Personal Loans » Compare Loans » LendingPoint vs Upstart vs LendingClub: Which Lender Wins?
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

LendingPoint vs Upstart vs LendingClub: Which Lender Wins?

LendingPoint is probably the best option if you want fast access to funds, while Upstart is a good fit for people who want small loans. Finally, LendingClub stands out if you are looking for a joint loan or you want to get some of the most competitive rates.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

In this Comparison

Online lenders are in popular demand these days as they offer a low-cost and simple way for you to get a personal loan. This article will take a look at what three major lenders have to offer.

This review will compare the offerings available from LendingPoint, LendingClub and Upstart.

lendingpoint_logo svg

Upstart logo

lendingclub_logo svg

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.
7.99% – 35.99%
5.20% – 35.99%
9.57% – 35.99%
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.
24 to 48 months
36-60 Months
24 – 60 months
Loan Amount
$2,000 – $36,500
$1,000 – $50,000
$1,000 – $40,000
Min Score
580
600
600

When LendingPoint Shines?

LendingPoint is a lender that aims to provide easy access to borrowers for funds, dealing with people who have low credit scores, and aims to have fast turnaround times.

When to consider LendingPoint?

LendingPoint has a low acceptable credit score requirement and it aims to process funds within 24 hours. It also has a good mobile app and many ways for you to make your payments.

lendingpoint_logo svg

When Upstart Is Better?

Upstart is an option that has been around for a few years now and it takes a different approach to personal loans. It utilizes AI in order to lead the way it treats applications for personal loans. With this approach, it can often offer loans to people who might not have the strongest credit history.

When to consider Upstart?

Upstart is a good fit for people who have poor or no credit history. It also has small loans size and a fast time to funding.

Upstart logo

When to Consider LendingClub?

Finally, LendingClub is a peer-to-peer lending marketplace that stands out for allowing co-borrowers.

When to consider LendingClub?

You are looking for a joint loan or you are looking to get help with debt consolidation. It also offers plenty of advice to its users in the member center.

lendingclub_logo svg

Requirements

Upstart is ideal with its $1,000 minimum loan size and it offers loans of up to $50,000. For a LendingPoint personal loan, you can get anywhere between $2,000 and $36,500. LendingClub is like Upstart as it has a $1,000 minimum loan size, as well as allowing loans of up to $40,000.

You can get a personal loan from Upstart even if you do not have a credit score and it will accept credit scores of at least 600 if you do already have a score. LendingPoint accepts credit scores of at least 580, while LendingClub accepts a 600 or greater credit score.

For a personal loan from Upstart you need to have your income annually to be at least $12,000. LendingPoint will only hand out personal loans to people who have a debt-to-income ratio of no more than 50%. All lenders in the United States will deal with people who are 18 years old at least and usually they will need to be a US citizen, visa holder, or permanent resident.

LendingPoint - Pros & Cons

LendingPoint is committed to providing fast funding to its borrowers, aiming to process funds within 24 hours. It also allows you to have a great range of options when it comes to making repayments, while it also allows for pre-qualification with a soft credit check. Finally, LendingPoint offers many different payment methods.

However, LendingPoint will not allow you to send direct payments to your creditors and it also will not send reports to each of the three credit bureaus. It also is a bit limited in terms of loan types, not offering secured, joint, or co-signed loans.

Upstart - Pros & Cons

You can get a loan for as little as $1,000 which is lower than the majority of loan lenders in the world today. It also allows people with no credit score or scores of at least 600 to get a loan. The time to funding period is quite short, often providing next-day funding. Finally, you get plenty of flexibility when it comes time to make repayments.

On the other hand, Upstart personal loans will often see you get charged an origination fee that can be as high as 12%. You cannot use the mobile app for loan management purposes.

LendingClub - Pros & Cons

LendingClub is a good option if you are looking for a joint loan or you are looking for some help with your debt consolidation. It also has a good member center that can help you better manage your personal finance.

However, LendingClub has run into some issues with the authorities over having hidden fees. It also does not offer any discounts for enacting the autopay feature.

Repayment Options

Changing the payment date for your personal loan is a possibility through Upstart and LendingPoint. For people who are consolidating debt, there is the option to send payments directly to creditors with Upstart, but this is not an option with LendingPoint. You will not have to meet any sort of prepayment penalty, but Upstart, LendingClub, and LendingPoint do not have an autopay discount.

You have the ability to make payments at LendingPoint through the mobile app, online, by phone, ACH, or a check. There is no LendingClub mobile app to manage your loan, but you are able to change the payment date for your payments.

Customer Experience

LendingClub
Upstart
LendingPoint
iOS App Score
4.5
N/A
4
Android App Score
3.3
N/A
N/A
BBB Rating
N/A
B+
A+
WalletHub Rating
4.5
4.2
4.3
Contact Options
phone
phone/m
phone/mail
Availability
5 am – 5 pm (PT)
6 am – 5 pm (PT)
N/A

Upstart offers personal loans with detailed information on their website and seven-day support. However, their mobile app lacks a loan management feature, and they have a B+ BBB rating.

LendingPoint lacks credit bureau reporting but offers a helpful help center and flexible payments, with a mobile app for loan management and an A+ BBB rating.

LendingClub provides multiple support channels and a comprehensive FAQ section, enhancing customer service accessibility.

Which Personal Loan is The Winner?

Each of these lenders caters to people with lower credit scores. LendingPoint is probably the best option if you want fast access to funds, while Upstart is a good fit for people who want small loans.

Finally, LendingClub stands out if you are looking for a joint loan or you want to get some of the most competitive rates.

lendingpoint_logo svg

Upstart logo

lendingclub_logo svg

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.
7.99% – 35.99%
5.20% – 35.99%
9.57% – 35.99%
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.
24 to 48 months
36-60 Months
24 – 60 months
Loan Amount
$2,000 – $36,500
$1,000 – $50,000
$1,000 – $40,000
Check Rates
on LendingPoint website
Check Rates
on Upstart website
Check Rates
on Credible website

FAQs

LendingClub does require applicants to have acceptable levels of creditworthiness. LendingClub will not only review your application and credit history, but also your credit score and you are likely to need a score of at least 670 to qualify. However, it is possible to apply with a co-borrower to bolster your credit score.

LendingClub does not promote its willingness to negotiate, but it is always worth a try. If you’re shopping for a loan and have been pre qualified with multiple lenders, you could try to get LendingClub to match the rate and terms. However, there are no guarantees, so you will need to seriously consider if LendingClub can offer you the best personal loan deal.

As its name suggests, LendingPoint is primarily a lender offering personal loans.

However, this company does also offer some business solutions including point of sale financing and marketplace seller financing. So, if you’re looking for a loan to set up a new enterprise, these products may be better suited to your requirements.

Personal loans for a variety of purposes are available through Upstart if you have a good credit score. To qualify, you must be employed full-time or have another source of regular income.

Another advantage Upstart has is that you can expect to receive your funds as soon as one day after approval, though educational loans have a three-business-day hold.

So, unless you're looking to consolidate, Upstart is probably the good option.

More Lender Reviews

Compare Alternative Lenders

Achieve is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.

Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.

Read Full Comparison: LendingPoint vs Achieve vs Avant: Which Personal Loan Is Better?

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?

Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.

If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.

Read Full Comparison:  Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.

Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?

SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while SoFi will offer autopay discounts.

Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?

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

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

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 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 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 is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.

SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.

Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?

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?

Picture of Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Search
Compare Personal Loans

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs