Personal Loans

• APR – 7.86% – 35.99%
• Minimum Credit Score – 580
• Loan Amounts Available – $1,000 – $50,000
• Terms – 3/5 years
• Origination Fee – 0% – 8%
• Secured Loans – No
• Unsecured Loans – Yes
• Hard Credit Check – ???
• Fund Availability – As soon as 1 business day

Unique Selling Point:
Instead of just looking at your credit score, Upstart uses non-traditional variables, such as education and employment, in order to predict your creditworthiness and eligibility for a loan.

Who is this app for:
If you’re someone who has a strong educational background, a high-paying job, or strong personal finances, but don’t have great credit, then Upstart may be for you. Upstart stands out among the other online loan agents in terms of it’s all-round flexibility – offering loans of up to $50,000 to a wide range of borrowers for a wide range of purposes. In addition, 99% of applicants get money just 1 business day after accepting their loans, saving you hassle, and helping you move forward planning your financial future.

Bonus points:
– With no prepayment fees, you can pay off your loan early without any penalties.

Fintech Pros :
– None

Fintech Cons:
– None

• APR – 6.94% – 35.97%
• Minimum Credit Score – 620
• Loan Amounts Available – $1,000 – $50,000 (Secured & Unsecured)
• Origination Fee – Up to 8%
• Secured Loans – Yes
• Unsecured Loans – Yes
• Hard Credit Check – ?
• Fund Availability – 2 – 5 Business Days

Unique Selling Point:
With potential access to joint, secured and co-signed personal loans, Upgrade offers a fully-digital personal loan option for those who may be earlier in their credit journey.

Who is this app for:
If you are someone with decent cash flow, and you need help with things like debt consolidation, credit card refinancing,  home improvements, or major purchases expenses, then Upgrade may be a good choice for you. You apply entirely online or through the app and funds are deposited within 5 business days after approval. Those with high credit scores can benefit from competitive rates – as low as 6.94%, while those with limited credit history can lower their rates and increase their likelihood of acceptance through secured loans or partnership with a family member or friend through joint and co-signed loans.

Bonus points:
– With no prepayment fees, you can pay off your loan early without any penalties.

Fintech Pros :
– With the Upgrade app, you can manage your loans alongside your Upgrade credit card, rewards checking account and credit health tools.

Fintech Cons:
– None

• APR – 5.99% – 18.83%
• Minimum Credit Score – 680
• Loan Amounts Available – $5,000 – $100,000
• Terms – 2 – 7 years
• Origination Fee – None
• Secured Loans – No
• Unsecured Loans – Yes
• Minimum Credit Score – Yes
• Hard Credit Check – No
• Fund Availability – Approximately 7 days

Unique Selling Point:
With SoFi Unemployment Protection, if you lose your job through no fault of your own, you may apply to suspend your monthly loan payments for up to 12 months. SoFi can also provide job placement assistance during your forbearance period.

Who is this app for:
If you’re someone who has good credit or a high income with low expenditure , SoFi’s personal loans may be for you. Offering low rates, no fees and flexible payments, SoFi is a solid choice with a company that is already an established name in the fintech world. For those who are already SoFi customers, SoFi’s personal loans integrate seamlessly with your existing account, allowing you to manage all of your spending, loans and investments in one place. Founded in 2011 SoFi has quickly become one of the biggest consumer finance companies in the US, with millions of Americans choosing SoFi for all of their financial needs.

Bonus points:
– With SoFi’s wide range of financial products, SoFi customers can manage their investments, retirement accounts, spending, loans, credit score and more all in one place.
– SoFi members get access to exclusive benefits such as career coaching, financial planning and exclusive experiences.

Fintech Pros :
– With the SoFi app, you can manage your loans alongside your SoFi cash management, credit card, insurance, investments and credit score.

Fintech Cons:
– None

• APR – 7.95% – 35.99%
• Minimum Credit Score – 640
• Loan Amounts Available – $2,000 – $40,000
• Origination Fee – 2.4% – 5%
• Secured Loans – No
• Unsecured Loans – Yes
• Hard Credit Check – No

Unique Selling Point:
With loans as low as $2,000, Prosper may appeal to those on a lower income, or those who need a smaller, shorter-term personal loan than other lenders provide.

Who is this app for:
If you are currently have regular income and you’re looking for a personal loan for things like home improvements, debt consolidation or a new car, Prosper may be for you. Unlike traditional lenders, Prosper is a lending marketplace, where your loan is financed by individual investors. Prosper focuses on 3 and 5 year fixed rate loans, with one consistent monthly payment. This avoids uncertainty, and will appeal to those who want a simple repayment plan where they know in advance exactly how much they owe each month, and how long they owe it for.

Bonus points:
–  Prosper also offers a Home Equity Line of Credit (HELOC), which is a line of credit you can access by leveraging the equity in your home. Because it is secured by your house, you may be able to access more money at a lower interest rate with a HELOC than with a credit card or personal loan.
– Prosper allows you to apply with a co-borrower which may improve your chances of getting a loan or lower your loan’s APR.

Fintech Pros :
– None

Fintech Cons:
– Prosper does not currently offer a mobile app.

• APR – 9.95% – 35.99%
• Minimum Credit Score – 580
• Loan Amounts Available – $2,000 – $35,000 (Unsecured) $5,000 – $25,000 (Secured)
• Origination Fee – Up to 4.75%
• Secured Loans – Yes
• Unsecured Loans – Yes
• Minimum Credit Score – Yes
• Hard Credit Check – No
• Fund Availability – Next Business Day 

Unique Selling Point:
With eligibility for Avant loans starting at a credit score of just 580, Avant offers a fully-digital personal loan option for those that are rebuilding their credit or are earlier in their credit journey.

Who is this app for:
If you are a middle-income borrower that needs help with things like high-interest debt, home improvements, or unexpected expenses, Avant may be a good choice for you. You apply entirely online or through the app and funds are deposited as soon as the next business day after approval. With the Avant app, you can easily manage your loan, with features such as the ability to view your upcoming payments and payment history, make additional payments, and view your payoff quote

Bonus points:
– With no prepayment fees, you can pay off your loan early without any penalties.

Fintech Pros :
– With the Avant app, you can make payments and adjust payment dates as well as viewing your payment history.

Fintech Cons:
– None