In this Comparison
There are many different types of online lenders around today for you to consider. These have their own distinct pros and cons.Some of them are marketplaces that allow you to easily shop around all of the available options and see which will be best for your situation.
This review is going to look at SoFi, Upstart, and LendingTree in particular.
 |
|  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| As low as 3.99% APR
| 5.20% – 35.99%
| 8.99% – 29.99% |
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 36-60 Months
| 24-84 months
|
Loan Amount | $1,000 – $100,000 | $1,000 – $50,000
| $5,000 – $100,000
|
Minimum Score | 580 | 600 | 680 |
When to Consider LendingTree?
LendingTree is an online marketplace that started in 1996 and offers a wide range of personal loans to its customers.
LendingTree can be a better option if you:
- Need flexibility for repayments
- Want to avoid an initial hard credit check
When SoFi Shines?
SoFi launched in 2011 and since then it has managed to serve millions of customers. It focuses more so on people who have better credit.
SoFi can be a better option if:
- You need a big loan
- Have strong credit
- Looking to get an autopay discount
When Upstart Is Better?
Upstart utilizes its own unique system in order to process all applications. This harnesses artificial intelligence and this is why it can often consider applicants from those people who do not yet have enough credit history to have a FICO score.
Upstart can be a good fir if you:
- Need a small loan
- Don’t have a FICO score
- Want fast access to funds
Application Process
Upstart’s application process is completely online and it offers loan sizes of between $1,000 and $50,000. As it has an AI-based system in place it will be able to approve applications from people without a credit score, once their annual income is $12,000 or greater. For those people who do have a FICO score, you will need a score of 600 or more if you are looking to get a LendingTree or Upstart personal loan.
SoFi has a large minimum loan size of $5,000, with a big loan possible thanks to the $100,000 upper limit. It will only accept applications for people who have a credit score of at least 680. Like Upstart, LendingTree also has a minimum loan size of $1,000, with its max loan being $50,000. For Upstart, SoFi, and LendingTree, you will always need to be at least 18 years old, as well as either having a US visa, being a resident, or a citizen.
LendingTree - Pros & Cons
- Repayment Flexibility
You will be able to get loans that allow you to change the payment due dates.
- Joint Loans
Unlike a lot of online lenders, you can get a joint loan when you use LendingTree.
- Soft Credit Check
When you use LendingTree to assess your personal loan options, you will be able to see what you can get without having to submit to a hard credit check.
- Fees
There will be an origination fee in place on the personal loans you get from LendingTree.
- No Refinancing Option
You are not able to get a personal loan through LendingTree and use it to refinance your existing debt.
Upstart - Pros & Cons
- Small Loans on Offer
You can get a loan from Upstart of just $1,000. This is a small minimum loan size than a lot of other lenders.
- Flexible Eligibility
Upstart deals with people who have a credit score of 600 or more. For those people who do not yet have a FICO score, they can still submit an application.
- Fast Funding
Upstart will try to give you your borrowed money the day after your application has been accepted.
- Savings and Discounts
Upstart offers competitive starting APRs and waives prepayment penalties, allowing borrowers to save on interest costs.
- Origination Fee
There is an origination fee in place on Upstart loans. This can be worth up to 12% of the total loan size.
Also, late payments may result in fees, with Upstart typically charging $15 or 5% of the past due amount, potentially increasing the cost of borrowing.
- No Mobile Offering
You cannot manage your Upstart personal loan through any sort of mobile app.
- Limited Repayment Terms
Borrowers can only choose between three- or five-year repayment terms, lacking the flexibility offered by lenders with more options.
SoFi - Pros & Cons
- Big Loans Possible
SoFi offers a bigger max loan size than most lenders, with loans of up to $100,000 being on offer.
- Autopay Discount
You can get a 0.25% autopay discount if you commit to a SoFi personal loan and automate your repayments.
- Unemployment Protection
If you have a SoFi personal loan and you run into an issue with your job, there is support you will get from SoFi when it comes time to make repayments.
- Member Benefits
SoFi offers additional perks like free career coaching, financial planning, and access to exclusive events for its members.
- High Minimum Loan
The smallest loan that you can get with SoFi is $5,000, which is quite big when it comes to a lot of situations.
- Credit Score Requirement
While not specified, SoFi generally looks for borrowers with good to excellent credit scores, potentially excluding those with lower credit.
Customer Experience
LendingTree | Upstart | SoFi | |
|---|---|---|---|
iOS App Score | 4.8 | N/A | 4.8 |
Android App Score | 4.7 | N/A | 4.2 |
BBB Rating | A+ | B+ | A+ |
WalletHub Rating | N/A | 4.2 | 3.1 |
Contact Options | phone/mail | phone/mail | phone/social |
Availability | 8 am – 9 pm (EST) | 6 am – 5 pm (PT) | 5 am – 7 pm (PT) |
Upstart has a lot of information on its website regarding the type of AI system it has in place. There is seven-day support available, but the mobile app does not allow borrowers to manage their loans. Finally, Upstart has a B+ Better Business Bureau rating.
SoFi has a very good customer service team that is available every day of the week, while the mobile app is also a very useful management tool. There are plenty of financial education resources on offer for its members, as well as financial advice. SoFi has been under investigation by government authorities due to its marketplace conduct. This is why it does not currently have a Better Business Bureau accreditation.
LendingTree makes sure to have a variety of resources that can help answer queries that customers might have, as well as having a dedicated customer support team on hand. However, there is no mobile app on offer for borrowers to use to manage their obligations. LendingTree has an A+ Better Business Bureau rating.
Which Personal Loan is The Winner?
Each of these online lenders has many similarities and some key differences. LendingTree is good if you want to get a flexible way to make repayments, while SoFi is dedicated to people with better credit and who want a big loan. Finally, Upstart deals with those people who might not have the best credit score and provides very fast access to borrowed money.
|
| | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| As low as 3.99% APR
| 5.20% – 35.99%
| 8.99% – 29.99% |
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 36-60 Months
| 24-84 months
|
Loan Amount | $1,000 – $100,000 | $1,000 – $50,000
| $5,000 – $100,000
|
on LendingTree website |
on Upstart website |
on SoFi website |
FAQ
This will depend on the lender. Some of the LendingTree partners will not charge a prepayment penalty, while others will.
This makes it crucial that you read through the terms and conditions of each loan deal before you decide to proceed. The loan terms will detail any prepayment penalties so you can make an informed decision.
LendingTree loans are tailored to your financial situation, so you will only see loan offers that are appropriate for those with bad-fair credit. If you have 500 credit score, you'll probably need to provide more documents to make sure you'll be able to pay the loan back.
This means that having a credit score of 500 should not be an impediment to obtaining a loan. However, with a bad-fair credit score, you are unlikely to be able to obtain the low rates that those with good or excellent credit are eligible for.
By using the Upstart Compare services, you provided information to both Upstart and Guide to Lenders in order for them to match you with lenders for which you may be eligible. This information includes the details you provided in your rate check request.
No, there is no prepayment penalty or fee. You can make early or additional payments through your Upstart dashboard at any time.
More Personal Loan Reviews
Avant
Best Egg
CitiBank
Credible
Discover
Payoff
LendingPoint
LendingTree
OneMain Financial
RocketLoans
SoFi
Upgrade
Upstart
Wells Fargo
Compare Alternative Lenders
LendingTree vs Credible
Both of these lending marketplaces have a lot going for them. LendingTree is a good choice for people with lower credit scores and if you want a wide variety of lenders.
Credible has a more focused offering and can provide you with large loans if necessary.
Read Full Comparison: Credible vs LendingTree: Which Personal Loan Marketplace Wins?
LendingTree vs Monevo vs Fiona
Each of these lending marketplaces has a proven track record in the industry. They all deal with people with lower credit scores and provide a wide range of loan sizes.
Fiona stands out for having the most user-friendly offering, as well as providing a wide range of financial services. Monevo and LendingTree, in particular, will be good choices for people with bad credit.
Read Full Comparison: Monevo Vs Fiona Vs LendingTree: Where to Shop For a Personal Loan?
Upstart vs Achieve vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, Achieve is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Achieve Vs Upstart Vs Avant: Choose The Right Personal Loan
Upstart vs OneMain
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
Upstart vs Rocketloans vs Prosper
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Upstart vs Best Egg
Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.
Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders
Upstart vs Happy Money
Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.
Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?
Upstart vs LendingPoint vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
Upstart vs Upgrade
Upgrade has been in operation for over 15 years and has served the needs of millions of customers during that time. It provides its borrowers with a high level of flexibility as well as a wealth of excellent educational resources.
Upstart takes a different approach than most online lenders because it heavily relies on artificial intelligence (AI) in its operations. Upstart accepts people with low credit scores and will quickly disburse your borrowed funds.
Read Full Comparison: Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?
SoFi vs Rocketloans vs Marcus
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
SoFi vs Happy Money vs OneMain
Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers
SoFi vs Best Egg
SoFi is regarded as one of the best lenders in the industry, with zero fees, a diverse range of loan options, and favorable repayment terms. It was founded in 2011 and began as a student loan lender before expanding into other areas.
Best Egg was founded in 2014 and has since funded over 788,000 loans totaling more than $14 billion. It has a wide range of loan amounts to choose from, as well as a secured loan option, and accepts lower credit scores than many other lenders.
Read Full Comparison: SoFi Vs Best Egg: Which Personal Loan Suits You Best?
SoFi vs Discover
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
SoFi vs LendingClub
Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.
Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?
SoFi vs PenFED vs Axos
Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.
When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.
Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?
SoFi vs FIGURE vs Prosper
SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores.
Read Full Comparison: SoFi Vs Prosper: Which Personal Loan Is Better?
