Upgrade Personal Loans – Competitors and Analysis

There are many fintech companies that offer personal loans to borrowers. Upgrade Inc. is one of the most famous companies amongst them all. Its customer services, quick response and lending time, and many other perks make it quite beneficial and desirable for many people out there. It is especially ideal for people whose credit scores are not so good, or who are now trying to rebuild their credit history.

There are some other famous companies too that give Upgrade Inc. hard competition. All of them have some variations in terms and rates that make them differ from each other.

We will provide a comparative analysis here with some of the best companies out there.

In a Glance:

 Upgrade Personal LoansBest Egg Personal LoansProsper Personal LoansSoFi Personal LoansLending Club Personal LoansMarcus by Goldman Sachs
Estimated APR  6.95-35.97%5.99-35.99%7.95-35.99%6.99-22.23%6.34-35.89%6.99-24.99%
Repayment Term  2 to 7 years2 to 5 years3 to 5 years2 to 7 years3 to 5 years3 to 6 years
Loan Amount  $1,000-$50,000$2,000-$50,000$2,000-$40,000$5,000-$100,000$1,000-$40,000$3,500-$40,000
Required Credit Score  560600600680600720
Origination Fee2.9% to 8%0.99% – 5.99%2.41% to 5%02% to 6%0
Returned Check Fee/ Penalty Fee$10 (late fee)$15$15 (late fee)$0, but late payments will result in higher interest accrualLate fees$0, but late payments will result in higher interest accrual
Direct payments to creditors after debt consolidationYesYesNoNoYesYes
Prequalification with a soft pullYesYesYesYesYesYes
Time for fund lending after approval1-4 days1-3 days3-5 days1-5 days1-2 days1-3 days
Collateral for secured loansVehiclesHome fixtures instead of the entire propertyNot applicableReal estate/vehicle/bank investment documentsNot applicableNot applicable
Rate discount on autopayYesNoNoYesNoYes

Comparative Analysis:

If you look closely to compare the personal loans offered by all these companies, you will see that they all are good at some things and lack some others.

Upgrade is best for debt consolidation. And the best thing about it is that it caters to people with fair credit scores too. This makes it stand out amongst all the other companies, as you can judge from the chart above.

However, some companies like Marcus and SoFi do not charge any origination fee. Marcus is pretty good for the flexibility in payment options that it offers.

On the other hand, SoFiis great for borrowing higher amounts. But its required credit scores are pretty high too, which makes it ideal for people with good to excellent credit scores only.

Final Verdict:

At the end of the day, the choice of which company to choose for personal loans completely depends on the borrower’s needs and preferences. All of these companies offer different benefits. But with Upgrade, one thing that makes it absolutely amazing is its availability for people with credit scores as low as 560. This makes it more approachable and far more flexible than all other companies.

It is true that Upgrade’s origination fee is higher than others, but if you look past it, you will see that the company offers various discounts, secured loan options, and options to add a co-borrower that can also access the loan funds.

The benefits do not end here. Upgrade’s late fee penalty is also lesser than all other companies in comparison. So, if it charges on one end, it gives benefits and discounts to its users somewhere else.

Therefore, we can safely give 4.5 stars to Upgrade out of 5.

Leave a Comment