here are the standout benefits:

  • AI-based underwriting that looks beyond your credit score

  • Loan funds available within one business day of approval

  • Loan amounts from $1,000 to $50,000

  • Fixed repayment terms of 36 or 60 months

  • Annual percentage rates (APRs) ranging from 7.8% to 35.99% (subject to change)

  • No prepayment penalties for paying off the loan early

  • Transparent origination fees

  • Soft credit pull to check your rate without impacting your credit

Upstart Personal Loan Details

Upstart loans are unsecured and range from $1,000 to $50,000, depending on your credit profile and financial background. The company uses a soft credit pull during the prequalification stage, which does not affect your credit score.

Borrowers must meet minimum income and credit requirements, but the platform's AI-driven model increases the chances of approval for those with limited credit history or unconventional backgrounds. Funds are typically disbursed the next business day after accepting a loan.

What Else Does Upstart Offer?

While Upstart doesn’t offer credit cards or other banking products, it does partner with banks and credit unions to expand access to unsecured personal loans. The company has also started offering small business loans and auto loan refinancing in select states.

Upstart’s primary value remains its lending platform, which aims to lower the barrier to entry for those who may not qualify in the traditional sense with other lenders.

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Upgrade Vs Upstart – Side-by-Side

Upgrade Vs Upstart

Both Upgrade and Upstart offer unsecured personal loans with flexible terms, fast funding, and transparent pricing. However, each company caters to a slightly different demographic.

Upgrade is well-suited for those looking for credit card alternatives, flexible repayment options, and debt consolidation tools. Upstart, on the other hand, is ideal for people with limited credit history or non-traditional financial backgrounds who need fast funding.

How does Upgrade compare to Upstart?

Upgrade

Upstart

Personal loan available amounts

$1,000 to $50,000

$1,000 to $50,000

Personal loan term length range

24 to 84 months

36 or 60 months

Credit cards available?

Yes

No

Debt consolidation available?

Yes

Yes

BBB grade

A+

A+

Upgrade Vs Upstart – Key Differences

While both companies provide competitive personal loans, Upgrade and Upstart differ in how they evaluate applicants, the types of financial tools they offer, and their approaches to credit and repayments.

Upgrade leans heavily into borrower and repayment flexibility, offering multiple repayment terms, a helpful mobile app, and credit card options that can serve as alternatives to revolving-debt credit cards. It’s also a strong choice for those with fair credit who want fixed-rate personal loans and debt consolidation tools with direct payments to creditors.

Upstart, by contrast, focuses more on accessibility for those with thin or unconventional credit profiles. Instead of relying solely on credit scores, Upstart uses artificial intelligence and over 1,000 data points, including education and employment, to evaluate creditworthiness. This allows many applicants to qualify for a personal loan even if their credit score is low or nonexistent. However, Upstart’s limited loan term options may not suit every borrower’s needs.

Which Is Better, Upgrade or Upstart?

If your credit score is 580 or above and you want the option to include a co-borrower, choose Upgrade. You’ll get flexible repayment terms, the ability to send loan funds directly to creditors, and even access to fixed-rate credit cards that act like structured personal loans.

However, if your credit score is lower or you have a thin credit file, Upstart could be the better option. The company’s AI model gives more weight to employment and education factors, and you could be approved in cases where you may not otherwise qualify.

Both companies offer unsecured loans, soft credit checks during prequalification, and no prepayment penalties, making them solid choices depending on your needs.

Related Article: Upgrade Credit Card Reviews: Which One Is Right for You?

Frequently Asked Questions

Can I refinance an Upstart loan?

Upstart allows borrowers to refinance existing personal loans if they qualify under current lending requirements.

How long does Upstart take to deposit money?

Upstart typically deposits loan funds within one business day after loan approval and document verification.

How long does Upgrade take to approve a loan?

Many Upgrade borrowers receive a conditional approval decision within minutes, with final approval within one to two business days.

How fast does Upgrade fund loans?

Upgrade often disburses funds by the next business day following loan approval and verification, depending on your bank’s processing time.

About Author

Deane Biermeier

Deane Biermeier

Deane Biermeier is a certified financial educator through the University of Minnesota and a respected authority in financial research, writing, and editing, renowned for his in-depth analyses and expert advice. With a distinguished career that previously spanned home improvement, real estate, and finance topics, Deane's role at Trusted Company Reviews focuses exclusively on finance. Deane has contributed to leading publications such as Forbes Home, US News and World Report, Newsweek Vault, and others. Since joining TrustedCompanyReviews.com in 2023, he has solidified his reputation as a crucial resource for clear, factual financial guidance.

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