In this Comparison
There are plenty of different online lenders that providers borrowers with a great range of options. Some of the best lenders include the likes of Upstart, Prosper, and Rocket Loans.
This review will compare and contrast what each of these three lenders has to offer.
|  |  | |
|---|---|---|---|
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.
| 5.60% – 35.99%
| 7.99% – 35.99%
| 8.41%-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.
| 36-60 Months
| 36-60 Months
| 36-60 months
|
Loan Amount | $1,000 – $50,000
| 2,000 – $40,000
| $2,000 -$45,000
|
Min Score | 600 | 600 | 640 |
When to Consider Prosper?
Prosper is a platform that is a peer-to-peer-based offering and caters to people who have good or fair credit scores. It has been around since 2005 and has served over one million clients since then.
Prosper accepts people with fair credit scores, starting at 600. It also has a solid range of loan sizes, as well as offering joint loans. Finally, you can change the due date for your repayments with a Prosper personal loan.
However, Prosper will charge an origination fee on its loans that can rise up to 5%. It only has two term lengths available for its personal loans – three years and five years.
Prosper may be a good fir if you have fair credit, need a joint loan, or are looking for the option to change the due dates of your payments.
When to Consider RocketLoans?
Rocket Loans does not stand out in one particular area, except for the rapid time in which it provides borrowed funds to its customers.
Rocket Loans provides you with access to funds in between one and three business days. It also offers a decent range of loan sizes, starting at just $2,000. There is also a decent discount of 0.3% available if you set up autopay. On the other hand, there is no way for you to decide on the payment due dates at Rocket Loans, while there will be an origination fee charged on your personal loan that will be from 1% to 6% of the loan.
RocketLoans can be good option if you have fair credit, need a joint loan, or are looking for the option to change the due dates of your payments.
When to Consider Upstart Personal Loan?
Finally, Upstart is a lender that uses artificial intelligence to power a lot of its decisions regarding applications. It deals with people who have lower credit scores and focuses on providing quick access to funds.
Upstart is a good fit if you have a low credit score or have been unable to get a FICO score as of yet. It has a speedy application process, as well as offering loans of just $1,000. However, you will often need to pay an origination fee with Upstart that can reach 8% of the total loan. Upstart also does not have a joint loan option or a mobile app that allows you to properly manage your loan.
Overall, in case you do not have a credit score or if you need a small loan, Upstart can be a good fit. It also is fast when it comes to sending funds to borrowers.
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Requirements
Rocket Loans provides loans that start at $2,000 and go up to $45,000. Prosper has a similar range of loan sizes to Rocket Loans, offering $2,000 to $40,000 sized loans. Upstart has a lower minimum loan size than both Rocket Loans and Prosper, offering loans of just $1,000 and as much as $50,000.
Rocket Loans accepts applications for personal loans from people who have a credit score of at least 640. You can submit an application to Prosper and Upstart for a personal loan if you have a credit score of at least 600. Upstart will also accept applications if you do not yet have a credit score.
Rocket Loans will accept applications if you have a debt-to-income ratio of no more than 40%, as well as your annual income being $24,000 or greater. The minimum required gross annual income for an Upstart personal loan is just $12,000. Prosper will allow a DTI of up to 50% and it also seeks two years of credit history.
Each of these options will only be dealing with applicants who are 18 years old at least, as well as those who are either a US visa holder, citizen, or permanent resident.
Repayment Options
One of the standouts of getting a Rocket Loans personal loan is the 0.3% autopay discount, which is bigger than a lot of online lenders. However, you are unable to set the date for your repayments. There will also be no prepayment fees that will be levied if you make early payments.
Unlike with Rocket Loans, there is no autopay discount available for people who get a Prosper or Upstart personal loan. You will be able to change the due date of your payments, but late fees are charged if you delay making your payments with Prosper. Finally, people who are consolidating their debt are given the ability to send payments directly to their creditors with both Prosper and Upstart. The latter also allows you to change the payment due dates for your personal loan.
Customer Experience
Prosper | Upstart | Rocketloans | |
|---|---|---|---|
iOS App Score | 4.7 | N/A | 4.9 |
Android App Score | 3.9 | N/A | 4.8 |
BBB Rating | A+ | B+ | A+ |
WalletHub Rating | 2.6 | 4.2 | 4.5 |
Contact Options | phone | phone/mail | phone/mail |
Availability | 9 am – 8 pm (ET) | 6 am – 5 pm (PT) | 9 am – 7 pm (ET) |
Rocket Loans makes sure to provide plenty of great resources to its users that allow them to learn more about personal finance. The customer support team at Rocket Loans is available six days per week, including phone support being an option. The Rocket Loans app does not have any capability to allow you to manage your loans, which the lender has a Better Business Bureau rating of A+.
Proper’s customer service team can only be reached during the course of the working week, so no weekend support is on offer. Email and phone options are possibilities. The help center at Prosper is decent, answering many core questions that you might have. You cannot use the Prosper mobile app in order to manage your loan obligations. Prosper has been granted an A+ rating from the Better Business Bureau.
Upstart provides a lot of insights into its AI-based system when you visit the website. There are also financial education supports and tools on offer. The support team can be reached seven days per week. The Upstart mobile app does not give you the ability to complete loan management. Finally, Upstart has a B+ rating from the Better Business Bureau.
Which Personal Loan Lender Wins?
Each of these three lenders has their similarities and differences Upstart is generally the best option for people who need a small loan or for those who might not be able to get a FICO score.
Rocket Loans is a viable option if you want fast access to your borrowed funds, while Prosper gives you the option of getting a joint loan and caters to people with fair credit.
| | | |
|---|---|---|---|
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.
| 5.60% – 35.99%
| 7.99% – 35.99%
| 8.41%-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.
| 36-60 Months
| 36-60 Months
| 36-60 months
|
Loan Amount | $1,000 – $50,000
| 2,000 – $40,000
| $2,000 -$45,000
|
on Upstart website |
on Credible website |
on Credible's website |
FAQ
Rocketloans does not charge an early repayment fee, but if you may be able to repay your loan early, you will need to think about the Rocketloans origination fee. This lender charges a 1% to 6% origination fee.
This is calculated on your loan amount and taken from your funds before the loan is released to you. This means that you will need to factor this fee into your costs if you choose to repay early and switch to another lender.
Although Rocketloans does not explicitly state that it will negotiate settlement figures, very few lenders do. However, Rocketloans does have some fairly rigid features, such as the inability to set your monthly repayment date, which suggests that this financial institution may be a little rigid in other aspects of loan management.
Of course, if your financial circumstances have changed, you should still contact the Rocketloans team.
Payoff only provides personal loans to consolidate credit card debt. These lending products are designed specifically for credit card debt consolidation, so if you want to consolidate other types of debt, this is not a good option for you.
You should also keep in mind that your loan may be subject to an origination fee of up to 5%.
Unfortunately, it may be difficult. If you have a credit score of 620 or higher, payoff is a viable option. This lender is open and honest about its lending criteria. A FICO score of 620 or higher is required, as well as a reasonable debt-to-income ratio, a sufficient credit history, and a low credit utilization rate.
However, you can find the specific borrower qualifications on the website to double-check that you meet the requirements.
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Upstart vs FIGURE vs SoFi
Figure and 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 Figure and SoFi will offer autopay discounts.
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Upstart vs Freedom vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus 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: Freedom 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 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 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?
Rocketloans vs Best Egg vs Upgrade
Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.
Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.
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Rocketloans vs SoFi 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.
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Prosper vs Best Egg vs Marcus
When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
Read Full Comparison: Best Egg Vs Prosper Vs Marcus: Choose The Right Personal Loan For You
Prosper vs FIGURE vs SoFi
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, whereas FIGURE is best suited to people who want quick and easy access to funds.
Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?
Prosper vs Peerform vs Payoff
All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.
Prosper is a great option for people looking for a small loan, whereas Payoff is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.
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Prosper vs LendingClub
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.
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