In this Comparison
There is a huge range of different online lenders that will cater to your personal loan needs. This article is going to assess the difference between what Upstart and OneMain Financial have to offer
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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.
| 18.00% – 35.99%
| 5.60% – 35.99%
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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.
| 24-60 months
| 36-60 Months
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Loan Amount | $1,500 -$20,000
| $1,000 – $50,000
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Min Score | No Minimum | 600 |
When to Consider OneMain Financial Loan?
OneMain Financial is a provider of personal loans both in an online and offline setting, as it has more than 1,500 physical branches. It is often well-suited to those people who might be struggling to get a personal loan from a traditional bank due to their lower credit scores.
OneMain is one of the few online lenders that will provide both secured and unsecured loan options, as well as joint loans. It usually provides funds to borrowers within a day or two, while you have the option to visit a physical branch if you have any issues. These branches are found across 44 states.
However, OneMain does not currently offer any form of autopay discounts and it has an origination fee in place. In certain states, this can be a fixed charge, while in other states the origination fee can be between 1% and 10% of the loan.
OneMain Financial may be a good fit if you are looking to have the ability to manage your loan through a mobile app and be able to get your hands on secured loans. It also provides a great range of repayment options.
When to Consider Upstart Personal Loan?
Upstart brings a different approach to the table, as it utilizes artificial intelligence in order to assess the applications it receives for personal loans. It even deals with people who have no credit history as a result of this AI system.
Upstart offers a very low minimum loan size, starting at just $1,000. It also deals with people who might not have much of credit history, even considering applications from people who do not yet have a credit score. It also has a fast application process and plans to credit funds to borrowers within a single business day. Finally, you have access to flexible repayments.
However, there is an origination fee in place when it comes to an Upstart personal loan, which can be as much as 8% of the loan. You also cannot get a joint loan, while the mobile app will not allow you to manage your personal loan.
Upstart may be a good fir if you need a small loan size or have low credit, then Upstart is a good fit. It also will provide you with fast access to funds.
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Requirements
You are able to get a loan of just $1,000 from Upstart, with this rising to $50,000. OneMain also has a relatively small minimum loan size of $1,500, but the max loan is quite small at $20,000.
Upstart does not completely rely on FICO scores when assessing applications. For those people who do have a score, this metric will need to be 600 or greater. Those who do not yet have a credit score will still be able to have their application assessed. OneMain treats each application individually and does not have a transparent minimum necessary credit score. Therefore, it is a good fit for people who might struggle to get personal loans elsewhere due to their low scores or insufficient credit history.
Upstart does require a gross annual income of at least $12,000 for borrowers, while OneMain does not disclose many of its requirements in this regard. Both OneMain and Upstart need you to be at least 18 years old, in addition to being a relevant US visa holder, permanent resident, or citizen.
Repayment Options
You only have the ability to choose between three-year and five-year term lengths for your personal loans. Thankfully, both OneMain and Upstart allow borrowers to change their payment dates, as well as provide the option to send money to creditors directly for those consolidating debt.
You will not find an autopay discount with Upstart or OneMain, as well as there being no form of a prepayment penalty in place. Finally, there is a seven-day cancellation policy in place with OneMain. This means that you can cancel your loan within a week and not have to pay anything.
Customer Service
OneMain Financial | Upstart | |
|---|---|---|
iOS App Score | 2.8 | N/A
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Android App Score | 2.8 | N/A
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BBB Rating | A+ | B+ |
WalletHub Rating | 3.8 | 4.2 |
Contact Options | phone | phone/mail |
Availability | 7 am – 7 pm (CT) | 6 am – 5 pm (PT) |
The Upstart website gives you details about its AI-based approach. The support team will be on hand seven days of the week and reachable in many ways. You cannot use the Upstart mobile app as of yet in order to manage loans. The lender has been granted a B+ rating from the Better Business Bureau.
OneMain is pretty transparent about most of its requirements and fees. It has a very useful mobile app that gives you the ability to completely manage your loan obligations, as well as there being a lot of great financial education resources. The application process is very simple and you can pre-qualify with a soft credit check. Finally, OneMain has been given an A+ rating with the Better Business Bureau.
Which Personal Loan Lender Wins?
Both of these lenders provide people with low credit scores the ability to get a personal loan. OneMain is a bit more curtailed with its offering, providing loans of relatively smaller sizes, but also having more flexible repayment term lengths.
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|---|---|---|---|
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.
| 18.00% – 35.99%
| 5.60% – 35.99%
| 5.40% – 35.99%, Best Rate Guarantee * |
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.
| 24-60 months
| 36-60 Months
| Compare Various Lenders |
Loan Amount | $1,500 -$20,000
| $1,000 – $50,000
| Up to $100,000
|
on Credible website |
on Upstart website |
on Credible's website |
FAQ
OneMain is strictly a lender, so it does specialize in loan products. However, in addition to personal loans, you can also access credit card options. The OneMain Financial Brightway card has no annual fee and if you pay on time, you could upgrade to the BrightWay+ credit card.
OneMain does allow co-borrowers to apply for personal loans, but this is not the same as a co-signer. The party is not only financially responsible as a co-borrower, but also has access to the loan funds. In contrast to a co-signer, the second party is only financially liable if you default on the loan.
However, you can use collateral, such as a car, to secure your loan and increase your chances of approval.
Upstart deducts a one-time origination fee ranging from 0% to 8% of the loan amount directly from the loan funds.
When compared to other lenders, Upstart has one of the highest origination fees. This should be factored into the loan pricing when you apply. Furthermore, the application is based solely on the applicant – Upstart does not allow for joint applicants.
Upstart is good for borrowers who may not have long credit histories. Most lenders prefer to lend to borrowers with long credit histories because they are considered less risky. However, it would be very difficult to get a personal loan with no credit history at all.
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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 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 vs Marcus
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 Payoff
Upstart and Payoff 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, payoff is the way to go.
Read Full Comparison: Upstart Vs Payoff: Which Personal Loan Is Better?
Upstart vs SoFi
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?
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?
OneMain vs Mariner Finance vs Netcredit
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
OneMain vs Payoff vs SoFi
Each of these three lenders will be appropriate for a different type of person. Payoff 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. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers
