Upstart is for individuals with high credit scores who want to consolidate debt. This service offers customers a wide array of flexible options, which range from small to large loan amounts, competitive interest rates, and 3 to 5 year terms. With Upstart, consumers face zero prepayment penalties and can apply within minutes.
Best For People Who
Want to lower their interest rate
Wish to resolve their debt obligations as an alternative to bankruptcy, debt settlement, or credit counseling
Are looking to borrow up to $50,000
No accounts that are currently delinquent on credit report
No bankruptcies or public records on credit report
Reside in any U.S. state except IA or WV
*The average 3-year loan on Upstart will have an APR of 19% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. **The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR and loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Since 2012, Avant has lent $4 billion to 600,000 individuals across the U.S. and the U.K. Loans are geared specifically towards those with low credit scores who are looking for fixed interest rates and 2 to 5 year terms. With a 4.5 customer rating, 9/10 recommendation rating, 7 day customer support availability, mobile app, and next-day funds - Avant provides top-notch service for busy customers.
Wish to have their loan funded as soon as the next business day
Would like customer support available 7 days a week
At least $20,000 in gross annual income
Must reside in any U.S. state except CO, IA, NY, WV, or VT
*If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. 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. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
Prosper is ideal for individuals with high credit scores who want fixed rate personal loans. This lending platform offers customers low origination fees, zero prepayment penalties, and competitive interest rates. With Prosper, customers can borrow, consolidate, and save.
Wish to pay off their debt with fixed 3 or 5 year terms
Are looking to borrow up to $35,000
Minimum two years of credit history
No bankruptcies filed within the past year
Reside in any U.S state except IA, WV
For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.9. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
SoFi's mission is to help people reach financial independence to realize their ambitions. They have funded $45 billion+ in loans, have over 1,000,000 members, and have helped consumers pay off $22 billion in debt.
Best For People Who
Wish to borrow up to $100K at a low fixed rate
Want a simple online application process and access to live customer support 7 days a week
Would like the added benefits of having no origination or late fees and no prepayment penalty
Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Have a responsible financial history with stable income
Must reside in a state where SoFi Lending Corporation is authorized to lend
¹Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.orgOpens A New Window.)
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.